Communication is one of the most significant factors in any kind of venture. Whether it's operating a business or executing a capital project, communication among team members and between stakeholders is critical. Clarifying understanding, enabling trust, and building confidence, are just a few of the critical benefits of optimized communication. This blog post is intended to explore the application of effective communication, specifically in capital projects.
"Unintended consequences." Sounds harmless, guilt-relieving, “not-our-fault” kind of language. On the surface it's a simple-enough statement, declaring that there were outcomes to some actions taken that (usually) ran counter to the intent of the project, and generally they were not desired. In other words, "some bad things happened that we did not expect."
Thinking back to an industry report I read, I recall a condition that still plagues many companies operating in today’s manufacturing markets: Change, Complexity, and Costs -- our "3-C's". These factors are so dynamic in ways and at speeds previously unequaled that I wonder how can our clients keep up with such challenges while achieving their goals and maintaining their advantages? Let alone exceeding those same goals and increasing their differentiating values?
When challenging and important manufacturing tasks get tackled, risks abound. Materials choices, volatile material handling methods, confined space working areas, complex machinery, and many more factors and conditions apply pressure to safe and efficient work. We can take lessons from past events and near-misses and remind ourselves to study our practices to ensure that corners are not cut and best practices are employed to assure workplace safety.
Very often commercial and industrial decision-making whether to outsource or not is governed by the time value of money, cost savings, and potential for productivity increases. But what if we look at another dimension, that is the opportunity to explicitly buy time? Who doesn't want more?!
Today’s technologies demand more of everything—more data, computing power, test cycles, security, reliability, everything.
Medical device testing is serious business. Big business. The medical device market in the USA alone produces over $148 Billion in revenue annually (pre-2017), according to SelectUSA. The market for these devices comes from everything from contact lenses to insulin pumps to Ventricular Assist Devices, to syringes and many, many more products.
Early in my career I learned about and then was tasked with writing capital appropriation requisitions and justifications. When dealing with vendors I often encountered specifications, and technical minutia that overwhelmed me with data that provided little helpful and useful information. Reqs and justifications require compelling, substantiated, and specific facts that define a positive business PROPOSITION meeting the criteria as set by company policy—payback period, breakeven, Return on Asset/Equity/Investment, etc. Today, as I read and write more of these, I am still encountering many examples that miss the mark.
We are a business that executes hundreds and hundreds of projects every year. These span the spectrum from simple to complex, urgent to critical, and small to large. As a vendor in industrial automation, we participate in these interactions as a supplier to prospective clients wishing to accomplish business goals. There are about as many ways to go about this as there are projects; however, there are certain parameters that yield more likely success more often. Let's look at them.
Communication is one of the most significant factors in any kind of successful venture. Whether it's operating a business or executing a capital project, communication among team members and between stakeholders is critical. Clarifying understanding, and enabling trust and confidence, are just a few of the critical benefits of optimized communication. This blog post is intended to explore the application of effective communication, specifically in capital projects.
Topics: Project Management