NEW GLOBAL TECHNOLOGY ALLIANCE TACKLES PROJECT TIME AND COST OVERRUNS
A global technology alliance has been formed by three major project industry firms to implement world-leading AI technology on large-scale projects.
Australian project technology firm Endeavour Programme, global engineering, management and development firm Mott MacDonald, and international cost consultants WT Partnership will introduce a data-driven approach to project management that will provide the opportunity to better manage projects of any kind globally.
The alliance is set to deploy Octant AI, designed by Australian technology start-up Endeavour Programme.
Octant AI gathers and analyses project performance data to produce improved insights, allowing earlier, more effective decision making.
Endeavour Programme founder and director David Porter said large projects have become so complex with so many interdependencies and stakeholders, that managing them with traditional methods is no longer reliable.
“The increasing complexity of projects, combined with human limitations, is at the root of the problem,” Mr Porter said.
“We’re aiming to lead the way in adapting this new technology through our alliance, and we’re seeking to make a measurable change to the performance of mega-projects globally.
“It’s a big challenge but with up to two trillion dollars in project overruns annually, there is a lot of benefit.”
The new global technology alliance will use Endeavour Programme’s Octant AI technology, uniting it with the vast knowledge and industry experience of Mott MacDonald and WT Partnership in the delivery of large-scale projects around the world.
Dan Phillips, global practice lead for project, programme and commercial management at Mott MacDonald said despite the huge amount of time and money invested in the delivery of major projects, they continue to underperform.
“Major projects are delivering less than budgeted benefits and inevitably become the focus of political and media scrutiny,” Mr Phillips said.
“The construction industry lags behind other industries in the use of data and adoption of AI technology.
“This technology will play a big part in helping us achieve better outcomes for project teams, clients and ultimately the end users who feel the effect of project delays and cost overruns the most.”
Nick Deeks, managing director of international cost management consultancy WT Partnership, said the future of professional services for projects has to be integrated with emerging technologies such as Octant AI.
“Our clients want more certainty, better adaptability and the better value for money that technology can deliver,” Mr Deeks said.
“We want to be leading in this field, and this is the most advanced AI technology available in the market.”
Early applications of Octant AI have been used on civil projects and for large government portfolios. The alliance also plans to roll out new modules for other sectors.
“The results are remarkable, and we’re excited to see how we can widen its application to projects in a broad range of industries,” Mr Porter said.
“We are really pleased to be able to work with such respected and innovative firms. This gives our technology the channel to make a real difference at scale.
“We will be working closely with our alliance partners and clients to integrate this technology to deliver better outcomes for everyone.”