Capital projects delayed or put on hold due to pandemic

2021-01-14 04:30

61% of owner-operators of factories, mines, refineries and public, telecommunications and utility infrastructure organizations expect new projects to be delayed or put indefinitely on hold because of the COVID-19 pandemic, Accenture reveals.

The report features a survey of more than 700 senior executives globally and found that the pandemic impacted an industry that was already challenged in using digital solutions to help deliver project results on-time and on-budget.

"Compared to other industrial sectors, many owner-operators and EPCs were already trailing behind in digital transformation when sudden shutdowns and delays challenged their efficiency and competitiveness even further," said Tracey Countryman, global lead for Digital Manufacturing & Operations, Accenture Industry X. "To build greater resiliency, mitigate current and future disruption, and drive more value from capital projects execution, companies need to adopt greater data-driven digitization within and across their value chains."

"Data-driven insights play an integral role in creating digital solutions like digital twins," said Andy Webster, global lead for Capital Projects, Accenture Industry X. "Generating, applying and collaborating on these insights are crucial to enabling greater value in productivity, efficiency, workforce safety and material wastage."

Most outperforming owner-operators and EPCs make a top senior executive such as the CEO or COO responsible for data-driven digitization of capital projects.

Outperforming EPCs readied an army of digital coaches who work closely with their workforce in the field to help them execute projects and deliver outcomes with more efficiency, safety and certainty.

News URL

http://feedproxy.google.com/~r/HelpNetSecurity/~3/IxK_CcpjHOU/