DEVELOPING CLOUD-BASED FINANCIAL SOLUTIONS FOR THE ENGINEERING, PROCUREMENT, AND CONSTRUCTION (EPC) INDUSTRY

Abstract

The Engineering, Procurement, and Construction (EPC) industry faces significant financial management challenges due to the complexity of project financing, milestone-based payments, and multi-stakeholder collaboration. Traditional on-premise ERP financial systems are often inefficient, leading to delays in financial reporting, security vulnerabilities, and regulatory compliance difficulties. This study explores the development of cloud-based financial solutions tailored to the EPC industry, examining the benefits, challenges, and applicability of existing models such as Software as a Service (SaaS), Platform as a Service (PaaS), and Blockchain-based decentralized finance (DeFi). A Hybrid Cloud-Based Financial Framework is proposed, integrating SaaS for accounting, PaaS for customization, and Blockchain for secure transactions. Experimental validation demonstrates that cloud adoption reduces financial processing time by 87.5%, enhances cash flow visibility, improves security, and increases regulatory compliance efficiency by 40%. This paper highlights the importance of AI-driven predictive analytics, automated compliance, and hybrid cloud models in modern EPC finance and proposes strategies for overcoming integration challenges, cybersecurity risks, and workforce adoption barriers. Future research should focus on scaling hybrid cloud solutions globally and integrating AI-powered risk assessment tools.