Capital projects are time-consuming, labour-intensive and expensive. New technologies can do a lot to simplify or eliminate many tasks—from redundant paperwork to manual processes in all stages (including initiation, planning, executing, monitoring and control, closing and operating). The most valuable emerging technologies are those that help address the basic need to balance the project triangle of scope, schedule and cost.
The development of new technologies in construction is increasing the viability of using alternative energy sources and other resource-efficient processes. Innovative ideas, like a drone monitoring system or a connected network of sensors, can provide data that will help us to reduce global energy waste. Our construction economist and project controls expert, Niall Reynolds, talks about the possibilities that this sector can reach thanks to tools like the Internet of Things, Artificial Intelligence and Machine Learning.
We recommend you to start saving money on paper or learning origami because document-centred capital projects have become obsolete.
Michael Matthews, Vice President of Strategy and Consulting, analyses what issues come from lack of information between stakeholders and different and disorganised manual transfer of data.
