The McKinsey & Company, Capital Projects and Infrastructure Report “The new age of engineering and construction technology” highlights how the engineering and construction (E&C) industry is at the cusp of a new era. New technologies and digital tools, such as weather risk management, are rapidly transforming all stages of the engineering and construction process, through advanced software, construction-focused hardware, and analytics capabilities.
McKinsey highlights the difficulty of adopting innovative solutions by engineering and construction companies, and recommends that to overcome difficulties and create a successful next-generation operating model that incorporates digital tools, companies follow four steps: create a focused digital strategy and organization; turn projects into test labs; let data lead the way; and, increase investment in digital solutions.
- Create a focused digital strategy and organization
- Determine performance goals and identify digital tools that help achieve them
- Appoint a group or leader to take responsibility and drive results
- Analyze current IT systems and determine if they can support new tools
- Identify gaps and set timelines for resolving them
- Turn projects into test labs
- Identify potential use cases and launch tool pilots during projects
- Measure key performance indicators, celebrate success, learn from failures, and encourage widespread rollout of promising programs
- Let data lead the way
- Revise fundamental business processes to support digital solutions
- Simplify the process for piloting and deploying digital solutions
- Increase investment in digital solutions
- Contemplate M&A deals with technology companies
- Identify potential investment partners
- Establish “listening posts” in the industry
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