One key idea of economic theory is that businesses will focus on improving efficiency to maintain profits and gain a competitive advantage during a downturn. Although the global oil price is showing some signs of recovery, we are still a long way from seeing new build projects being budgeted, as most owner-operators are still focusing on making the most of their existing assets.
Besides oil and gas companies, pharmaceutical, chemical producers, and other plant operators are all under pressure from multiple directions: in addition to the fluctuating oil price, increasing regulations, shrinking margins, and the ever-increasing need for heightened efficiency are also influencing the daily operations.
We can see that owner-operators are currently looking for ways to extend the life cycle of their existing facilities and get the most value from these facilities while they are operational. There are many benefits when compared to building new facilities: no new capital investment is needed, the entire existing infrastructure is already in place, and plant personnel is already trained.
For these brownfield projects, a tool set is needed that matches the dynamics and finances of these faster paced, lower budget projects. And what does this tool set look like? Watch our new CADWorx video, Excel in Brownfield Project Execution, to find out!