Incentive management tool for large complex projects

Dynacharts

Taylor made by

ALIGN ALL PARTIES INTERESTS - REALIZE COMPETITIVE ADVANTAGES

Energy Dynamics has since 2011 worked closely with the industry to develop DynaCharts. DynaCharts is a new digitized operating model creating value for the whole value chain in the oil & gas and infrastructure industry. DynaCharts relates incentive to performance, and the project participants can log on to their own respective part of a web-based application and observe their incentives tied to predefined targets.

TAILOR MADE FOR LARGE COMPLEX PROJECTS

One of the major challenges within large complex projects is to align all involved parties preferences with the overall goal, the project owner goal. As the suppliers behaviour is bonded rational, they will offer best practice at the lowest price, and after the contract is awarded, their preferences changes as they now become motivated to increase their own profit and not favour the project owners overall goal. This affects project performance negatively and increase cost, as resource allocation, information sharing and close collaboration is affected negatively. DynaCharts is a mechanism to avoid those challenges to evolve, and function as a catalyst to increase value realization in complex projects.

DynaCharts ensures an agile, adaptive and aligned operation, even when unforeseen events occurs.

DynaCharts will function as a catalyst to realize value from digital initiatives and ensures digital fulfillment in the total value chain. Even further, DynaCharts will function regardless of the involved organisations digital maturity level.

Energy Dynamics has since 2011 worked closely with the industry to develop DynaCharts. DynaCharts is a new digitized operating model creating value for the whole value chain in the oil & gas and infrastructure industry. DynaCharts relates incentive to performance, and the project participants can log on to their own respective part of a web-based application and observe their incentives tied to predefined targets.

Model description
  • The model consists of several algorithms, developed by Energy Dynamics.
  • The project participants can observe an estimate of their bonus/malus, outlined in live charts and tables, according to how the project evolve.
  • Signal for re-calibration of the parameters value is generated from three different support systems developed by Energy Dynamics. The model and the support systems are part of a patent pending.
  • Analysis are conducted in real time, with automated updates.
The project will realize 15-25% increased productivity, and at the same time increase the HSE level
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Previously, the focus has been on developing systems for gathering information. In spite of such technological initiatives, experience from large complex projects has shown that the involved parties lack information when making decisions. The reason is the absence of private information. Our model motivates the suppliers to send private information to the project owner unsolicited when needed. The reason is that the project owner’s decisions will also affect suppliers’ incentives. Same mechanism works between the suppliers, and from the project owner and back to the suppliers. The flow of information is in other words more open and the interaction becomes much closer. This helps to generate a favourable behaviour with regard to the safety level. By using DynaCharts, all parties generate value through better collaboration. DynaCharts will also function as a major catalyst to realize value from new technology, and function as a hub to bridge digital initiatives.

RESULTS
  • DynaCharts is a step change in digital collaboration and integration
  • DynaCharts will bring project performance faster to another level – Expecting 15-25% productivity improvement and cost reduction. In addition, great synergies will occur
  • DynaCharts will strengthen project owners reputation as they manage to increase productivity and reduce cost, at the same time, the project owner will attract the best available resources in the market
  • DynaCharts will build strategic advantages for the project owner
  • DynaCharts will stimulate communication and closer collaboration to realize better performance

Get in touch

Feel to email us at support@energydynamics.no or use the contact form below

CONTACT INFORMATION
  • Energy Dynamics AS
  • + 47 928 19 546
  • Forusparken 2, Ground Floor, N-4031 Stavanger
  • P.O. Box 164, N-4065 Stavanger. Norway
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