Use requirements management software to supercharge energy industry capital projects
The energy industry faces a once-in-a-lifetime opportunity and challenge. According to data from McKinsey, through 2027, a staggering $130 trillion is being invested in capital projects to decarbonize and renew critical infrastructure.
With many energy industry capital projects struggling with inefficient performance, document-centric processes and low productivity, how can businesses deliver on today’s historic investment surge with the speed and efficiency it demands? It starts with improving requirements management.
In Siemens’ recent live webinar (now available on-demand), energy industry insiders presented how Polarion REQUIREMENTS management software empowers businesses with a data-centric approach that can dramatically improve capital project outcomes. Scroll down for webinar highlights and learn how to improve capital project efficiency while reducing costs, time and risks.
Energy businesses must become data-driven enterprises to improve capital project management
For decades, the energy industry has struggled with an inefficient approach to capital project management. Disconnected people, processes and data have resulted in significant project completion delays and cost overruns. Inefficiencies during design and build have negatively impacted capital assets’ operational lives.
As highlighted by webinar presenter George Harkay, to supercharge and transform capital project efficiency and management, businesses should use an integrated, digitalized and data-driven approach to break down organizational barriers and disconnected silos that can extend across capital asset lifecycles.
Requirements management software improves efficiency & reduces costs across asset lifecycles
Do you want your capital projects to start compliant and stay compliant? Capture your requirements using requirements management software and connect them to all stages of your capital asset lifecycle.
This connected lifecycle approach establishes a “single source of truth” for capital project requirements, enabling businesses to manage change more effectively across the entire value chain.
Watch the clip to learn how this approach can provide energy businesses with massive capital project cost savings by reducing change work orders, reworks and schedule delays.
Reuse requirements to accelerate capital project setup and delivery
Capital project setup is very complex, typically involving many stakeholders and teams. A requirements management solution lets teams reuse previously approved requirements and standards in new projects, significantly reducing the time needed to create these requirements from scratch.
As presented in the webinar clip, reused requirements and standards can also be incorporated into systems engineering methodologies to reduce project risks and costs.
Integrate requirements data from EPCs, vendors and suppliers to streamline supply chain collaboration
Effective supply chain collaboration is essential in large capital projects involving numerous EPCs, vendors, and suppliers. The Polarion REQUIREMENTS tool enables seamless integration of third-party requirements data into the platform to provide your business a continuous understanding of:
- What supplier made requirements changes
- When and why the changes were made
- Impact of the changes on project work
- Who is responsible for managing the changes in the future
Watch the clip to learn the benefits of improving supply chain collaboration using a requirements management tool.
Are you ready to set up your capital projects and operations for success?
With historic capital project investments underway, energy businesses face a once-in-a-lifetime opportunity — and extraordinary pressure — to deliver on this wave of capital spending.
By adopting Polarion REQUIREMENTS software, businesses can move away from document-centric processes that stifled past capital project efficiency by establishing a single source of requirements data and connecting it to all asset lifecycle stages.
Watch the full webinar to learn how using Polarion can help your business can take the crucial first step towards enhancing capital project delivery, streamlining enterprise asset management, reducing costs and helping maintain continuous compliance.
