Gabriele Famous

Gabriele Famous

Chief Marketing Officer at Oracle's Aconex
Gabriele Famous is the Chief Marketing Officer for Oracle's Aconex, a leading collaborative construction and engineering management software.
Gabriele Famous

How to define innovation metrics leveraging technology

E&C professionals measuring innovation metrics.

Throughout our GIC report series, we’ve focused on how digital transformation can powerfully shift the engineering and construction (E&C) industry.

The Boston Consulting Group (BCG) notes that E&C can expect annual savings— up to US$700 billion to $1.2 trillion— by embracing digital transformation.

The E&C industry must heavily invest in technology for project delivery to achieve these numbers.

As we’ve heard from many clients, one of the biggest challenges is defining innovation metrics to assess project performance. So, how can E&C develop a solid ROI to capitalize on this massive potential savings at an organizational or project level?

Organizations can follow the traditional construction project measures, such as:

  • Financial return
  • Breakeven points
  • Planned value = planned % of tasks left to complete x project budget
  • Actual cost of work performed = the amount of money spent on a project to a certain date
  • Cost variance = planned budget against the actual budget

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Three technology trends shaping the future of design and construction in 2018

technology in constructionThe digital construction revolution is rapidly underway and will continue accelerating in 2018.

The engineering and construction (E&C) industry is embarking on a new era, with technology changing how companies design, plan, and execute projects. E&C spends $10 trillion on construction-related goods and services each year, and is “ripe for and capable of transformation.” (source)

Global E&C plans are unfolding daily, including creating new smart cities, LNG operations, national infrastructure programs, and even construction for the 2020 Tokyo Olympics. According to a recent McKinsey report, adopting new technology could boost the industry’s value by an estimated $1.6 trillion, adding about 2 percent to the global economy.

So, what major E&C themes can we expect to unfold as we face the new year?

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