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Using Information Intelligence for Project Success in the Energy Sector

A recent report by IDC Energy Insights states that, in the energy industry, successful execution of projects in the design, construction, and operation of facilities is dependent on more than ensuring that schedules are met. Management of the asset life cycle requires systems that support a project framework that can leverage information from a multitude of sources.  At the same time, the framework must allow companies to meet stringent regulatory requirements.

 

According to IDC, information technology (IT) plays a critical role. The ability to leverage essential information becomes knowledge for operators to successfully execute capital projects while mitigating risk, ensuring safety, and maintaining compliance. The following elements are essential:

●Knowledge management that allows a system to capture and disseminate information to all participants, all while maintaining security

● Collaboration for the secure exchange between all parties, including external partners, with a policy-based records management and archiving framework

● Integration of information and the ability to identify, capture, and effectively incorporate and leverage this information

 

The challenges that management faces in building and operating assets are nothing new. Poor planning and design lead to costly change orders. Poor collaboration between contractors causes project delays and cost overruns. Poor project management can result in resources no longer being available, which in turn produces project delays and cost overruns. Failure to meet regulatory compliance and permitting requirements can lead to project delays and cost overruns. A lapse in following standard operating procedures may result in accidents. Equipment failure can also have safety and environmental impacts and lead to unplanned outages.

IT is challenged with providing access to the appropriate documentation to make projects work.

Successful management depends on sharing data among developers, owners, venture partners, operators, and third parties at various stages of the process.

 

IDC Energy Insights recommendations include:

● Consider developing a corporate-wide approach

● Develop the business process for construction, and identify engineering document control workflow for approvals.

● Participate in industry associations to develop standards

● Involve the operations and maintenance team early on

● Look to areas of high vulnerability, like current processes that still rely on paper files

● Focus on process improvements that will allow more effective sharing of content inside and outside the firewall

● Look at solutions that will optimize how you manage, share, and archive content

 

For more information, download an EMC-sponsored white paper here: http://www.pennenergy.com/whitepapers/pennenergy-white-papers/2014/03/using-information-intelligence-for-the-energy-sector.html