Oracle’s New Accelerator Helps Financial Services Companies Thrive During Time of Unprecedented Change
By "Sylvie Mackenzie, Pmp-Oracle" on Apr 30, 2015
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Most large organizations have established project, program or portfolio management offices, but there is a disconnect between many PMOs and the wider businesses they support, according to a group of senior executives and academics that studied the trend. They recommend that some organizations would be better served by a decentralized approach that creates “specialized PMOs.”[Read More]
By Garrett HarleyWith the introduction of Oracle’s Primavera P6 Enterprise Project Portfolio Management (EPPM) Release 8.3.2, Oracle now offers business-driven PMO through the cloud.This best-of-breed Software as a Service (SaaS) solution can be deployed quickly and securely. With no hardware to buy or install and minimal internal IT intervention up front, total cost of ownership is reduced. There’s also no network or server-level admin involvement to manage ongoing operations and minimal or no customization consulting and programming expenses. Cloud solutions are designed to allow admins to configure advanced functionality on the fly as business needs grow and change.
Modern cloud PPM enables you to:
Primavera P6 cloud services include:
P6 Cloud Connect
Primavera P6 Professional connects to the cloud using a new connector called P6 Cloud Connect. Instead of connecting to the database on the cloud, this connector is used to send and receive data. Users still have a direct connection to the most up-to-data project information. The cloud service supports all of the Primavera P6 user interfaces and mobile apps. In addition, customers can now deploy both Primavera P6 EPPM and Primavera Unifier in the cloud—and run them together. Each cloud service includes both a test and a production environment.
More Cloud to Come
Oracle plans to add the following Primavera P6 cloud services in the future:
Check back with us for the latest updates. For more information about Primavera in the cloud, read the complete article in the latest issue of Construction Connection.
— Sylvie MacKenzie (@symack)
The last eighteen months have seen incredible activity within Oracle Primavera, with two significant acquisitions, movement of key applications to the Cloud, and new solutions being offered to the market.Oracle’s leadership in the enterprise project portfolio management space continues to grow, with exciting new solution areas being developed to solve historically un-served needs. Watch Paul Verveniotis keynote at Oracle Industry Connect to hear an update of current activities and how his Product Strategy team are paving the way to revolutionary capabilities that will transform EPPM.
As the business impact of project portfolios grows,
organizations worldwide are challenged to deliver operational excellence,
maintain financial discipline, and mitigate risks.
Watch a series of short videos from the Economist Intelligence Unit (EIU) , and download EIU reports to get unique insights into how enterprise project portfolio management (EPPM) can help. Listen to senior executives at global organizations as they discuss how to plan, resource, execute, and assess projects—and what to do if things go wrong.
Listen to the following experts:
Wells Fargo, Vice President of Project Management Office Manager
NASA, Chief Knowledge Officer
Conoco-Phillips, Senior Vice President of Project Development and Procurement
DuPont Vice, President of Corporate Supply Chains and Central Competency
US Department of Energy’s Office of Project Management and Evaluation
Fluor Corporation, Senior Vice President
CH2M Hill, Senior Vice President and Programme Manager
American Water Company, Vice President of Operations
Voltaix, LLC - Executive Vice President of Operations and Technology
Gates Corporation, President and COO
By Paul Bender, Director of Public Administration Strategy, Oracle Primavera
It goes without saying that communication between project team members is a core competency that connects every member of a project team to a common set of strategies, goals and actions. If these components are not effectively shared by project leads and understood by stakeholders, project outcomes can be jeopardized and budgets may incur unnecessary risk.
As reported by PMI’s 2013 Pulse of the Profession, an organization’s ability to meet project timelines, budgets and especially goals significantly impacts its ability to survive—and even thrive. The Pulse study revealed that the most crucial success factor in project management is effective communication to all stakeholders—a critical core competency for public agencies. PMI’s 2013 Pulse of the Profession report revealed that US$135 million is at risk for every US$1 billion spent on a project. Further research on the importance of effective project team communication uncovers that a startling 56 percent (US$75 million of that US$135 million) is at risk due to ineffective communication. Simply stated: public agencies cannot execute strategic initiatives unless they can effectively communicate their strategic alignment and business benefits.
