Cost control is essential for any projects-driven organization, but you can’t reduce budget overages without access to the right data at the right time. How can you predict where you are headed without an accurate picture of where you are now?
EcoSys provides real-time access to data through automated interfaces. Utilize performance benchmark analysis based on all active and completed project. Use the leading cost management software solution to standardize your processes across the enterprise.
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Key Benefits of EcoSys’ Project Cost Control Software
EcoSys enables you to better forecast costs so you can limit overruns. Apply cost control best practices to your projects and portfolios with:
Efficiency
Spend more time managing costs and less time gathering data
Visibility
Analyze project cost performance at any level of detail across your enterprise
Standardization
Manage costs consistently across all project teams
Leverage EcoSys to systematically apply cost management best practices to projects and portfolios across your enterprise:
For Project Portfolio Management:
Manage and maintain annual and multi-year capital budgets. Identify and develop capital plans using workflow-driven stage gates. Evaluate, rank, and select projects. Allocate and track funds from source definition through to project utilization. Ensure funds are spent according to their intended purpose using defined business rules. Develop parametric concept estimates based on benchmarks captured from past projects performance. Quickly summarize and report on any attribute at the portfolio, program or project level.
For Project Controls & Project Management:
Develop detailed estimates and budgets consistently across all projects. Standardize budget, contingency, change and forecast management processes. Time-phase based on any method or data source. Analyze project cost data using up-to-date dashboard and reports. Manage and control cost impact of changes, risks and issues in real-time using EcoSys Visual Workflows. Measure project progress and analyze trends to identify cases of poor and strong performance.
Other Highlights of Cost Control with EcoSys software
EcoSys’ out-of-the box capability supports robust cost control functionality within the same solutions used to manage project and portfolio changes and performance:
Budgeting & Forecasting
- Manage costs, quantities and hours for any number of budget types and revisions
- Budget in any currency
- Import budget line items from Excel or other file formats
- Maintain cash flow forecasts
- Apply performance measures for scenario forecasting
Change Management
- Maintain changes at each stage of the approval process
- Apply changes to any number of budget types (original or current budget, current forecast, etc.)
- Standardize business rules for change approvals
- Automate workflow and email notification
- Link changes with contracts/purchase orders
Multi-Currency Management
- Manage costs in any currency
- Report in any currency, in addition to native, project and enterprise currencies
- Associate each project with specific foreign exchange rate table
- Apply varying exchange rates to time-phased forecasts
- Identify commitments in each currency for hedging
- Track currency fluctuation impact as project deviations
Commitments
- Integrate commitments from purchasing systems/ERPs or maintain directly
- Analyze commitment status by relevant project and contract attributes
- Initiate and track requisitions in advance of commitment
- Link commitments to changes, and time-phase future commitments
Actual Expenditures
- Manage actual costs and hours based on the same attributes maintained in the general leader (GL), ERP, and/or timesheet system
- Automate integration of actuals from GL, ERP or timesheet systems
- Manage and report accruals
- Perform period closeouts with history lockdown
Performance Management & Reporting
- Tabular and Graphical reporting and analysis
- Dashboards and Drilldown views
- Budget Status, Variance, and Trend reporting
- Reporting by varied periods: Fiscal Periods, Inception to Date, Current Period
- Management of formulas for KPIs, variances and other standard metrics
- Historical snapshots and real-time comparisons with prior reporting periods
- Unlimited “What-If” scenario analysis
- Comprehensive Earned Value Management
- Progress measurement using various techniques
- Auditing of all changes
