Capital projects are a vital steppingstone in life sciences organizations’ paths toward growth, but botched implementation can have material effects on their bottom line.
Nearly nine in 10 project owners agree that the design and construction of a new life sciences capital project can become a serious financial risk to their company if it goes over budget and schedule. In the current global economic climate, these risks are even more palpable.
Cost overruns, delays in permitting, and a lack of qualified contractors top project owners’ list of pain points today. A tight labor market, combined with severe delays for materials and appliances, are extending project timelines and squeezing budgets. While many of these factors are outside of project owners’ control, recruiting the right support has proven to alleviate certain challenges.
Eighty-eight percent of project owners report that having an owner’s rep who integrates every aspect of project delivery (from concept to operational readiness) is vital to the success of the project—citing cost control as the leading benefit.