Transforming capital projects: the integration of AI with requirements management software
The energy industry is more competitive and volatile than ever. For your business to thrive, all stakeholders across your value chain should have continuous access to an up-to-date digital thread of requirements throughout your capital asset lifecycles.
As Siemens discussed in part 1 of our requirements management webinar series, establishing this “single source-of-truth” using Polarion REQUIREMENTS software enables energy businesses to adopt an integrated systems-driven approach that accelerates digitalization while helping your company maintain continuous compliance with fast-changing industry standards and regulations.
But what if your business could experience a 21% failure cost reduction during the sales phase while increasing EBITDA by 10% using AI to pre-process bid and tender document data fed into your requirements management backbone? In part 2 of our requirements management webinar series, energy business experts described how integrating DRIMCO’s AI RFQ/Tender Management solution with Polarion enables faster decision cycles by helping stakeholders quickly evaluate RFQs/tenders, project timelines and budget constraints.
Scroll down for webinar highlights.
Requirements management software delivers data-driven project management & massive cost savings
To begin the webinar, Siemens’ Polarion Portfolio Development Executive George Harkay recapped key topics from the first webinar on the extensive benefits requirements management software offers energy businesses.
Watch the clip below to learn how adopting a requirements management tool to establish a digital thread of requirements can dramatically reduce costs by:
- Capturing, validating and distributing requirements up front with an accurate and consistent requirements exchange
- Breaking up your documents into individual requirements to enable faster analysis
- Identifying and isolating any issues to be worked on independently while allowing the overall project to continue
- Connecting your requirements to all stages of the asset lifecycle to help provide more effective change management
Accelerate your bid-phase requirements assessment using DRIMCO’s AI-powered RFQ platform
During the sales phase for energy business capital assets, engineers and other stakeholders must quickly evaluate RFQ or tender stakeholder requirements from long and complex documents under tight deadlines.
This labor-intensive document management process often involves engineers manually copying and pasting requirements from PDFs into other documents, such as Word or Excel. There, the engineers assess requirements with colleagues while emailing clarification emails to customers or sub-suppliers and incorporating their answers into the master document.
As DRIMCO’s Martin Schmid explains in the video below, DRIMCO’s AI RFQ/Tender Management platform streamlines and digitizes this tedious and error-prone bid review process within a single platform that integrates with Polarion REQUIREMENTS. Watch the clip for an overview of the typical bid review process and why DRIM AI is a gamechanger.
DRIM AI untangles requirements from all document formats & prepares them for easy assessment
Engineers working in the bid process must extract requirements from many document formats. Whether your requirements are in Word, Excel, PDF, email or even a picture, simply upload the asset into DRIM and let the solution untangle the document to detect potential requirements and prepare them for individual assessment.
Watch the video for an overview of the DRIM workflow and discover how it enables effortless document management and collaboration:
Manage and assess bid requirements one by one and reuse past project knowledge
DRIM empowers engineers to collaboratively manage and assess potential requirements individually through its user-friendly interface. As shown in the clip below, the AI checks for the same or similar past requirements and allows knowledge reuse to streamline assessment processes.
Accelerate project communication, collaboration and profitability using DRIM
During the RFQ process, clarifying deviations or addressing questions with customers or your sub-suppliers is common. DRIM streamlines this project communication, replacing email chaos using a single solution that is connected and mirrored with Polarion.
Watch the clip to learn how DRIM’s hyper-efficient collaboration, project monitoring and project viability assessment enabled their customers to:
- Reduce failure costs by 21%
- Create bids 75% faster
- Increase EBITDA by 10%
Ready to streamline your bid and tendering processes and maintain continuous compliance?
To efficiently manage energy industry capital projects while maintaining continuous compliance, it’s essential to give your stakeholders continuous access to an up-to-date digital thread of requirements throughout your capital asset lifecycles.
Help your business achieve these goals using the Polarion REQUIREMENTS tool integrated with DRIMCO’s AI RFQ/Tender Management platform. Together, they empower your teams to work independently yet cohesively while adhering to strict workflows that ensure compliance, traceability and improved bid and tender project efficiency.
To learn more about the benefits your business can receive from Polarion and DRIM, watch the full webinar.
