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Driving Innovation through Cognitive Operations

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Keynote Presentation by Ray Barnard, EVP, Systems and Supply Chain, Fluor at Empowering Beyond Summit 2019

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Driving Innovation through Cognitive Operations

  1. 1. © 2019 Avasant LLC. All Rights Reserved. DRIVING INNOVATION THROUGH COGNITIVE OPERATIONS M A R C H 1 9 , 2 0 1 9 RAY BARNARD
  2. 2. COPYRIGHT 2019 - AVASANT AND AFFILIATED COMPANIES 2 Who is Fluor? One of the world’s largest engineering, procurement, fabrication, construction and maintenance (EPFCM) companies Founded more than 100 years ago Diverse markets including Energy & Chemicals, Infrastructure, Mining, Government, Life Sciences
  3. 3. COPYRIGHT 2019 - AVASANT AND AFFILIATED COMPANIES 3 Industry Overview Global Market JV Partners Contract Terms Mega Projects Profit Margins Complex Projects
  4. 4. COPYRIGHT 2019 - AVASANT AND AFFILIATED COMPANIES 4 Client Demands Capital Efficiency Schedule Certainty
  5. 5. COPYRIGHT 2019 - AVASANT AND AFFILIATED COMPANIES 5 Industry Challenges to Meeting Client Demands Lack of Investment Lagging Productivity Data Consistency Project Predictions
  6. 6. COPYRIGHT 2019 - AVASANT AND AFFILIATED COMPANIES 6 R&D and IT Spend by Industry
  7. 7. COPYRIGHT 2019 - AVASANT AND AFFILIATED COMPANIES 7 Making the Leap Our Past Our Future
  8. 8. COPYRIGHT 2019 - AVASANT AND AFFILIATED COMPANIES 8 Digital Transformation Landscape
  9. 9. Our Journey Started By Enlisting a Trusted Partner © 2019 Avasant LLC. All Rights Reserved. IBM T. J. Wa ts o n Res ea rch Center
  10. 10. COPYRIGHT 2019 - AVASANT AND AFFILIATED COMPANIES 10 What if we could build a “health diagnostics” tool for projects similar to patient care using IBM Watson technology?
  11. 11. COPYRIGHT 2019 - AVASANT AND AFFILIATED COMPANIES 11 ANALYSIS ACROSS MULTIPLE PROJECTS FOR PERFORMANCE INSIGHTS “What if” scenarios and simulations to support decision making PROJECT OUTCOME SIMULATIONS AND SCENARIO EVALUATIONS AS PROJECT MANAGEMENT DECISION SUPPORT TOOL Prescriptive capabilities based on expert recommendations Comparison of project baseline against reference class decision making Simulation of strategic options at project conception PROJECT HEALTH MONITORING AND FINAL OUTCOME PREDICTION FOR CORPORATE PROJECT REVIEW AND PROJECT MANAGEMENT SUPPORT PROJECT BASELINE ASSESSMENT FOR FINAL OUTCOME PROBABILITY AND RISK ASSESSMENT Early Warnings • Delay in process P&ID • Out of sequence model review • Scope changes Engineering Hours Total Installed Cost Gross Margin Our Vision
  12. 12. COPYRIGHT 2019 - AVASANT AND AFFILIATED COMPANIES 12 Executive Dashboard Our Version of Health Diagnostics EPC Project Health Diagnostics
  13. 13. COPYRIGHT 2019 - AVASANT AND AFFILIATED COMPANIES 13 Project Health Summary Our Version of Health Diagnostics EPC Project Health Diagnostics
  14. 14. COPYRIGHT 2019 - AVASANT AND AFFILIATED COMPANIES 14 Our Version of Health Diagnostics EPC Project Health Diagnostics Diagnostic Neural Network and Standard Story
  15. 15. COPYRIGHT 2019 - AVASANT AND AFFILIATED COMPANIES 15 Our Version of Health Diagnostics EPC Project Health Diagnostics Project Health Monitoring control system
  16. 16. EXPANDING OUR PARTNERSHIP
  17. 17. COPYRIGHT 2019 - AVASANT AND AFFILIATED COMPANIES 17 Market Dynamics / Spend Analytics for Supply Chain Material Market Bulletin Benchmarking Estimating
  18. 18. COPYRIGHT 2019 - AVASANT AND AFFILIATED COMPANIES 18 What We Accomplished With Our Partnership Partnered with IBM T.J. Watson Research Center and leveraged Fluor domain expertise to create two proprietary predictive analytics systems• EPC Project Health Diagnostics (EPHD℠) powered by Watson • Market Dynamics / Spend Analytics (MD/SA℠) powered by Watson Deliver value from proposal through execution phases Innovation leading to Strategic Competitive Advantage • First of their kind systems in EPC industry • Meaningful and actionable business insights • Rapidly predict best-in-class pricing globally, project status and outcomes, and improves quality and services • Thousands of sophisticated mathematical data analytics models leveraged
  19. 19. © 2019 Avasant LLC. All Rights Reserved. GET CONNECTED THANK YOU W W W. A V A S A N T. C O M

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