Project Controls & Financial Tracking
What is Project Controls and Financial Tracking?
Project Controls and Financial Tracking is the ability to look at projects from an end to end perspective. What we find is a lot of project portfolio management solutions are focused on time-tracking tasks and scope management.
Full Project Spend
PPM platforms do high-level financial planning and high-level project financial tracking. So, you are re either on budget or you are not on budget. That's as specific as you can get with some of these PPM tools. Inpensa has a purpose-built project control financial tracking solution. For every project, Inpensa SaaS platform looks at the project's entire spend.
Charter of Accounts & Cost Center Level
Inpensa platform looks at project CapEx, whether that's related to hardware or software, we look at its expenses across the board. Inpensa tracks those expenses at a very detailed level. One unique capability of the Inpensa solution is to manage project expenses at the charter of accounts and cost center level. None of the other PPM tools are built to manage projects at the cost center and chart of accounts level. At the cost center level maybe, but the charter of accounts allows you to understand the very specific nature of the spend of each project.
Comp & Non-Comp
It goes beyond non-comp and comp. It breaks out your non-comp into hardware, software, maintenance, professional services. When you start to manage projects at that level, you get a visibility that will allow you to control the project spend a lot better. You can ratchet up or down your capital spends, you can shift your OpEx spend around and you can align that spend to your specific budget.
Inpensa SaaS platform fills a gap in the market
Companies - if they want pure project financial tracking - they must do that on spreadsheets. They must take data in and out of different systems. Then put the data together to build the big picture around the project spend. And finally capture the specific details around the spend.
The control part is to be able to have controls in place or governance in place. If the project is going over budget it is critical to be able to have controls that signal that immediately.
It also provides controls. The alert turns into action. Most organizations have a five or ten percent threshold to overspend. Inpensa tool will tell you that you need a subsequent follow on business case that will need approval to continue to build out on a project.
Built in Workflow
Part of it is to have compliance, governance, to have toll gates built into the system, to have audit trails to see who's accessed the system. It has the workflow history built into the tool so you have that right control over the initiative.
Then you have full transparency over the project spend. This way you can identify the levers that you can take action. You can change the direction of the project should the spend be considerably more.
Inpensa has superb tracking capability
The tracking side of Inpensa platform gives real-time information. You don't have to wait for monthly reports or quarterly reports. You can understand immediately that the trend is going to be higher than expected. You can see that rate upfront. You can make informed decisions. You can rebalance the portfolio.
What are the top benefits of Inpensa platform?
Helps You Be Proactive
The first benefit is the ability to be proactive! The way organizations work today it is always too late. By the time they figure out they have overspent or over-committed it is late. The goal is to use Inpensa SaaS platform to be proactive. The real-time data is very important in helping you be proactive. It is a common situation with Fortune 2000 companies.
It is a common situation with Fortune 2000 companies. A senior executive is requesting some data from their team. Usually it takes two/three weeks for the team to get the data back. So, two/three weeks of spend are lost. If you are looking at a fifty-million-dollar project, you could have spent two or three million dollars in two/three weeks.
Inpensa goal is to give you the ability to be extremely proactive. To have real time data so that you're making decisions in real time. Ultimately this approach drives huge efficiency. You can recapture some of that spend in a much shorter period of time. Then you can reallocate, re-prioritize those funds into other initiatives.
The value of the Inpensa solution is to help provide you the right information to help you make that decision. Do you scratch the project and start over? Do you change its course? Do you enhance where you are in terms of building out and you've already committed? You have already spent five million dollars into this initiative. You must continue the course.
The goal is to have a big picture of what the end state looks like and to be able to estimate what the cost overruns would be? The tool helps you do scenario analysis to compare the couple of different scenarios. Then you can decide based on the data and the output that comes out of the solution.