Executives and project managers around the world agree that poor communication between project team members contributes to project failure. A Forbes Insights 2010 Strategic Initiatives Study “Adapting Corporate Strategy to the Changing Economy,” found that nine out of ten CEOs believe that communication is critical to the success of their strategic initiatives, and nearly half of respondents cite communication as an integral and active component of their strategic planning and execution process. Project managers see it similarly from their side as well. According to PMI’s Pulse research, 55 percent of project managers agree that effective communication to all stakeholders is the most critical success factor in project management.
As we all know, not all projects succeed. On average, two in five projects do not meet their original goals and business intent, and one-half of those unsuccessful projects are related to ineffective communication. Results reveal that while all aspects of project communication can be challenging to public agencies, the biggest problem areas are:
Public agencies -- federal, state, and local -- have difficulty communicating with the appropriate levels with clarity and detail. This difficulty is likely exacerbated by the divide between each key audience and its understanding of project-specific, technical language. For those involved in public sector project and portfolio management, I would be interested to hear your thoughts and please visit Primavera EPPM solutions for public sector.
By Amy DeWolf
Are you doing any of these in your organization? How are you leveraging historical data to forecast projects?
There’s a lot going on in government today. The economic pressures agencies feel from the uncertainty of budget cuts and sequestration effect every part of an organization, including the Project Management Office (PMO). The PMO is responsible for monitoring and administering government IT projects. As time goes on, priorities shift, technology advances, and new regulations are imposed, all of which make planning and executing projects more difficult. For example, think about your own projects. How many boxes do you need to check and hoops do you need to jump through to ensure you comply with new regulations? While new regulations and technology advancements can be a good thing, they add an additional layer of complexity to already complex projects.
To overcome some of these pressures, particularly new regulations, many in the PMO world are adopting a new approach- Project Intelligence (PI). According to a new Oracle Primavera white paper, The Rise of Project Intelligence: When Project Management is Just Not Enough, “PI uses Business Intelligence methods to leverage historical project data to make more informed decisions and greatly enhance project execution.”
Currently, project managers plan and forecast the possible phases in an execution cycle. However, most project managers don’t have the proper tools to do this as effectively as they would like. As the white paper noted, “The underlying deficiencies in most forecasting approaches are that 1) the PM fails in most instances to leverage historical data and 2) the PM doesn’t employ current Business Intelligence tools.” PI seeks to overturn this by combining modeling tools used in Business Intelligence for projects with the understanding of Emotional Intelligence for managing people.
Read our complimentary whitepaper and discover the importance of emotional intelligence and best practices for improving projects, specifically in terms of communication.
By Yasser Mahmud, Vice President of Product Strategy & Industry Marketing, Oracle Primavera
We know that in today’s rapidly changing world, organizations and leaders must adapt to fierce competition, business climate change and customers consistently demanding more for less. And project portfolio management (PPM) initiatives are a key component to help organizations thrive and stand out among competitors.
Here’s what’s new:
Perform more precise resource planning and management
Gain more precise capacity visibility for resource planning and project execution with resource calendars that capture vacation, LOA and part-time resource availability
Ensure compliance and governance processes with activity labor cost capitalization
Improve project labor cost estimation, tracking and administration with variable resource rates
Optimize Project Demand Management And Execution
Enhance productivity and analysis with project request flexible staffing plan and simplified finance estimation
Improve project status communication and execution with estimated time to complete (ETC) in timesheets and projects
Achieve audit compliance and governance with field change history for key project and project request fields
Enforce proper financial accounting processes with the new strict finance lock/close period option
Improve Reporting and the User Experience
Enhance user productivity and analysis with improved listing pages
Improve program reporting with new program filters in listing pages and reports
Run large data volume user defined Excel reports with MS Excel 2010 support
Accelerate user productivity and satisfaction with an improved user interface for project issues, risks, and scope changes
Enjoy faster system response and improved user experience with optimized listing pages, resource planning, and application cache
Deliver user self-service training on demand with UPK support
And if that wasn’t enough, we’ve also made additional improvements to timesheets, field change history and finance lock/close period. Learn more about Instantis EnterpriseTrack 8.5.
Instantis EnterpriseTrack cloud and on-premise solutions provide a top-down approach to managing, tracking and reporting on enterprise strategies, projects, portfolios, processes, resources, and financials.