With increased competition and changing regulatory frameworks, the utilities industry is being forced to put tighter controls on how it manages and delivers its wide range of projects. This is no small feat with annual capital budgets into the billions and thousands of projects delivered each year.
Power Generation organizations must ensure successful delivery of capital projects like plant construction through best practice project controls. Additionally, maintenance and refurbishment costs can be substantial and difficult to manage. And of course, tracking and controlling outage project performance is essential to restoring revenue-generating activities quickly while minimizing the cost impact.
A central challenge for Power Transmission is to meet growing worldwide energy needs with increased capacity and upgrades to an aging infrastructure. This creates a need for proactive capital program management to structure long-range plans and maximize performance during project execution.
EcoSys is an easy-to-use, web-based solution delivering best practices for full lifecycle project controls. Designed to help utilities achieve high levels of visibility into cost and project performance, EcoSys is an integral tool for improving project cost management efficiency and driving process standardization that is a key factor in an organization’s ability to influence project delivery.
Capital Program Management
Annual and long range capital budgets must be maintained based on strategic, regulatory, and operational objectives. Develop long term plans with EcoSys’ capital program management, manage allocation of funding, and devise an unlimited number of “what-if” scenarios to determine the optimal course of action.
Project Portfolio Management
Projects must be planned and prioritized based a number of factors, including cost, strategic priority, and organizational capacity. The software’s advanced PPM capabilities allow utilities to define any number of project evaluation criteria, and then aids in the selection of projects. Balance available resources against project demands, and then track project execution within a single enterprise system.
Project budgets and expenditures must be actively monitored to ensure compliance with fiscal budgetary authorizations. EcoSys is a complete budgeting software solution, allowing for top-down and bottom-up budget creation, management of budget authorization and approvals, and control of change orders. Through real-time integration with ERP and general ledger financial systems, EcoSys compares expenditure data to budgets and forecasts, calculates variances, and works to ensure compliance with contracts and other requirements.
Most Utilities adopt a supply and demand model for workforce planning by which a fairly fixed supply of labor must be optimally deployed to fulfill the highest priority demand coming from the business lines. EcoSys provides tools to automate this process, allowing for the designation of top-down resource plans, and aligning them with forecasted bottom-up resource allocations.
Visibility into Project Performance
Visibility into project performance is critical for forecasting and addressing potential overruns. Large data volumes must be integrated and reconciled from financial, procurement, timesheet, and scheduling systems in order to provide an accurate picture of status. EcoSys automates this reporting and frees resources to engage in high-value activities like forecasting, analyzing and recommending performance improving measures, rather than manual data entry and consolidation.
Related Product Documents
Related Case Studies
- Capital Program Cost Controls at the L.A. Dept of Water and Power
- Capital Planning with EcoSys at United Utilities