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, 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.
Weather is one of the top three reasons for missed milestones in the construction industry and built environment, with negative impacts costing billions of dollars. Further, McKinsey explains how innovating new technologies are “…eliminating many of the problems that have dogged the E&C sector for decades…” which includes managing weather risk — to increase the impact of positive events, and to decrease the impact of negative events.
McKinsey also notes the timeliness of the rapid transformation. Systems engineering and market demand drive ever-increasing complexity and cost of construction projects, which propel project executives (PX) and construction mangers (CM) to increase productivity, enhance safety and manage risk. Leading construction managers are incorporating new construction technologies into daily activities, such as weather planning and weather controls.
In the Capital Projects and Infrastructure Report “The new age of engineering and construction technology,” McKinsey reviews effective deployment strategies for new technologies in the E&C sector across all project phases. Weather risk management, including weather planning and weather controls, enters after the first phase of design, during the preconstruction, construction, and operations and management (O&M) phases.
As part of the analysis in “The new age of engineering and construction technology,” McKinsey reviewed data from McKinsey Global Institute’s Construction Productivity Survey, and focused in on the third phase of the facility lifecycle, construction, “…the most complex and time- consuming phase.” Common use cases during the construction phase range from managing project performance to monitoring health, safety and environment (HSE).
First, during the preconstruction phase, estimating technology automates and improves the accuracy of bid estimates for contractors. Leading estimating technology integrates historical weather analysis for the geo-location of the project to help establish weather baselines, assess weather days, estimate activity durations, and develop recovery plans, improving accuracy and enhancing competitiveness of bid estimates.
Second, during the preconstruction phase, market intelligence technology helps contractors gather and analyze information, both from past projects and from competitor performance. Leading market intelligence technology integrates historical weather analysis for past projects nearby the geo-location of the project, codifying lessons learned across projects in a knowledge base or bank (KB), as a part of knowledge transfer programs.
More in the next blog on the McKinsey & Company, Capital Projects and Infrastructure Report “The new age of engineering and construction technology”…
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