How’s that project going?
Being a facilities manager for a large organization often entails managing building renovations or new construction projects. Even relatively small projects will have a myriad of documents, including change orders, invoices, quotes, construction drawings and more. Keeping track of all the documents and the personnel resources, parts & materials can quickly get out of hand without proper management tools. There are a number of project management software applications on the market ranging from basic to comprehensive. As a facilities manager, it may not be economical to invest in a dedicated project management software if the number of capital projects are few or not highly complex. Most IWMS applications have a project management module that is integrated with the other features.
Challenges to Successful Capital Project Management
The average capital project is 80% over budget and 20 months behind schedule …due to increasing project complexity and lack of adoption of digital tools and platforms.
Source: Navigating the digital future: The disruption of capital projects | McKinsey
- Executives face greater accountability, pressure to meet or exceed planned outcomes
- Fragmented, risk-averse construction sector slow to adopt digital technologies
- Multiple stakeholders make it difficult to establish universal standards and processes
- Disparate, siloed systems make it challenging to share information for data analysis
Typical stakeholders in Capital Project Management include: Facility Construction Manager, Facility Project Manager, Facility Program Manager, Project Team member, Head of Corporate Real Estate and a Strategic Facility Planner to accelerate program and capital project schedules by identifying critical tasks and processes. Any software application is going to need to satisfy the information requirements for each role while facilitating efficient communications.
Benefits when adopting the latest technologies for Capital Project Management
- 10-20% savings in strategy and planning activities
- 5-20% improvement in field execution
- 5-20% savings in contractor management and supply chain
- 5-15% savings in engineering, procurement and contracting
- 45% reduction in overall project costs
Digital tools decrease frequency of change orders and claims by providing real-time performance insights, improving planning, and minimizing project alterations. Business and data analytics enable more intelligent capital project management and Cloud technologies save project managers time and money. New applications enable greater project efficiency, productivity and collaboration.
Requirements for a successful Capital Project Management solution
- Ability to manage a full portfolio of active projects
- Central database for all stakeholders to access real-time data and monitor performance to minimize delays and cost overruns
- Advanced analytics to compare impact of hundreds of performance drivers on project or business outcomes
- Portfolio and project management requires a scalable, enterprise-class system to meet program goals
- Have a trusted partner to help navigate the digital transformation waters
IBM TRIRIGA Capital Project Management
The IBM TRIRIGA® Capital Project Management solution provides a fully integrated software that improves project planning and accelerates schedules to generate higher project returns across the full facility portfolio. This comprehensive set of tools provides clients with the ability to manage their full portfolio of active facility projects with a central database for all stakeholders to access real-time data and monitor performance to minimize project and program delays and cost overruns. IBM TRIRIGA Capital Project Management includes advanced analytics to compare the impact of hundreds of performance drivers on project or business outcomes.
IBM TRIRIGA Capital Projects Management and the IBM TRIRIGA Capital Projects Hub provide visual tools for end-to-end facility program and project portfolio management such as: critical path scheduling, managing project alerts and tasks, so that organizations can improve on time capital projects delivery while balancing risks with financial and environmental returns.
These solutions provide program and project managers, as well as project team members, with the ability to efficiently manage their day-to-day tasks while also enabling them to manage all related funding requests, change orders and other financial transactions related to the project, as well as the full project lifecycle of bid, contract and contractor management process controls.
IBM TRIRIGA Capital Project Management delivers operational, financial and environment performance
- Improve project cycle time
- Eliminate budget over-runs
- Remove resource bottlenecks
- Analyze project risks to improve planning decisions
- Reduce project costs
- Accelerate store delivery
- Eliminate costly change orders
- Identify funding priorities
- Implement sustainable building design and construction
- Achieve LEED-Rating