Owners have traditionally lacked interoperable systems to manage their planning and project execution, but these silos do not meet today’s expectations in construction.
When the key objective is to plan, build, and operate efficiently, owners must standardize processes and connect data across the entire project lifecycle. So the right technology needs to be implemented to meet this objective.
Using an out-of-the-box integrated solution for capital portfolio planning and project controls through an intelligent construction platform can be a good start. For example, the interoperability of these two functions helps bridge the gap between planning and execution for projects, allowing quicker access to actual cashflow data, which informs future planning and budget forecasting.
A more holistic look at project data and visibility into planning processes can also help project management teams align project decisions and priorities to organizational goals.
For example, some public sector organizations are required to provide five-year capital plans for projects. When planning that far into the future for projects that can cost several million or even billions of dollars, accurate forecasting can save millions of dollars and be the difference between being able to build more projects or not.
With the right solution in place, these organizations can easily modify their plans each year and confidently make decisions around changes in capital spending if laws, policies, or contractual requirements change over the course of their five-year capital plan.
Regardless of cost or scope, every project should be executed through a reliable, interoperable system that can help owners carefully manage their entire portfolio of budget allotments so new projects can be executed properly, existing projects can stay “healthy,” and future projects can benefit from current project actuals.
That’s why we’re excited to share that the Oracle Smart Construction Platform enables owners to leverage capital portfolio planning capabilities and project controls seamlessly under one interoperable system.
This level of visibility helps owners get their projects right from the start. They can collect, prioritize, and select the right projects with Oracle Primavera Cloud Portfolio, and then manage those projects more efficiently by using the cost, contract, workflow, and change management capabilities from Primavera Unifier. Synchronizing planning and project controls teams helps to create one connected operation from beginning to end.
As project execution teams update their projects, they push up their actuals and revised forecasts to share with capital planners.
Capital planners then have visibility into the latest costs and forecasts across the portfolio and can identify opportunities to adjust allocations based current needs and strategic priorities.
Take our self-guided Product Tour to learn more about how to increase your forecast accuracy by ensuring accurate and timely data flow between planning and project execution.
Stay tuned for more updates as we continue to announce exciting new integrations and innovations under the Smart Construction Platform.
Oracle Construction and Engineering, the global leader in construction management software and project portfolio management solutions, helps you connect your teams, processes, and data across the project and asset lifecycle. Drive efficiency and control in project delivery with proven solutions for project controls, construction scheduling, portfolio management, BIM/CDE, construction payment management, and more.
Garrett Harley is director of engineering and construction strategy for Oracle Construction and Engineering.