Integrating Procurement with Project Controls is Critical for Effective Cost Management
This whitepaper tackles the importance of integrating project procurement and subcontracting with the project team. All to often, procurement is tightly held within a company’s finance department and systems. While this makes sense for “Corporate” procurement, it introduces many risks and issues for “Project” procurement. Despite the political challenges this shift implies, it’s far too important to shy away from as project controls is so highly dependent on a project’s procurement and subcontracting. All the planning, tracking, real-time costs, accruals, vendor performance, etc. are critical for project controls to ensure projects are delivered successfully.
How to Reduce the Bloated Costs of Information Management
Have you ever considered how much of your operational overhead cost is consumed by managing project information? Excessive costs & errors eat into profits, delay schedules – and are completely avoidable.
This video will show you many of the powerful capabilities of managing complex cost and billing rates in 4castplus. You’ll see how rates can be preconfigured in many flexible ways and used in Estimating, Timesheets, Procurement and Billing.
Whitepaper: Forecasting Cost to Complete on Major Construction Projects
Producing an accurate forecast cost to complete on a major project is a key function of project controls. It’s not a straightforward thing to do however, and requires diligent planning, process and careful tracking to have a chance at being accurate. This paper goes into the details of what needs to be in place to collect the data and establish the process and formulas to generate accurate, repeatable, and reliable forecast to complete. It will also delineate between the EVM formula for ETC – estimate to complete – as compared to FTC – forecast to complete – and their unique purposes.
Watch this Video on the Purchase Order 3-Way Match in 4castplus
The 4castplus Procurement module supports a full lifecycle purchasing from Requisition to RFQ, then to PO, to Expediting, then to Receiving and finally to Invoice Matching. This video covers the purchase order portion where it gets submitted for approval (Commitment) then on to Receiving and then to Invoice Matching. All the way through you’ll see features such as: approval workflows, document management, accruals reporting, and much more.
Read this critical whitepaper on Managing Vendor Costs, Accruals and Invoice Matching
For Owners, staying on top of vendor costs, activities, productivity – and validating the invoices they send – all requires them to collect, organize and analyze a lot of information on a daily basis. Which is not a trivial thing to do
Watch this Video on Creating Custom Dashboard Charts in 4castplus
4castplus provides easy-to-use tools for creating your own library of dashboard charts and dashboard reports. These are used for project controls, project management, procurement and construction management purposes. You can permission these custom charts onto specific projects or global reporting areas. This video provides a glimpse into creating custom charts.