Harnessing the potential of technology to improve the performance of major projects
Who took part:
218 senior executives: 119 from major project owners, and 99 from a range of engineering and construction companies — Participating organizations included both private (listed) companies and government agencies — Respondents’ companies’ turnover ranged from less than US$1 billion to more than US$20 billion — Owner entities came from many industries including energy and natural resources, technology and healthcare
What they’re telling us:
The industry is yet to fully embrace technology
Despite a rise in project complexity and associated risks, a mere 8 percent of respondents can be categorized as ‘cutting-edge visionaries.’ And just over 20 percent say they’re aggressively disrupting their business models.
Data volume is rising exponentially — but many are struggling to make sense of information
They may have an impressive range of platforms and tools, but most respondents feel they lack the resources and skills to provide useful insights. And almost three-quarters don’t use advanced data analytics for project-related estimation and performance monitoring.
Integrated, real-time project reporting is still a dream rather than a reality
Most executives in the survey say their organizations are held back by manual processes and multiple systems. Just 20 percent have a single, fully integrated project management information system (PMIS) across the enterprise.
There’s more to come from mobile
Although mobile technology has huge potential for construction projects, less than one-third of respondents say their organizations use it routinely — and a similar proportion have no mobile platforms.
…and there’s still room for improvement in project management basics
A majority of executives in this year’s survey feel their organization’s project controls are “optimized” or “monitored,” but this hasn’t halted the continued high rate of project underperformance. The inability to drive consistency across projects is part of the problem: just 27 percent say their companies have truly consistent controls globally. Respondents also recognize the benefits of Earned Value Management (EVM) as a way to measure cost and schedule performance; but a sizeable proportion — 41 percent — still don’t use it.