Cleopatra Enterprise was a gold sponsor of Project Controls Expo 2017 where we shared our thoughts on The Future of Project Controls and how to improve project performance using big data.
‘Is big data the experience of a company?’
‘How can companies understand where they stand in terms of the big data analytics?’
On Thursday 16 November, we’ve attended the Project Controls Expo 2017, the largest international Project Controls event, at the Emirates Arsenal Stadium in London.
Our Business Director Martin delivered a presentation on the Future of Project Controls.
At Cost Engineering, we’ve been continuously exploring how to improve project performance. Projects getting larger and more complex are increasing the expectations from the project controllers. Yet, the common ways of controlling projects still lead to huge cost overruns and schedule delays.
What are the root causes of the overruns and delays?
Martin, in his presentation, got the audience thinking about the root causes of the cost overruns and delays. Because without looking at the causes of the overruns and delays, it is hard to think of a brighter future for project controls.
Insufficient planning and inaccurate estimating together with poor project controls are the major root causes of the overruns and delays. Project controllers should be focusing on creating an integrated project controls process to overcome these challenges.
Why apply integrated project controls and big data analytics?
This could simply mean closing the loop between cost estimating and cost management and ensuring that they work together on the common objective which is to improve project performance.
Big data analytics play an important role in creating an integrated project controls process. Because Performing big data analytics retrieve meaningful ratios and metrics from projects to benchmark and calibrate estimating data.
That’s where Martin received the questions on top: ‘Is big data the experience of the companies?’ ‘How can companies understand where they stand in terms of the big data analytics?’
Well, assessment is the first step in applying integrated project controls. Do you collect all historical project data? Do you use it for analysis to improve estimating? Organizations should start assessing their integrated project controls processes and then focus on the next steps to improve integration.
If you haven’t had the chance to attend the Project Controls Expo or if you would like to know more how you can apply integrated project controls with Cleopatra Enterprise, project cost management software, you can request a personalized demo here.
Looking forward to meeting you again at the expo next year.
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