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How Can AI Shape the Future of Capital Projects?

Podcast Summary

Robert Harms, President of EPC Lens, is harnessing the power AI to bring large capital projects into the digital age. After starting off as a professional musician, Robert soon became fascinated with the industrial systems used to power the planet, what he calls the “engines of the world.” Steering his career toward construction and project management, he has amassed a wealth of knowledge on a wide range of EPC projects – from nuclear plants to petrochemical facilities. Now, he is trying to streamline and improve the management and execution behind these massive ventures.

In this episode, Robert describes how his company is using AI to help the capital projects industry future proof their operations:

  • According to Robert, there is large uncertainty in accurately forecasting the logistical costs of any given capital project. With technology rapidly progressing and new information always available, project managers don’t always have the latest data to support their decisions and risk assessments.
  • EPC Lens caters to engineers, project managers, buyers, fabricators, construction workers, owners and all others working to smartly develop capital projects. Using what they call reflective market intelligence, EPC Lens’ platform continuously pulls and broadcasts data from the EPC marketplace, giving users access to up-to-date info to inform decision-making. The tool provides an understanding of what’s happening in the market on a daily basis, with no intel older than 4 weeks old.
  • EPC Len’s platform has the potential to cut individual project costs by millions, using readily available information to accelerate and compress lengthy schedules. The market intelligence engine is able to assess complex correlations across various disciplines and industries, ensuring that users are making the best assessments for their projects longevity.

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