Pedram Danesh-Mand - Director Project Risk Consulting Audit, Assurance & Risk Consulting - KPMG
The Engineering & Construction sector has definitely learned from its past recessions (and recently COVID-19) and is now well-positioned to drive changes that can help to address its long-standing biggest challenges, productivity and on-time budget delivery. In addition, as infrastructure projects get bigger and more complex with multi-facet interfaces, they are becoming inherently riskier. For the E&C sector, this trend means smarter approaches, connected technologies, and an increase in associated investments are now critical to help firms realize new operational and project delivery efficiencies. New business models and collaborative types of contracts as well as an increase in M&A activities are further accelerating the shift towards data-driven risk management approaches.
By sharing key results of KPMG’s recent Future-Ready Index survey globally and in Australia – highlighting the scale of challenges ahead of the sector as well as the technologies with the highest adoption rates amongst the top 20% E&C firms, i.e. BIM (86%) and basic data analytics (83%) – in this presentation and through a couple of recent case studies, Pedram will illustrate how E&C companies can begin to embrace data solutions for better project risk management including integrated project controls, connected assurance from project to portfolio level, appropriate governance, predictive analytics, and machine learning while establishing a foundation which is essential for their efficient and effective success in winning and delivering capital projects. While many are failing to fully adopt these and other vital capabilities, placing their future productivity, profitability, and project delivery at risk, the key question is, “Are you, as a firm or as an individual, ready for the future?”