So here they are: we have listed 5 of the main things you can do to save money and time on your engineering project.
1. Start with understanding and evaluating every step
A proper understanding of the principles that govern your process is key to saving money on your engineering project. Begin with the end in mind and consider all relevant parameters and stakeholders before engaging in a project. It is of much importance to take this seriously and evaluate every step. It may be tempting to focus too much on the ground-breaking date and speed this up as much as possible, often accompanied by a ceremony. Ask yourself how useful this is when the piles are incorrect but at the wrong place at the wrong depth (which means costly rework, giving a bitter aftertaste to the ceremony).
2. Select the right people
Do not engage with the first party you come across. Never! No matter how you found them — via a personal reference, recommendations on the internet etc. Assure a proper selection of the people required (see step 1) and ensure that the folks involved meet the project requirements. A quick hint: check if they are qualified and possess the necessary talent and skills, are driven and motivated to succeed in your project and foremost if they are aligned with your goals and working methods.
3. Make clever use of technology
Why would you do something if clever software could do it faster and cheaper? Of course, it may take a while before your engineers are accustomed to novel software, but the benefit is immense in the long run. This applies to all aspects of your engineering process from modelling, designing, planning and project management.
Why invent the wheel twice or redo something that somebody else already did (probably better)? Many aspects of your engineering processes are already available in standardized modules. So design a plant according to standardized modules and reuse such models for future plants. Make sure to build a library of modules built with cross-functional input (engineering, commercial, and procurement). Such can save up to 15% on project costs and speed up your engineering process by up to 20%.
5. Avoid rework and ensure first time right
We see it too often that companies never have the budget to do it the first time, right? But they always seem to have the budget to do it again. Of course, changes can happen at all stages of a project. The problem is, the later they occur, the more costly they are due to the rework involved. How can most of the rework be avoided? Simple: use proper planning. It may significantly reduce the time and money spent with changes when done so.