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Global demand for new infrastructure, utilities, and process plants is increasing steadily with the growth of regional economies and the business and industrial requirements that accompany this growth. Along with this demand, comes increased risk for new projects that tend to be larger and more complex. This makes it more difficult to meet time and cost constraints, and deliver plants that can operate with maximum efficiency and safety, as well as being maintained for reliability.
One of the single most significant issues associated with capital projects is the lack of accurate, complete, and timely project and engineering information. Not having access to the complete set of engineering and construction information can add substantial project and operational risk in terms of cost, time, and safety. Furthermore, accurate engineering information must be available and accessible to feed documentation needed for the OPEX (operations- and maintenance-related) cycle. EPCs, project managers, and owner-operators all concur that access to information throughout all phases of capital projects is critical to meeting schedule and cost goals.
According to ARC Advisory Group research in the power, process, and utilities sectors, information management and access is equally important to EPCs and owner-operators. Nearly all owner-operators want information turned over in a form that they can import into asset management/maintenance management systems that they use to operate and maintain the facility. Also, according to ARC, access to and management of information is equally important to the EPC responsible for designing and building the facility and the owner-operator that needs the information to operate and maintain the facility and production assets more effectively following handover.
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Keywords: ALIM, CAPEX, OPEX, TOTEX, Digital Asset, Asset Reliability, Asset Performance, Predictive Analytics, Internet of Things, Smart Connected Assets, Cloud Infrastructure, Engineering Information, System of Record, ARC Advisory Group.