Have you ever been involved in the Project Controls software reviews and selection process?
If you do, you know that you have the privilege of selecting from an array of Project Controls Software.
In order to choose the best Project Controls software for your organization, one of the things you need to figure out is what features you need.
Watch this video to figure out the top 5 features that you need to consider in Project Controls software reviews and selection process.
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Video Transcript:
Have you ever been involved in Project Controls software reviews and assessments?
If you did, you know that it is not an easy task.
With emerging technologies and the number of solution providers in the market, the assessment and selection of the BEST Project Controls software can be a challenging task.
When I started my career in Project Controls almost two decades ago, I didn’t have many options to choose from. I remember using P3, Microsoft Excel, Access, and in some cases, the internal systems that we had developed in our organization, as our primary Project Controls tools.
Now you have the privilege of selecting from an array of Project Controls Software. In case you are wondering what options you have available, check our recommended “ Top 20 Project Controls Software.”
In order to choose the best Project Controls software for your organization, one of the things you need to figure out is what features you need.
In this post, I cover the top 5 features that I recommend you consider in Project Controls software reviews and selection process.
Feature # 1- Bridges The Gap Between Systems And Allows Data Integration
When it comes to Project Controls software, “integration” is the key. It’s very important to make sure that you have integration between your existing systems, and the Project Controls software.
Here are some of the points to consider in Project Controls software reviews:
Modular to fit with existing ERP systems (e.g. accounting, procurement)
The project control software is a repository of budget, changes, actual, commitments, forecast and any other data from your Enterprise Resource Planning (ERP) system.
The ERP system is a suite of software to manage day-to-day business activities, such as accounting, procurement, project management, risk management and compliance, and supply chain operations.
Therefore, the Project Controls software should integrate with your ERP systems.
Have the ability to import data via variable means and not be restricted
You need to make sure that you can import the data to or from the software easily and without any issue.
The Project Controls software should have the ability to import data via variable means and not be restricted (e.g. import via flat files, electronic means, and via application program interface (API), a very common interface to extract data from such systems in the background and seamlessly on a predefined interval.) The latter ensures data integrity is maintained from the source system(s). (Check the AACE International Recommended Practice No. 94R-18, Cost Control Software Requirements for more information)
Allows the Integration with the Scheduling Software
In addition to the integration with ERP systems, the Project Controls software should also integrate with the scheduling software (e.g. Primavera P6, or MS Project), to allow for integrated management and control of project’s cost and schedule.
Aligns cost estimates, budgeted costs, and the schedule
The Project Controls software should allow for alignment between your cost estimates, budgeted costs, and the schedule.
Sometimes the cost estimating is done in another software and doesn’t talk to your budgeted cost in the Project Controls/ Cost Management software. You may need to do lots of mapping and re-mapping to align your cost estimate with your control accounts and budgeted line items. However, if the Project Controls software allows for integration with your Cost Estimating software or has a Cost Estimating module embedded, it will make your job way easier.
For example, Cleopatra Enterprise has this feature. With a click of a button, the Cost Estimates in Cleopatra turn to the budgeted costs according to the WBS or CBS, or any other customized structure that you define for your budget.
Here is how the Integrated Project Controls software looks like:
The integrated Project Controls system/ software should allow you to integrate with your internal ERP systems, cost estimating, cost management, change management, scheduling, document management, and procurement systems.
Feature # 2- Robust Cost Management
When it comes to the cost management feature, make sure that the Project Controls software has the following features:
- Allows for progress, performance measurement, and Earned Value Management (EVM)(even if you are not applying EVM in your projects yet)
- Establishes time-phased budgets to represent cash flow plans & Performance Measurement Baseline (PMB) for projects
- Configurable to add several Earned Value progress measurements techniques (e.g. rules of credit)
- Measures performance and productivity using cost, hour, and quantity control elements
- Allows cost variance analysis and tracking cost performance issues
- Allows flexible forecasting:
- Manual entries of EAC and ETC by labor hours and cost.
- Allows for customized forecasting formulas
- Allows for standard performance-based formulas ( EAC/ ETC)
- Capable of forecasting by quantities, hours, and cost.
- Adopts standard processes and terminologies based on industry standards and your way of working
Feature # 3- Transparent Change Management
According to the AACE International Recommended Practice No. 94R-18, Cost Control Software Requirements, any cost control software should have the capabilities to handle budget changes, change orders, and claims.
Initiated by the contractor or by the owner, changes might evolve to be change orders that both parties agree on in terms of entitlement and responsibility or a claim that the initiator considers himself deserving to be compensated.
