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Across heavy process industry sectors, it is estimated that more than $60 Trillion US will be spent on capital projects between 2016 and 2035. While the immediate outlook for future capital spending may be cloudy, i.e. the oil & gas sector, industry leaders acknowledge the importance of capital projects in advancing their businesses - therefore extra effort is being made to reduce costs and reach the goals of CAPEX projects.
In a recent survey conducted by Chemical & Engineering News, only 25% of projects are completed within the approved budget. Only 66% of the companies with capital projects remained within their budget. Only 2.5% of the companies surveyed reported projects on time and within budget. A quarter of the projects experienced overruns of 25%, while 20% experienced budget overruns of at least 50%. This data points out the importance and significance to deliver a project on time and within budget. By implementing best practices through a Capital Project Excellence approach, it is estimated that realization 10% to 15% savings can be attained.
Want to find out how Synovum can help you through an upcoming project safely, on time, and on budget? For more information, let’s talk it through with a no obligation video conference call or a meeting with one of our executive partners. Email: email@example.com to arrange a call.
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