Best practices to predictably meet your project budget
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Global industry experts, Paul Chapman from the University of Oxford, Crawford Patterson from Mace and Chris Perkins from Fluor, discuss opportunities within the AEC industry and share industry standards and best practices to meet project budgets through the effective implementation of collaborative project controls.
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Best practices to predictably meet your project budget
- 1. Best practices to predictably meet your project budget With
- 2. Welcome Panel discussion Q&A Agenda Krista Lambert, Aconex - Moderator Paul Chapman, University of Oxford Chris Perkins, Fluor Crawford Patterson, Mace All
- 3. Krista Lambert Sr. Product Marketing Manager – Project Controls Aconex
- 4. Today’s panelists Paul Chapman Senior Fellow Saïd Business School, University of Oxford Chris Perkins Project Manager Fluor Crawford Patterson Operations Director Mace
- 5. Today’s panelists Paul Chapman Senior Fellow Saïd Business School, University of Oxford Chris Perkins Project Manager Fluor Crawford Patterson Operations Director Mace
- 6. Why are project controls so important for the AEC industry? • Opportunity - A 1% reduction in costs would save the construction industry approximately $100 USD billion annually – McKinsey • Growth - Volume of construction output will grow by 85% to $15.5 trillion worldwide by 2030 – PwC • Productivity – value added per worker is 1.7x higher in the Manufacturing industry than in Construction and Engineering
- 7. • Knowing what decisions have to be made • Having the most accurate, complete and up to date information to make decisions • Ensuring that information is accessible to the decision makers at any time • Ability to simulate scenarios to further improve decision making • Having one version of the truth • Receiving proactive alerts to potential issues for early intervention • Prioritizing what needs to be done to have the biggest project impact • Accurately answering the question, “So, how are we doing folks?” What comes from the intersection between governance and project controls? Data Improved Project Performance Decision Making
- 8. • There is an abundance of data • How do we use it? • How do we make it relevant? • Which data is important / where do we focus? • Machine learning helps highlight relevant trends in large data sets • Know the likelihood of successful project delivery at every point in time • Know what the project needs to succeed How are project controls impacted by big data and machine learning?
- 9. • Automation frees project team members to do more value-added work • Systems help eliminate human error in administration leading to fewer errors and less rework • Constant visibility into project status highlights potential issues for early resolution • Tracking performance by project phase and discipline lets management set realistic goals and implement changes to achieve them How can project controls systems lead to more predictable project outcomes around budget and schedule?
- 10. Today’s panelists Paul Chapman Senior Fellow Saïd Business School, University of Oxford Chris Perkins Project Management Fluor Crawford Patterson Operations Director Mace
- 11. How do you feel about the level of digitization in the AEC industry? • Most projects use some technology • There are many solutions available • Systems must work together • Focus on cross-discipline and cross-organization workflow and collaboration is key • Need to identify high value opportunities on a project • Essential to have access to data and associated project impacts when you need it
- 12. • Easy visibility into project status • Ability to see cost and schedule impacts of proposed scope changes • Compiling all project data to analyze and use to make better decisions How can project controls improve project performance?
- 13. • Need to find the system that fits your needs • The most robust system is useless if people don’t use it • Excel is easy to use, but creates challenges itself • Systems should benefit both the project and the individuals What about the tradeoffs between ease of system use and functionality?
- 14. • Track Key Performance Indicators to provide insight into where challenges exist • Leverage historical data to learn and predict outcomes • Don’t fit the tool to the current process, but evaluate if the tool can provide more insight or optimize the process • Understand how processes work and interrelate to each discipline and organization How have project controls solutions helped Fluor achieve predictable budget and schedule outcomes?
- 15. Today’s panelists Paul Chapman Senior Fellow Saïd Business School, University of Oxford Chris Perkins Project Management Fluor Crawford Patterson Operations Director Mace
- 16. How can technology improve project control and performance? • Automate • Capture • Process • Analyze • Report • Succeed Change Request Capture Process Analyze Report
- 17. How do you standardize across projects? Specific Project Configuration • Fast setup from pre-configured templates • Local, multi-lingual implementation teams • Unlimited training & support for all participants Business Unit & Model Flexibility • Configurable platform supports BU needs • Supports full project lifecycle with flexibility for DBB, DB, EPC, JVs, PPPs, etc. Defined Enterprise Standards • Standard workflows, terminology, document & mail classification • Project and enterprise level reporting and insights drive continuous improvement • Risk mitigation by corporate-wide best practice implementation • Project specific needs • Project type standards • Company-wide standards
- 18. Creating the optimal mix of systems • Configurability • Compatibility • Open yet secure • Avoidance of double entry • Provides the full project picture • Mobile data capture • Preservation of system data
- 19. • Project wide accessibility • Flexibility and configurability • Reporting • Usability What capabilities do you look for in a project controls system to achieve predictable budget and schedule outcomes?
- 20. Field Inspections Connecting teams project-wide OperateConstructDesignBidPlan Document Control RFIs & Change Orders Bidding & Tenders Workflows & Approvals BIM Collaboration Submittals Handover to Operations Cost Management Dashboards & Reporting In projects executed on the platform $1+ trillion Documents managed with complete auditability 1.2+ billion User organizations Interfacing efficiently 60+ thousand
- 21. Every project member on a connected platform with a single view Project-wide Collaboration Line-of-sight into issues Early Warnings & Predictive Insights Unified project controls for a single view of project performance Integrated Project Controls Connected Cost: Measure performance with confidence A modern collaborative project controls solution integrating cost, schedule, contracts & project information portfolio-wide.
- 23. CONFIDENTIAL | 23 Leading organizations are seeing the results of digitization Significant cost savings and productivity gains from automating key project processes $5M in labor savings over 4 years 75% reduction in design review cycle times 80% reduction in change request cycles times C$798K projected savings from doc control costs over next 5 years 50% Decreases in RFI turnaround times $10K/mo. From reducing time to import handover information 66% reduction in document control staffing costs 75% reduction in report generation 80% improvement in bid processing efficiency
- 24. Q&A with our panelists Paul Chapman Senior Fellow Saïd Business School, University of Oxford Chris Perkins Project Management Fluor Crawford Patterson Operations Director Mace
- 25. Our thanks to the University of Oxford, Fluor and Mace and to you for attending Learn more at aconex.com/ContractorDemo With