Projects and portfolios often struggle to deliver their desired return on investment. Many in the projects business don’t standardize project prioritization, planning and delivery. They select projects without knowing whether they align with strategy. They can’t establish real performance baselines. With these limitations, what result should you expect?
With EcoSys, we’ve always focused on project controls. However, we all know there’s no point controlling a project perfectly if it’s the wrong project to begin with. Similarly, without ensuring your contracts are managed effectively, you can’t really control all aspects of a project.
With the release of EcoSys 8, we are showcasing our expanded portfolio management and contract management capabilities to offer a complete solution for improving the full life-cycle of projects performance. EcoSys is now the first integrated platform in the industry for project performance spanning project portfolio management, project controls and contract management. This allows our customers to benefit from our strengths in project controls and helps them break down siloes that usually isolate portfolios and contracts.
Everything happens in one platform. Other vendors who provide solutions in all three areas really offer three technology products on three different platforms. Our three products – EcoSys Portfolios, EcoSys Projects, and EcoSys Contracts – are on one technology platform. They are fully integrated, so when you select a project from any one of the three products, you’re selecting it from the same list of projects. You don’t have to manufacture a data exchange between the three pieces.
An exciting benefit of this is the ability to recycle data. Project execution data can be recycled that back into EcoSys Portfolios to make sure that your estimates for future projects are that much more accurate through benchmarking.
Listen to this podcast featuring Mark White, senior vice president of projects performance at Hexagon PPM to hear more about the benefits of EcoSys 8, the EcoSys product vision and roadmap.
Project controls is a vital part of successful project delivery. The ability to efficiently and accurately measure and forecast project performance can’t be understated. However, project controls alone is not enough. Consider a project that is flawlessly executed, on-time and on-budget, only to learn that it’s not strategic, doesn’t further an organization’s goals, and the investment would have been better spent elsewhere.
That is why with the release of EcoSys 8, Hexagon PPM has announced an expanded vision for the life cycle of projects, Enterprise Projects Performance. EcoSys now goes beyond project controls to look strategically at all projects in an enterprise – from project portfolio management, to project controls, to contract management.
The mission of Enterprise Projects Performance is to maximize investment returns through:
The alignment of strategic decision making with tactical, real-time project and contract intelligence
Proper prioritization, selection, and management of project portfolios from inception through execution to close out
Controlling projects and managing contracts through standardization based on best practices to avoid overruns and mitigate contract risk
High visibility of forecasts and trends via built-in dashboards, dynamically drilling down into underlying causes
Watch this video to learn more about what’s new in EcoSys 8, and how it can help you move beyond project controls.
Earned Value Management (EVM) is a method using specific metrics to measure, forecast, and ultimately improve project performance. EVM has been shown to be a very strong indicator of the future performance of a project. In fact, when EVM is effectively deployed, it can be used to predict project performance +/- 10% when the project is only 20% complete.
Traditionally, EVM has been applied only on very large government contracts that mandated rigorous standards and practices. But now, companies are realizing the power of EVM to assess productivity and to more accurately forecast. They are starting to apply earned value principles on a wider range of projects.
EcoSys helps you capture progress at as high and simple of a level as necessary to provide meaningful information. With this core input, you can efficiently use past performance metrics combined with cost and schedule data to easily apply EVM to your projects.
Watch this video to learn more about EVM, how EcoSys makes it easy, and why it is the executive’s secret weapon for “management with the lights on.”
Efficiency is important in improving organizational performance, especially in the Engineering & Construction industry where project margins are so thin.
CH2M, a leading global engineering company providing consulting, design, construction and operations services recognized that in order to improve the performance of their projects, they needed to increase efficiency by eliminating the time spent manually compiling data from single point solutions. CH2M selected EcoSys as an enterprise-wide project platform, integrating with their ERP and scheduling systems to seamlessly integrate data sources, resulting in improved:
Watch this video to see how CH2M was able to replace inefficient in-house and single point solutions by standardizing their project controls solution with EcoSys.