Managing Capital Projects in Style: Upgrading the Owner’s View
March 30, 2022
It’s been said that an owner typically has a 10,000-foot view of their capital projects, seeing things only at a high level with minimal, if any, detail. Much like the dreaded “flight delayed” messages received when traveling, they are left to wonder what caused the issue, how long it may last and what the overall impacts might be. More often than not, this is not by choice but rather a byproduct of simply doing things the way they’ve always been done. But is this the best view? And more importantly, is it the only alternative?
With advancements in today’s cloud-based capital project software, the view from above is greatly improving. From upgrades to “first class” as a key stakeholder to reducing “travel time” through increased data speeds, cloud technology has significantly sharpened the owner’s view during this trip they call a capital project. How so? I thought you’d never ask.
Part of the Club
Kept at an arm’s length, owners have traditionally struggled with limited visibility on their capital projects. With the help of siloed systems, contractors would leave the doors shut on the project, only revealing the minimums to their owner. With the ability of always-on, cloud-based software, however, owners can now become true project stakeholders, upgrading to first-class travelers on the project.
Also, by removing the burden of disparate systems and labor-intensive processes that lead to a never-ending paper chase, the cloud keeps things clean, up to date and accessible. Owners now find themselves as a VIP, complete with membership to their own project club, valid anytime, anywhere.
A Better View
With an upgrade to first class, why not throw in a window seat? No longer are owners left straining to see the finer details of their projects over others’ shoulders, wondering where in the world the capital project is at. With data itemized right down to line-by-line costs, complete with forecasting and gain/loss, owners are now able to quickly understand exactly where they are through key landmarks, and also how they got there.
Not only that, but advancements in dashboarding and analytics give an even clearer picture of where the project is going next. This ability to look into the future allows for proactive adjustments that keep things on track for the entire duration.
A Faster Mode of Travel
Conventional project management software lived on-premise, forcing owners to settle for being weeks or even months behind their contractors. Like trying to hand-crank a propeller, data often flowed in fits and starts — if it flowed at all. But thanks to the progress of cloud computing, owners can now fire up the jets for their project data, experiencing near-instant, smoother communication between integrated systems, all through a secure cloud database.
With this instant access to connected, real-time data and analytics, owners are immediately notified of issues or changes the contractor may be proposing and have all the details needed to arrive at a decision that positively impacts the results. Any further action that comes from a change is automatically dispersed back to the project teams, coupled with all the relevant information.
Taking the Controls
What if an owner needs to add scope to their capital project or put things on hold to gain a particular piece of clarity from the team? Or maybe they just want to be a part of the approval process in general? Integrated project workflows enabled via a single source of truth put owners back in the captain’s seat. Quantities, work packages and procurement statuses are bundled and moved, regardless of project phase, through the cockpit for signoff. By revealing more detail when needed, owners have control of potential changes from a clearer and more workable perspective, resulting in smarter project handling.
Automatic Pilot at Your Service
Finally, when the time is right to set the cruise control and dive deep into the plans for the next project in the program, owners can set a few subscriptions to keep a keen, reliable view of their capital project while handing back control to the contractor. The portability of cloud-based solutions enables this simple and seamless swapping back and forth of control at will, viewing capital project details only when and where they need to. Plus, through these convenient, accurate and timely on-the-fly adjustments, owners are empowered to keep multiple projects moving forward across the corporate portfolio, all at one time.
So why not take your next project trip in style with today’s innovative, cloud-based capital project software? The view from 10,000 feet has become sharper than ever before, providing a new level of on-time performance for owners and contractors alike throughout the project life cycle. From integrated systems that provide secure access to every captured detail, to real-time data and analytics at your fingertips, you can now stay on top of any and all issues your contractors may be facing, yielding better, more predictable capital project outcomes for all.
Ready to take a deeper dive? InEight can help get your projects where they need to go and help you create a solution or view that matches your needs while leveraging your teams’ existing strengths. Let us show you how.