Metals & Mining

Using Big Data to reduce CapEx deviation

Key facts

€25maverage reduction in change costs
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Top business benefits

Cuts CAPEX

Improves efficiency

Speeds up project timings

This Big Data solution proven to reliably predict cost changes, reduce CAPEX deviation and cut overall project costs.

In more detail

Full description

This Big Data solution analyses historical data to reliably predict costs changes, reduce CapEx deviation and, consequently, cut project costs.

Based on an ongoing data collection project that merges three disconnected data pools, the system analyses high volumes of historical data from over 2,000 projects and up to 700,000 line items to make accurate predictions with regard to future costs and so significantly reduce cost changes.

It features an early warning system that predicts unexpected cost changes based on the rework intensity of technical designs. And, its planning granularity indicator pinpoints the optimal degree of detail that a project plan should contain, making the whole process more efficient.

The challenge

Asset managers are always having to second guess cost changes and budget accordingly. This takes up precious time and has proven time and again to be unreliable. The result is projects going hugely over budget and CapEx running out of control.

This Big Data solution, uses artificial intelligence and predictive analysis to create a much more dependable account of how costs are likely to change over time. It employs artificial intelligence to assess historical data and reliably predict costs changes going forward. Consequently, it significantly reduces CapEx deviation and cuts project costs.

The approach

Based on an ongoing data collection project that merges three disconnected data pools, this Big Data solution analyses high volumes of historical data from over 2,000 projects and up to 700,000 line items to make accurate predictions with regard to future costs. In doing so it significantly reduces cost changes and overall CapEx.

It features an early warning system that predicts unexpected cost changes based on the rework intensity of technical designs. And, its planning granularity indicator pinpoints the optimal degree of detail that a project plan should contain.This predictive analysis keeps costs in check and ensures that OPEX remains within viable parameters.

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2022 Globee Award Winner

A bronze award in the 'Startup of the Year: Business Services' category