The Chemical and Petroleum (C&P) Industry is waking up to the power of data to create more value, reduce cost, and gain competitive advantage. When dealing with Major Capital Projects (MCP), we have seen an increasing transition from paper to digital, from stand alone to collaborative, from product to outcome, and from CAPEX (capital expenditure) / OPEX (operational expenditure) to TOPEX (total expenditure). This includes a shift from the traditional engineering, construction and handover to the owner/operator lifecycle and, ultimately, to the full asset lifecycle. The extended asset lifecycle and more, as well as new requirements to manage, have increased complexity. This is mainly do to more disciplines needing to work together in an integrated way using a shared asset information model

Data is the new natural resource. The amount of data the Engineering, Construction and Operation (EC&O) processes and activities produce, is authored in many different systems and consumed by many organizations and users in different formats. Not only is capturing their own data in their own systems of record (SOR) important to the C&P Industry, but so is external data, including unstructured data. The combination of SOR data with extended data can create additional value and provide new insights for better decision management.

Another complication is the fact that the EC&O processes of large scale Major Capital Projects have changed. Delivery today is typically divided across multiple organizations, and supported by multi-level supplier networks, in order to share the risk.

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