Enhanced Value and Utilization
Historical data is crucial for benchmarking, estimates, and proposals. However, its true potential is unlocked when this data is enriched with comprehensive characteristics, parameters, and attributes. This enrichment transforms the data, making it significantly more useful and meaningful for building reliable and predictable plans, budgets, forecasts, estimates, and predictions.
For example, knowing the average number of in-line instruments per line is beneficial. However, it becomes exponentially more valuable if we have this information available in relation to:
Facility Type: Different facilities (e.g., chemical plants, refineries) have varied instrumentation needs.
Region and Climate Conditions: Environmental factors can influence the type and number of instruments required.
Code and Regulatory Requirements: Compliance with local codes and standards can affect instrumentation.
Fluid Type and Characteristics: Different fluids (e.g., corrosive, flammable) require specific types of instruments.
Operational Pressure and Temperature: High-pressure and high-temperature conditions necessitate more robust instrumentation.
Equipment Specifications and Standards: Standardized equipment can streamline the instrumentation process.
Historical Performance and Maintenance Data: Past performance data helps predict future needs.
Project Size and Complexity: Larger and more complex projects typically require more instrumentation.
Data-Driven Project Execution
Often, estimates and schedules are based on undocumented personal experiences, uncontrolled Excel sheets of unknown origin, or outdated reference books from the 90s. These approaches can lead to inaccurate scoping. The more historical data is available, and the better it is mapped with relevant attributes, the more helpful it becomes. Thus, every effort towards digital transformation and data-driven project execution should fully support the use, generation, collection, storage, analysis, and interpretation of historical data.
Ensuring Data Consistency
Inconsistent data collection poses significant risks. For example, consider the collection of metric tons of steel used in a project. If one project only includes data on the main steel, while another includes all minor steel elements, deriving meaningful insights becomes challenging and potentially dangerous. Standardized and consistent data collection practices are critical for obtaining reliable and actionable insights.
Final Statement
If you don’t already, start collecting as much historical data as you can, enriched with comprehensive attributes and metadata. Future you will thank you.
By focusing on these key principles, Buro Matei aims to transform project execution, ensuring precision, reliability, and excellence in every step of the way. Engage with us to explore the potential of historical data and elevate your project outcomes.
Make your projects easier and more efficient with the power of data. Find out how Buro Matei can help you use historical data to plan better and save time.
Book a meeting today at https://buromatei.com/booking and start making your projects run smoother!