As one of the most capital-intensive industries, the construction sector’s need for establishing effective project management cannot be overstated. According to the 2019 KPMG Global Construction Survey of 223 engineering and construction (E&C) industry experts, innovative leaders (the top 20%) are way ahead in governance and controls. Sixty-nine percent of them have integrated their project […]
13 Best Practices for Contract Management
April 9th, 2020
Poor contract management costs companies 9% of their annual revenues. Specifically, once contracts are signed, there is a laid back attitude and a tendency to react to issues late rather than addressing them proactively. On the other hand, having good contract governance practices in place can result in cost savings of 30% to 50%, long-term […]
What is Contract Lifecycle Management (CLM)?
April 3rd, 2020
Most companies, regardless of their size, outsource a significant part of their operations. Yet, contract lifecycle management remains as one of the under-invested disciplines amounting to less than 1% of total spending. Unfortunately, the impact of poor contract governance is huge. For starters, the quantitative impact is estimated at 9% of annual revenues. Additionally, there […]
Tips & Tricks: EcoSys Advanced Commands (Advanced Configuration)
March 25th, 2020
Advanced Commands are a set of tools that can be utilized in EcoSys configurations to assist troubleshooting or to override a variety of system settings that control the data that EcoSys generates. The Advanced Commands box can be found in the Options tab of configuration screens for actions, action batches, charts, reports, spreadsheets, and mobile […]
Tips & Tricks: Navigation of EcoSys Visual Workflows
March 20th, 2020
Visual Workflows are a graphical method for configuring and sequencing steps in a process. Visual workflows offer screens for displaying and collecting information from the user running the flow. This type of workflow can be easily configured and can include process steps, confirmations and approvals, connections, action batches, and multiple paths. An additional benefit of […]
Essential Project KPIs and the Financial Returns that Love Them
March 18th, 2020
Project KPIs, or Key Performance Indicators, are measurable values that help you evaluate project performance. When executing a project, it is important to develop meaningful KPIs that help ensure projects are delivering intended benefits. This traditionally meant staying within budget and on schedule. But in today’s complex and competitive landscape, KPIs also need to ensure […]