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April 30, 2018

4 TIPS TO IMPROVE EFFICIENCIES FOR EPC CONTRACTORS

EPC Companies tackle huge challenges from bidding, to strategic direction, improving productivity to efficiencies in the project. EPC stands for Engineering, Procurement, Construction and is a prominent form of contracting agreement in the construction industry. The engineering and construction contractor will carry out the detailed engineering design of the project, procure all the equipment and materials necessary, and then construct to deliver a functioning facility or asset to their clients.

One of the key challenges faced by EPC companies and contractors are delays in projects. Delays are the prime cause of concern as most projects have to be time bound to be profitable; however, the market still suffers from inherent delays owing to various reasons, especially for the larger, complex projects that are delayed because of land acquisition complications or environmental clearance issues.

If possibilities of such delays are identified upfront then the required approvals can be sought well in advance, else the project gets into schedule and cost overrun. There are many efficient practices that EPC companies can adopt for an effectual workflow; here are some of the general ones that we have highlighted for you:

Don’t Oversell

Contractors tend to offer more for a lot less, usually in the bidding process, and hence end up in under delivering. Determining the precise objective of the client and offering them the most feasible solutions in regards to available funds, resources (power, water, etc.), the output of the project, etc. will benefit them throughout the process.

Eye on the prize

Challenges and risks exist at every stage of any given project, however, accurately regulating challenges, in civil works, for example, will heavily impact on the costs. Cross-referencing everything with the client or the project managers can assure that there won’t be any delays due to rework as you will have the same end goal and vision as your client.

Organization is Key

Organizing the procurement procedures between all parties involved by specifying exactly the quantity, budgets, sub-contractors responsible, etc., and communicating with them clearly throughout the process, will surely go a long way as this will drastically reduce wastage. This doesn’t just involve choosing the most reliable subcontractors and clearly delegating their role and deliverables in the project, but also monitoring them throughout the process as well.

Fool-Proofing Designs

Design models exchange a lot of hands with changes in values, plant designs, etc. happening throughout the process. Making sure all design models shared remain unchanged throughout the lifecycle of the project by creating information-rich models for all structures and materials and will let you manage risks and plan for a successful process.

Using software to create information-rich models of all structures before building the actual models can help EPC contractors handle design changes painlessly through a front-end engineering design. It will help you deliver accurate, constructive structural models and construction documentation thereby keeping you on schedule.

 
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