Imperatives of transformation in EPC industry post COVID-19
The Engineering, Procurement and Construction (EPC) industry by nature has traditionally been fragmented, complex, and averse to change. EPC contracts are complex with multi-year engagements supported by multiple subcontractors. Such a disparate and traditionally disintegrated ecosystem introduces inefficiencies and business challenges at multiple levels for EPC firms. Thankfully however, even before the COVID-19 crisis emerged, the EPC industry had begun to acknowledge the importance of digital transformation. The crisis has only accelerated the process.
This paper discusses the key transformational trends in the EPC industry and explores how firms can leverage digital technologies to accelerate outcomes in the new reality.