Streamline capital project engineering management with integrated software from Siemens & SAP
Editors note: Siemens participated in the SAP for Energy and Utilities Conference in Seville, Spain, April 23 – 25, 2024.
In this blog, we highlight our SAP and Siemens joint offerings for capital asset project and lifecycle management. We showcased this solution at the conference with exciting new solutions around the industrial metaverse.
By 2028, capital asset-intensive industries like oil, gas, renewable power, nuclear and infrastructure plan to invest a massive $13 trillion in ongoing capital projects, including more than $4 trillion in clean energy investments.
Capital assets, the end result of capital projects, include critically important infrastructure such as nuclear power plants, offshore wind farms and refineries. These enormous projects frequently cost billions of dollars and are highly complex, with many moving parts and teams collaborating through lifecycles that can last 10 to 30 years. With this sheer complexity, most capital projects suffer from multi-month or multi-year completion delays and often have cost overruns stretching beyond $1 billion.
What can business leaders do to solve these capital project management challenges? The best solution begins with digitalization. In this on-demand webinar, John Nixon from Siemens and Steve Boerman from SAP discuss how integrated digital solutions from Siemens and SAP can streamline capital project development and management across the entire asset lifecycle using a single digital thread.
Energy, chemical and infrastructure capital projects must reduce costs and delays
With trillions of dollars at stake in critically important large energy, chemical and infrastructure projects, business leaders must take steps to reduce cost overruns and schedule delays. John Nixon sets the stage on worldwide capital project investments and describes how combined solutions between Siemens and SAP could minimize project risks and waste.
Adopt a lifecycle view of clean energy projects to improve their profitability
Investments in clean energy projects are up dramatically. Incorporating a digital lifecycle view of these projects can help leaders demonstrate the projects’ financial value while increasing their profitability.
Prevent capital project delays by connecting requirements management and design data
In capital projects, it’s a long and complex process from planning to operations. By digitally connecting engineering design and requirements management, you can prevent design process faults from being passed through commissioning and into operations. Use traceable and well-orchestrated data that’s passed from stage to stage to help prevent project delays and cost overruns.
Establish a continuous digital thread within capital projects to fuel collaboration
Capital projects include many companies, contractors and sub-contractors working together under tight deadlines. Project collaboration often occurs through inefficient back-and-forth emails, conference calls and error-prone redlining of work processes. According to Steve Boerman of SAP, establishing a continuous digital thread through the capital project dramatically improves collaboration, enables data-driven decision-making and improves operations throughout the entire lifecycle.
Introducing the nuts and bolts of integrated software solutions from Siemens and SAP
Until recently, engineering design information was managed in different systems – and often still is today, creating data silos, negatively impacting collaboration, and leading to capital project cost overruns and delays. Learn about the integrated software solution from Siemens and SAP for managing the complete engineering definition and project data inside a single cloud-based enterprise platform.
It’s time to improve capital project management efficiency
With their complexity and importance, improving capital project management while reducing costs and delays is critical. Watch the entire on-demand webinar to discover how to streamline capital project development and management across the lifecycle with a single digital thread.
