The engineering and construction (E&C) sector are particularly at a technological crossroads, or “the dawn of the digital era,” with adoption and development rising as businesses adopt new tools to stay competitive.
The planning and execution of projects are influenced by the internet of things (IoT), artificial intelligence (AI), augmented reality, autonomous vehicles, visualization tools, and other developing technologies. These advancements bring new levels of productivity, safety, and the intelligence required to enhance decision-making and enable repeatability of success.
However, engineering and construction firms struggle to access data from several technologies to predict difficulties, anticipate threats, and guide future activities. Oracle has launched OCI Cloud Analytics to address this issue.
Owners and contractors can now have a thorough knowledge of performance across all of their operations thanks to the latest solution, which combines data from Oracle Smart Construction Platform applications.
With this information, firms can quickly pinpoint issues, resolve them, and concentrate on developing strategies that will encourage continued growth throughout project planning, asset construction, and asset operation.
The E&C sector will need to take advantage of current technologies given the planned high investment growth & this sector is anticipated to reach $17.5 trillion by 2030.
For E&C companies, there are many benefits to investing in and implementing digital project delivery, including remaining competitive, aiding in the retention/growth of market share, lowering costs, increasing productivity, improving safety, and delivering projects on time and budget while providing excellent assets for end-user purposes and service provision.
Digital transformation is predicted to have enormous nominal benefits. The engineering and construction phases of non-residential projects alone are projected to save up to $1.2 trillion in annual costs worldwide during the next ten years. And the only way to tap into these digital initiatives and cost savings is through Oracle.
Transforming data with Oracle Construction Intelligence Cloud Service:
The Oracle Construction Intelligence Cloud Service is a collection of artificial intelligence (AI) & analytics tools that helps you make smart, proactive decisions & promote continuous improvement in project planning, construction, and asset operation by releasing the potential data.
To assist organizations in making better decisions throughout the project and asset lifecycles, Oracle Construction Intelligence Cloud analyses data from across the Smart Construction Platform. Utilizing historical project data with AI and machine learning, Oracle Construction Information Cloud Advisor provides predictive intelligence.
It continually detects hidden hazards, such as schedule disturbances, process malfunction, poor schedule quality, and project planning concerns that must be explored and addressed. Construction Intelligence Cloud Advisor is focused on forecasting future outcomes and preventing wrong occurrences from impairing successful project delivery across your portfolio, in contrast to many systems that report on historical trends.
With built-in machine learning techniques and patent-pending AI algorithms, the tool learns to give insights specific to your projects and organization. Organizations can evaluate extensive project data & synced datasets in Oracle Smart Construction Platform applications using Oracle Construction Intelligence Cloud Analytics, including key performance indicators for schedule, cost, risk, and other vital project areas.
With the help of out-of-the-box data connections, users can quickly access and utilize their project data to get a thorough picture of performance across all of their activities. Users can interpret complex data, identify anomalies, and take the appropriate measures to promote continuous improvement with the help of prebuilt and custom dashboards that give insights tailored to each customer’s particular needs.
Customers of Oracle get a deeper, more complete picture of their performance thanks to the new Oracle Construction Intelligence Cloud Analytics service, which works in conjunction with the predictive intelligence engine and shared data environment of the Smart Construction Platform.
Now they can develop distinctive data strategies that promote competitive distinctiveness. In the same way as its industrial and manufacturing competitors, the construction sector will achieve six sigma precision in this technique.
Driving continuous improvement with the Smart Construction Platform:
The Oracle Smart Construction Platform can use industry-recognized apps, a shared data environment, and an ecosystem of partners to support collaboration between owners and delivery teams and continuous result improvement. The platform connects teams, enables individuals to create educated, proactive decisions, and assists in synchronizing tasks and resources.
With a shared data environment and user interface, the Smart Construction Platform combines features from Oracle engineering and construction applications and third-party solutions. Owners and contractors can collaborate more readily on the platform to enhance decision-making across all levels of their organizations.
Owners and contractors can collaborate on projects and asset lifecycles using the core applications, procedures, and data that the Smart Construction Platform draws together. These fieldwork, costs, payments, portfolio planning, bid/tender procedures, contracts, timetables, and coordination with building information models (BIM).
Users can switch between applications and data sets while working on a single project with the latest merged experience, shared data environment & cross-app compatibility. The platform assists in ensuring that teams from many areas are moving toward the unique goal and using predefined information by synchronizing activities, resources, and data as each project and asset evolves.
The platform also provides precise, timely data on project estimates to capital planners so they can coordinate with managers on budget needs and make adjustments as strategic objectives change. For instance, the cost of a set of materials needed for a project doubles due to inflation.
The planner can make just-in-time adjustments to the portfolio by taking money away from a project that isn’t as vital or by putting a project on hold when the project manager passes along the updated actuals and forecast.
As the platform uses machine learning technology to learn & wiser, it will consider these past deeds to identify potential hazards and direct more educated decision-making in the future.
Ushering New Level of Intelligence in construction and engineering projects:
Oracle has tapped into something special with the Innovation Lab, which will develop further through collaborations and user feedback. The Oracle Industries Innovation Lab is a mock workplace that showcases the revolutionary potential of emerging technologies such as the internet of things (IoT), drones, autonomous machinery, augmented reality, artificial intelligence, and machine learning.
Due to material shortages, rising costs, changing project types, and an aging labor population, the construction & engineering industry is re-evaluating every facet of project delivery for both owners and builders.
Oracle and its partners use technologies like augmented reality, visual progress monitoring, sensor-based tracking, digital twins, autonomous laser scanning, IoT, and more to explore the potential of a connected ecosystem at the lab.
Customers can test and validate the latest solutions to support predictive decision-making, lessen inefficiencies, limit risk, and promote better outcomes by using these products and Oracle’s range of engineering and construction solutions.
Oracle has transformed the sector with successful project outcomes, making the business more predictable and profitable. Want to tap into Oracle Solutions to reach your business to new heights? Then reach out to Doyensys, your certified Oracle partner!
