Cost Engineers Want Deployment of Technology for Economic Growth

Emmanuel Addeh in Abuja

The Institute of Appraisers and Cost Engineers (IACE), has tasked its members on the deployment of modern technology to ensure competitive advantage and economic growth.

Chairman of IACE, Mr Ike Iwenofu in his welcome address at the 2023 National Technical Conference, Abuja, stated that the move was important because many people have limited knowledge of what engineering encompasses.

He stated the general perception is that engineering addresses technical issues such as the physical design of a structure or system without considering other important dimensions such as money, time and other resources.

The event was themed: “Cost Engineering, Engineering Valuation and Engineering Economy Perspectives on Re-Engineering the Manufacturing Sector for Competitiveness and Enhanced Economic Growth.”

The IACE was established in 2003 as a division of the Nigerian Society of Engineers (NSE) and is a member of the International Cost Engineering Council (ICEC).

According to Iwenofu, cost engineering entails that practitioners should embark on cost estimation, cost control, planning and scheduling, profitability analysis as well as project management.

“The institute recognises that new technologies are changing the way businesses operate. Expectedly, the next wave of industrial revolution will certainly impact some engineering processes. Operating models will change and plant and machinery will likely go high tech and be more connected and data-driven than ever.

“Further advancement in technologies such as sensors, artificial intelligence, deep learning and computer vision could play a major role in manufacturing sector. 

“As companies and markets embrace digital transformation, there is compelling need for engineering valuers, cost engineers and engineering economists to continue to improve and retool for the future,” the chairman added.