{"id":128263,"date":"2023-06-15T10:40:03","date_gmt":"2023-06-15T09:40:03","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=128263"},"modified":"2023-06-15T10:40:03","modified_gmt":"2023-06-15T09:40:03","slug":"supply-chain-delays-inflation-cause-concern-european-capital-projects","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/supply-chain-delays-inflation-cause-concern-european-capital-projects\/128263\/","title":{"rendered":"Supply chain delays and inflation cause concern for European capital projects"},"content":{"rendered":"

Despite an increase in spending from European capital projects, two-thirds of the construction industry has seen supply chain delays and cost inflation<\/h2>\n

Using technologies that drive predictable project outcomes may provide a solution to supply chain and inflation issues on European capital projects.<\/p>\n

A global construction capital project management software leader has launched a Global Capital Projects Outlook<\/a>. The Outlook draws on research from 300 of the world\u2019s largest capital project owners and construction professionals from North America, Europe, and Asia-Pacific.<\/p>\n

This year’s Outlook revealed that 66% of European construction professionals have faced supply chain delays and disruptions<\/a>. 64% have also faced cost inflation within the supply chain.<\/p>\n

These issues have had broad impacts on scope, cost, schedule, collaboration, and workmanship.<\/p>\n

Europe has outperformed North America in many areas<\/h3>\n

In the face of a difficult operating environment, Europe is showing progress in project certainty, as 48% of projects are being completed on or ahead of schedule, surpassing North America’s rate of 42%.<\/p>\n

Furthermore, 47% of European respondents are staying on or below budget, while the figure for North America is 38%. However, European capital project delivery faces challenges in communicating unmanaged risk and lack of visibility into project status and data.<\/p>\n

\u201cIt\u2019s been a tough year economically, and the mood has not always been bullish, with rampant inflation and war in Ukraine present in our thoughts. However, public sector projects drive a lot of project flow in the region, and the EU\u2019s Green Deal has only accelerated that,\u201d said Jeff Quantrill, head of account management at InEight.<\/p>\n

European capital projects have upped their spending<\/h3>\n

28% of European capital projects have reported significant increases in project spending in 2023, with a further 57% reporting a slight increase.<\/p>\n

\u201cWith an ample project pipeline, the ability to understand the bigger picture and how it impacts project delivery has never been more important,\u201d added Quantrill.<\/p>\n

The latest Outlook found that by connecting data across project life cycles, construction companies can better identify risk and balance in scope, cost, and schedule.<\/p>\n

41% of respondents said this method reduced cost overruns, and 30% said it led to fewer scope changes. It also had a positive impact on employee productivity and risk management.<\/p>\n

Construction companies that consistently complete projects within schedule 80% of the time were more likely to use industry benchmarks (66%) and historical project data (69%) as part of their practices.<\/p>\n

Supply chain disruption was one of the main concerns for European respondents; however, inflationary pressure on employee\/contractor pays, and energy security challenges<\/a> (58%) are also highlighted as significant concerns.<\/p>\n

Technology is helping companies navigate the difficult operating environment<\/h3>\n

Many respondents said their companies have been using technology to understand and help them in the operating environment.<\/p>\n

Project management or project control software has proved popular in the industry, and many construction companies have begun to use artificial intelligence and machine learning in their work, as well as risk-adjusted planning software and connected worksite communications.<\/p>\n

\u201cMost organisations are facing significant supply chain and labour challenges, which have impacted everything from cost to workmanship. However, those organisations that have remained committed to achieving technology sophistication are reaping the benefits for themselves and their clients,\u201d said Jake Macholtz, CEO of InEight.<\/p>\n

\u201cIt is only through seeing how the big picture impacts the fine details of a project, and how those fine details all interact with each other, can we fully optimise project decision-making to drive predictable project outcomes and support long-term growth,\u201d he continued.<\/p>\n

Economic growth, people, and skills are recognised as key areas of growth<\/h3>\n

Despite challenges in the operating environment, Europe has maintained high optimism levels for the third consecutive year, at 92% compared to the global average of 94%.<\/p>\n

However, concerns over labour challenges, such as staff and skills shortages and limited access to capital, have risen to 41%. Despite these challenges, industry confidence remains relatively strong, with 88% of European respondents expressing resilience.<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

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