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.
Congratulations Bechtel! We’re thrilled to see Bechtel in Fortune’s 25 Most Important Private Companies list. The list includes private companies who have a deep connection to our daily lives, and what has a deeper connection to all of our daily lives than the environment and infrastructure around us? We rely on the infrastructure around us for everything from providing buildings for us to live and work in to safe transportation, having clean drinking water and much more. The projects needed to build, restore and maintain this type of critical infrastructure across the globe are extremely complex and often cost billions of dollars.
This is where Bechtel comes in. Bechtel is perhaps the world’s leading builder of one-of-a-kind megaprojects. They’ve worked on such epic projects as the Hoover Dam and the Trans-Arabian Pipeline.
A recent McKinsey report found that innovation and productivity gains in the construction industry have been meager compared to the advancements of other industries, due to a number of factors ranging from poor organization and inadequate communication to flawed performance management, contractual misunderstandings, and poor planning. Yet today, despite being an over 100 year old company, Bechtel is among the leading innovators in the construction industry and is renowned for expertly controlling projects and driving productivity.
We’re proud to be providing the project controls technology that assists Bechtel in these achievements.
From time to time, we’re asked about “Financial Manager.” You can still find reference to that product name scattered across the web. In January 2011, EcoSys Financial Manager was officially renamed EcoSys EPC (Enterprise Planning & Controls). The following addresses some Frequently Asked Questions (FAQ) regarding the name change:
Why did your product name change from Financial Manager to EPC?
Our software had evolved and grown since its debut in 2006. The EPC name better describes our ability to deliver project and program planning and cost controls solutions optimized for both the public and private sectors.
What does EPC mean?
EPC stands for “Enterprise Planning & Controls.”
Is EcoSys EPC only for EPC (Engineering, Procurement, & Construction) firms?
No. While EcoSys EPC provides a great number of benefits for EPC firms, the software is used extensively by both contractors and owners in a variety of industries.
How is EPC different from Financial Manager?
The product is the same. Only the name has changed.
What’s new in EPC?
While the name change did not accompany a new software release, multiple releases and countless updates have been made since the name change. We invite you to read about the advantages of EcoSys EPC as a project controls software solution, and review the list of key features.