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Future of EPC Organizations: Going Vocal for Local

 

Anjali Butley

Lead Solution Architect, Supply Chain Management, TCS

Going vocal for local can help EPC organizations maintain business continuity

Businesses today are faced with overwhelming challenges as they continue to navigate the impacts of the COVID-19 pandemic.

  • The engineering procurement construction industry, in particular, is facing numerous setbacks, such as disruptions in business continuity and workforce employment due to a limited supply of raw materials, labor migration, etc.
  • According to an analysis by SpendEdge, the EPC and EPCM services market will register an incremental spend of about $364 billion, growing at a CAGR of 4.19% during the forecast period (2020-2024).
  • Even before the COVID-19 pandemic, the engineering procurement construction industry was already reeling with issues related to regulation and policy changes (RERA), cost pressures, labor shortages, shrinking profit margins, etc.
  • An end-to-end digital transformation is a topmost agenda item for many EPC organizations. 

With Vocal for Local, EPC organizations can increase productivity by 30%-35% and enhance employee output.