AI Adoption Case Study: Transforming Project Assurance with FAST (Firewood)

Learn more about FAST, Firewood's data-driven and AI-powered approach to project oversight

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1. Challenge:

Major project inefficiencies are a significant threat to infrastructure, technology, and economic growth, with over £805 billion of UK government expenditure at risk due to a 37% failure rate in major projects. Globally, poor performance leads to £78 million wasted for every £800 million invested, causing cost overruns of 42-45% and delaying project execution by 29%. Without robust assurance, projects risk losing stakeholder confidence and compromising outcomes, impacting essential services like healthcare, education, and public infrastructure.

2. Solution:

FAST addresses these challenges by offering a comprehensive, AI-driven approach to project assurance. Unlike traditional assurance methods that are labour-intensive and fragmented, FAST integrates the entire assurance process into a single application. It leverages AI and machine learning to analyse project data, identify potential risks, and provide actionable recommendations to mitigate issues early.

Key features of FAST include:

End-to-end assurance: Users can execute all assurance reviews within a single platform, simplifying and streamlining the entire process.
AI-powered insights: FAST’s AI analyses documents, interview transcripts, and datasets to deliver detailed findings, recommendations, and performance scores.
Efficiency gains: FAST boosts assurance efficiency by 14%, reduces review time by 20%, and offers a 35% cost saving for each assurance review.
Productivity improvements: FAST improves productivity by 15% through insights on assurance review gaps, enhancing overall project delivery.

3. Impact:

FAST has already been adopted by a FTSE 100 company and piloted with government bodies, delivering measurable improvements in project assurance processes. Early adopters have reported:

35% reduction in assurance costs: For major projects, each assurance review has seen a cost saving of up to £250,000.
14% efficiency gains: Reduced administrative burden and faster decision-making have accelerated assurance review timelines.
Increased accountability: Improved transparency and real-time insights have enhanced stakeholder confidence in project delivery.

4. Additional information:

Market and growth potential
The global market for assurance services includes 63 million enterprises, governments, and SMEs, with a serviceable market worth £24 billion worldwide. In the UK, the market is valued at £341 million. FAST’s predicted market penetration of 3% in the UK by year 5 is expected to generate £11 million in revenue.

Future opportunities
Firewood plans to continue enhancing FAST’s AI capabilities, including advanced predictive analytics and integration with enterprise data lakes. This will support broader applications across infrastructure, technology, and regulatory projects, driving further improvements in project delivery outcomes.

Why AI matters
FAST’s use of AI provides a game-changing approach to project assurance by transforming complex data into practical insights. It empowers organisations to make evidence-based decisions, improving accountability, governance, and overall project success.

By promoting transparency and ethical business practices, FAST drives cost savings and efficiency, and also fosters trust between organisations, investors, and the wider community. This, in turn, contributes to a more resilient and robust project delivery landscape, ensuring long-term success for critical infrastructure and public sector initiatives.

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