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Buy Your Data the Right Way on Your Next Capital Project
A capital project is an investment that builds on or improves a capital asset. They are typically large in scale and cost and involve significant resources and planning to complete.
What is a Capital Project?
A few examples of capital projects are airport terminals, railways, and roads. In the case of a capital project for a corporation, you might see the development of a facility instead. A corporation allocates both financial and human capital to build or maintain new assets, and it’s not unusual for these types of projects to be planned for months or even years to make sure execution is seamless.
Data Analytics
Data analytics are crucial for monitoring, analyzing, and auditing capital project costs, as such analytics can provide insights on cost and schedule performance – along with a number of other trends – no matter the capital project at hand.
Even though data-driven management for digital capital projects is a useful tool, it’s a tool that has yet to be optimized by most organizations. Old methods are still going strong, and many industries are wary of sharing their real-time data.
The FMI Report1 found that 95.5% of all data goes unused in engineering and construction, which can result in tremendous hidden costs for owners who often fail to consider the significant amounts of usable digital asset data that is created, used, paid for and then discarded when the project is handed over from the construction and design team.
These costs are incurred when, after their capital project is complete, those very same owners then pay to create a whole new set of identical digital asset data needed to implement asset management, work order and other key software systems relied upon to run their new facility. Therefore, they pay again for the very same data already created and left behind during the construction and design process.
Solution
Help bridge the gap between the capital project acquisition process and facilities management to ensure your facility is ready to go on day one with all the data needed to run a world-class operation utilizing data interoperability.
Establish data standards and templates at the outset of our capital project to ensure you receive the facility, system, and asset-related data needed to feed your Enterprise Asset Management (EAM) system and lay the foundation for predictive maintenance.
When you use data interoperability to establish the foundation for your data analytics and buy data the right way on capital projects, your corporation can see a number of benefits. These benefits include:
- The optimization of the systems and processes that your business currently uses.
- The ability to predict demand in the future.
- Improving facilities asset management.
- The ability to prioritize capital investment where it counts.
Getting insight from past performances to make future decisions can greatly impact your company. It allows you to predict trends more accurately, learn from past actions, and create more successful solutions. You can generate value with an analytics strategy that identifies, sizes, and prioritizes the enormous opportunities for your corporation, making strides towards a profitable future.
Understanding the Power of Data
Buying data and using it correctly gives your company the power it needs to move forward productively. It’s time to move into the future with the rest of the business sphere – don’t get left behind. Instead, utilize data analytics for your next capital project.
