Representatives from industries such as energy, utilities, transportation, construction and engineering discuss project and cost controls best practices
EcoSys, provider of best-in-class enterprise planning and cost controls software, today announced top trends that have emerged from its 2012 User Conference in Albuquerque, New Mexico. Over the past two days, EcoSys and its clients presented workshops and case studies highlighting real-world implementations of EcoSys EPC for project and cost controls needs.
In addition to discussing milestones of the past year and roadmaps for product development over the next few months, EcoSys discussed challenges and opportunities within the project cost management space. Top trends include:
- The increasing adoption of standard tools and approaches that provides project and cost controls for the full lifecycle of a project
- The large amount of activity within the energy sector continues to provide tremendous opportunities for the implementation of project and cost controls technology within a variety of energy projects – from oil & gas exploration to renewable energy developments
- Investments in transportation infrastructure are driving additional interest for project cost management solutions
EcoSys clients within the oil and gas, utilities, transportation, construction and engineering spaces also participated in workshops to share their own unique challenges and how they’ve been able to leverage project cost management technology to improve project success.
Some top benefits shared by EcoSys clients after successfully implementing project cost controls include:
- Increased internal and external customer satisfaction
- Improved consistency of project structures making information easier to manage and analyze
- Better modeling of costs and revenues to help contractors protect margins and profitability throughout a project
- Enabled easier communication of project status to different stakeholders
- Enhanced transparency of information that is often critical for regulatory compliance and accurate forecasting
The following are news bytes directly from the conference. Javier Sloninsky is available to discuss topics from the show in further detail.
Javier Sloninsky, Managing Director & CEO of EcoSys, commented on what is driving the demand for project cost management technology: “Projects today are growing larger, and more global in scale. They are becoming more complex and involve more stakeholders through growing use of structures like joint ventures and public-private partnerships. With tighter budgets than in days past, stakeholders need confidence that funds are being well spent through greater visibility into project and program performance. EcoSys delivers the technology needed to help project controllers tap into accurate and timely information to shape their business decisions.”
David Teague, VP of Project Controls at Technip, commented on the technology’s application within their oil & gas projects: “Project cost controls technology has added tremendous value for our oil and gas projects, which often involves managing huge budgets and many moving parts. EcoSys has been able to provide us better control of the financial aspects of a project throughout its lifecycle and help us manage project information much more accurately.”
Julie Owen, Sr. Project Controls Manager for Los Angeles County Metropolitan Transportation Authority, commented on the benefits of project cost management to construction and engineering projects: “Construction projects, especially those that involve tax payer dollars, need to have a high level of transparency when it comes to communicating the status of a project. EcoSys will provide better visibility into how a project is performing and is positioning our team to communicate confidently when it comes to reporting project status to our different stakeholders.”
EcoSys is an industry leader in project cost controls software. EcoSys has worked with over 250 customers worldwide in industries including aerospace & defense, oil & gas, utilities, construction, transportation, IT, and government. EcoSys is headquartered in New York, with offices in Houston and London.
EcoSys EPC is an advanced planning and cost controls software solution delivering best practices for full lifecycle project cost management in an integrated, easy-to-use web application. Bridging the gap between planning and execution, EcoSys EPC is used for, capital planning, budgeting and forecasting, estimating, and comprehensive management of costs, funds, resources and earned value.