In this ninth episode of our Connected Engineering podcast, we delve into cost engineering, a critical field where engineering meets economics to create value and reduce expenses. Our special guest, Ralf Altpeter from FACTON, provides deep insights into how modern technology, especially automation and artificial intelligence, is reshaping this crucial discipline.

Ralf Altpeter, the General Manager at FACTON, joins us to share his journey and expertise in cost engineering. With a rich background in mechanical engineering and over two decades of experience in consultancy, primarily in the automotive sector, Ralf brings a wealth of knowledge and a unique perspective. At FACTON, he leads the charge of providing advanced cost management and cost engineering software solutions, aiding companies in achieving transparency and efficiency in product costs throughout their lifecycle.

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In-Depth on Cost Engineering

In this episode, Ralf illuminates the essence of cost engineering—a blend of cost reduction and value creation. He discusses the industry's transition towards more software-centric products and the crucial role of automation in sustaining and enhancing various organizational functions amidst resource constraints. We also explore the growing importance of software in the cost engineering space, underscoring the necessity for transparency in software-related budgets and decision-making.

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The Role of AI and Automation

He emphasizes the transformative potential of AI and automation in cost engineering. He elucidates how these technologies can alleviate cost engineers' workloads, allowing for more strategic and high-value activities. By integrating AI, companies can streamline the costing process, fostering faster and more informed decision-making. Additionally, he shares insights on how low-code platforms can facilitate the integration of various tools, enhancing flexibility and adaptability across departments.

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A Glimpse into the Future

Looking ahead, Ralf shares his excitement about an upcoming project at FACTON, which aims to automate cost engineering processes, making them more accessible across different organizational functions. This endeavor underscores the evolving landscape of cost engineering, where expert tools are not just for experts but become instrumental across various sectors within a company.