The engineering, procurement, and construction (EPC) industry is not well known for leveraging data effectively, nor for using cutting-edge analytics to make informed business decisions. One survey by Cornerstone Projects notes that as many as 85% of companies experienced delays on construction projects.
Building a Data-Driven Culture from the Ground Up
Some industries are not the best known for using data effectively. Consider the construction industry, where much of the work is done on the ground — by workers in hardhats, not in front of computers. But why should this industry not benefit from the advances in technology that other sectors have experienced? One of Asia’s leading engineering and construction companies, L&T Group, sought to bridge this data gap by leveraging the power of data-producing computing technologies to significantly improve core operations that utilize workers, machines, and materials to save costs, to improve productivity, and to reduce execution time. The result is that every component of a project can now be measured and benchmarked, leading to improvements such as a 25% increase in equipment fuel efficiency, a 15% increase in worker productivity, and a 10% increase in plant and machinery productivity and utilization. L&T Group’s journey provides a set of lessons for other corporations that wish to unlock the value of data in their own companies.