After pulling through the most recent economic downturn, chemicals companies are in expansion mode. Projections indicate nearly $19 trillion will be spent globally through 2035 on capital projects.
The growing investments in the chemicals industry, along with the innate complexity of projects, leads to the question: How can capital project delivery be improved? To answer this question, Accenture interviewed executives about key challenges and methods to improve outcomes in capital project delivery.
This report is based on primary research conducted by a third-party firm on behalf of Accenture. Interviews were conducted with executives between February and May 2012. All respondents were C-level executives and decision makers or influencers regarding decisions related to management of capital projects in their organizations.
Survey interviewers conducted a phone survey with executives in Canada, Germany, the Netherlands, Saudi Arabia, Thailand and the United States. Projects eligible for consideration involved operating assets of at least $1 billion and taking more than one year to deliver.
Survey respondents were asked about their organizational priorities in the next three years, and these themes emerged:
Obtaining the right leaders and talent for project delivery
Enhancing front-end loading and scheduling
Improving alignment to organizational strategy
Based on survey results, research and industry experience, Accenture offers four recommendations to improve capital project delivery:
Establish strong project governance, risk management and front-end planning tools
Enhance scarce talent through portfolio management, organizational flexibility and training
Integrate information systems among capital project players
Accelerate operational readiness