According to a study on capital project delivery by Accenture, more than 85% of projects miss their original scheduled completion. There are many reasons for this, but one of the key reasons is a lack of knowledge, on the part of the project team, in providing an accurate assessment of project progress and performance. This can be prevented by integrating project data so that you have a complete view of project status. Here are 5 signs that you need integrated project management:
- With members of your project's team in different locations, sometimes in different time zones, it can be difficult to maintain consistent communication and collaborate effectively.
- This is further complicated when subcontractors have different systems of record.
- There is a lack of subcontractor accountability.
- Tip: With PRISM, you can connect all project stakeholders, hold subcontractors accountable, and work in one system so that there is one source of truth.
- Difficult time getting a reliable and accurate forecast.
- Manually compile data on spreadsheets from systems to determine progress.
- You don’t trust that the data is accurate or up-to-date.
- Tip: PRISM integrates cost, schedule, engineering deliverables, contracts, purchasing, and field progressing so that you get a complete picture of project performance. Say goodbye to the manual process with high potential for errors and say hello to an accurate forecast, single version of the truth, and timely accurate data. Read this white paper on why spreadsheets no longer meet today's project management needs.
- Hours spent manually tracking change orders.
- You are manually collecting progress reports.
- No dependable audit trail for changes.
- Tip: PRISM’s change management features, with automated change management workflow, enables you to overcome the manual process of change control, improved data accuracy, and reduced rework and errors. Project changes are now automatically submitted, tracked, reviewed, and approved at the click of a button; efficiently keeping all project stakeholders informed of changes.
- Lack of transparency into progress and performance prevents you from catching issues early.
- By the time you catch negative variance or trends it’s too late and has already caused significant budget or schedule overruns.
- Tip: PRISM is an Earned Value Management System that provides you with an early warning system on projects performance and productivity issues. Accurate cost, hours, quantity, and schedule variances are detectable when the planned work has reached as little as 10% completion on any portion of the project. PRISM enables you to be proactive in your decision making since you are quickly addressing issues. Here are ten benefits of implementing earned value management.
- You spend days, sometimes weeks compiling and grooming data to get it into a single report.
- Current reports aren’t cutting it. You are having to piece together information from multiple sources to create the reports you need.
- By the time you have created and submitted reports, they are out-of-date.
- Tip: PRISM provides more than 150+ standard reports out-of-the-box as well as a built-in Report Writer to create your own reports. Also, PRISM’s dynamic reporting capabilities help to eliminate manual report adjustments and the need for multiple reports.
Download this FREE case study: Integration of Cost and Schedule at Adani Mining. This case study shares how Adani Mining implemented PRISM to eliminate the need for spreadsheets, integrate with SAP and Primavera out-of-the-box, and increase confidence in stored data and forecasts.
Interested in learning more about how other companies use PRISM? Visit our Resources page where you can download case studies from the Oil & Gas, Engineering, Pipeline, and Infrastructure industries.