On Thursday, July 29, EcoSys led a seminar in Houston, TX entitled “Striking the Balance: Cost Controls Success Factors for the Energy Industry.” Speaking to a gathering of cost controls experts from leading Oil & Gas owners and contractors, Neely Hemassi, Energy Practice Director for EcoSys, underscored the need for both flexibility and ease-of-use in cost controls systems. Without these basic elements, Hemassi explained, cost analysts revert to using Excel, resulting in highly skilled professionals spending their time consolidating data and adjusting formulas rather than analyzing performance and trends.
Recognized as the best-of-breed in project cost management software, EcoSys demonstrated how project-driven organizations use the web-based enterprise solution to achieve greater visibility, accuracy, efficiency, and accountability. The demonstration spotlighted EcoSys strengths in budgeting and forecasting, change management, earned value and performance measurement, and resource management.
The seminar concluded with a case study presented by David Teague, Vice President of Project Controls, Technip USA. Teague highlighted the natural fit between the capabilities of EcoSys and the project cost management standards developed by Technip. Among the key benefits he highlighted were: rolling wave budgeting and forecasting, robust change management, comprehensive multi-currency support, and audit trail and version control.