Regardless of the type of change orders or claims, the Project Controls software shall be capable of tracking each change order and its impact on the overall project. To do so, the following features are recommended in the software:
- Enables the change management workflow (from raising a change request to its approval or rejection)
- Uses a change register to keep track of changes and their status.
- Capable of tracking the change orders (scope change orders, non-scope change orders, budget shifts, pending changes,…) separately and individually
- Enables tracking the impact of changes on the project’s forecast.
- Enables tracking the cost of each change and its impact to the project.
Feature # 4- Flexible Reporting & Real-time Dashboards
One of the primary reasons that we utilize Project Control software is to expedite the report generation process and minimize the time to develop graphical and analytical reports manually. However, there are software solutions that are not quite flexible in reporting. They have some pre-determined report templates that may not match with the company’s standard procedures or what our clients want to see in the report.
Furthermore, the Project Controls software should enable you to do a faster analysis of data using real-time data, and auto-generated graphical reports.
Therefore, in assessing the reporting capabilities of the software, I recommend you consider the following features:
- Enables you to produce any kind of reports or analytics your organization or management is looking for and not being restricted to the software pre-determined reporting templates.
- Flexible data set-up and summarization
- Flexible set-up of WBS, CBS, and OBS
- Allows grouping and sorting of data easily
- Manage project data at the level of detail desired by the user
- Real-time Dashboard Reports that clearly present the status of your project portfolio, show live plots, cost reports, key (project) metrics, giving you timely warning signals.
- Good visuals and tabular reports that eliminate reproducing the graphical reports on Excel
Feature # 5- Includes a Knowledge Database (Allowing Comparison, Trend Analysis, & Benchmarking)
The data of the executed and running projects provide a valuable source of information.
To consider the trends of the future, such a big data and artificial intelligence, it’s best if you select Project Controls software that already includes a knowledge database.
With the knowledge database, you will be able to do comparison, trend analysis, benchmarking, and even modeling using AI.
Being able to do analysis and benchmarking against comparable projects and historical data will increase the accuracy and reliability of your plans and forecasts.
Here are some of the recommended features to consider in your Project Controls Software reviews:
- Capable of Benchmarking to extract metrics and trends from the past and future projects, and compare the performance of projects and common assets.
- Quickly identify project trends, issues, and successes.
In summary,
Here are the top 5 recommended features to consider in your Project Controls Software reviews and assessments:
- Feature # 1– Bridges The Gap Between Systems And Allows Data Integration
- Feature # 2- Robust Cost Management
- Feature # 3- Transparent Change Management
- Feature # 4- Flexible Reporting & Real-time Dashboards
- Feature # 5- Includes a Knowledge Database (Allowing Comparison, Trend Analysis, & Benchmarking)
I hope the software features discussed here help you in the Project Controls Software reviews and allow you to choose the best Project Controls software for your organization.
In the next post, I am going to share with you the 5-step process in an effective implementation of the Project Controls Software.
Until then, could you please share your thoughts on this post? If you have ever been involved in Project Controls software reviews and selection process, could you please comment below what features you considered in assessing the software?
One last request, if you liked this post, could you please give it thumbs up and share it with your connections.
RESOURCES:
For more resources on this topic, please check:
- Project Control Academy- Video Interviews with Project Controls Tool Providers
- Project Control Academy- The Top 7 Integrated Project Controls Software You Need to Know About
- Project Control Academy- How to Select The BEST Project Controls Software For Your Organization
- Project Control Academy- The 5-Step Proven Process in an Effective Project Controls Software Implementation
- AACE® International Recommended Practice No. 94R-18- COST CONTROL SOFTWARE REQUIREMENTS
Special Thanks:
Special thanks to Project Control Academy’s Gold Sponsor, Cleopatra Enterprise.
Cleopatra Enterprise is the leading Project Cost Management Software that offers an integrated solution for technical projects. The state of the art software helps people and organizations complete their projects on time and within budget, maximize capital investments and stay ahead of the competition.
For more than 20 years, Cleopatra Enterprise has enabled more than 500 industry-leading companies in 75 countries to control large technical projects and enhance project performance.
To experience the benefits that Cleopatra Enterprise can have for your organization, request a live demonstration by clicking here.
About the Author, Shohreh Ghorbani
Shohreh is the founder and director of Project Control Academy, the leading provider of comprehensive online training programs in Project Controls.
Shohreh has served tens of thousands of professionals and several international corporations build their technical Project Controls knowledge and shave off years of trial and error in learning the vital skills in controlling their projects.
Shohreh is a licensed project management professional (PMP) recognized by the Project Management Institute (PMI) and holds a Master of Science in Industrial Engineering.
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