Thousands of Documents Build a Ledger of Facts

Written by Shelley Armato

Unorganized documents can pile up and become overwhelming and costly to manage. According to a McKinsey report (2016), cost and schedule overruns are the norm in the construction sector. It is estimated overrun in capital expenditure to infrastructure projects average above 130% of original quoted capital and twenty months beyond scheduled completion.

How can this continue to be tolerated? The construction industry is among the least digitized. The McKinsey Global Institute estimates that the world will need to spend $57 trillion on infrastructure by 2030 to keep up with global GDP growth (2016). How will construction legacy systems and processes for documentation management withstand the massive increase of digitized documentation? It is not unusual for mega construction projects to involve over 500 vendors. 

Construction needs a push to move into the digital future. Moving to paperless projects, from the office to the workforce, can become a reality. New technology is increasingly compiling electronic data that requires ample storage, retrieval and archives for closeout and the sustainability of the asset’s lifecycle. Stakeholders that fail to adopt new technology will risk financial ruin. 

Information Governance is the strategy in which all project documents are collected to build a ledger of facts. Creating a register of truth requires documents to be stored, organized, cataloged, and retrieved easily. 

Information governance is imperative for every construction project. Owners, Operators, and Stakeholders responsible for completing their construction project must mitigate the risks associated with insufficient document oversight. 

Construction technology and digital librarians can build your documentation management programs specific to the project at hand. To prepare closeout from day one because the information for closeout is critical for future development and modification within the lifecycle of your assets. These construction documents can also be easily accessed for years after project completion.

Technology is improving systems across all platforms and construction needs information governance. Creating a document repository mitigates risks, lowers costs, and reduces extended schedules.

Shelley is the founder and CEO of the state-of-the-art software application called MySmartPlans. MySmartPlans gives owners full control over their documentation with the assistance of our personal Project Information Managers to transform digital governance delivery. The technology behind MySmartPlans creates accountability, transparency, and efficiency during the construction process. 

Shelley Armato

shelley@mysmartplans.com

816-479-0261




Agarwal, Chandrasekaran and Sridhar (2016). Imagining constructions digital future

McKinsey and Company.  https://www.mckinsey.com/business-functions/operations/our-insights/imagining-constructions-digital-future

 

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