Cybereum is addressing a significant problem in project management, particularly for complex capital projects. The problem it aims to solve can be summarized as follows:
Problem: High and chronic Cost Overruns, Schedule Delays, and Inefficiencies in the multi-trillion USD Capital Projects sector.
Cost Overruns: Capital projects, such as construction, infrastructure development, and engineering endeavors, frequently experience cost overruns. These overruns can be substantial, leading to financial strain and sometimes project abandonment.
Schedule Delays: Projects often fail to meet their deadlines due to mismanagement, unforeseen obstacles, and stakeholder coordination issues. These delays can escalate costs and hinder project success.
Lack of Accountability: Traditional project management approaches need more transparency, making holding stakeholders accountable for their roles and responsibilities challenging. This lack of accountability can result in disputes and project setbacks.
Inefficient Data Management: Many projects involve multiple participants from various organizations, making it difficult to synchronize data, schedules, and contractual obligations. This inefficiency can lead to miscommunication and costly errors.
Limited Collaboration: Siloed project management practices hinder collaboration between different parties involved in a project, including contractors, suppliers, and project owners.
Inadequate Forecasting: Traditional project management lacks sophisticated tools for accurate forecasting. Project planners struggle to anticipate potential challenges, allocate resources efficiently, and make informed decisions without precise forecasting, contributing to cost overruns and schedule delays.
Construction projects account for more than 10 Trillion in annual spending and lose more than 1 Trillion due to inadequate digitization. Megaprojects account for 5-8% of Global GDP and the average capital project loses 1.2 billion. There is a vast market opportunity to address these problems. It focuses on providing innovative solutions to streamline project management, enhance transparency, and enable collaboration across organizational boundaries. The market opportunity includes industries that heavily rely on capital projects, such as construction, engineering, infrastructure development, and more. The potential impact is not only financial but also extends to improved project delivery, resource allocation, and overall industry efficiency.
Cybereum's goal is to empower organizations to complete projects on time, within budget, and with greater accountability, ultimately transforming how complex projects are planned, executed, and delivered.