Life Sciences Leader Covance Strengthens Its Portfolio Management Processes
By "Sylvie Mackenzie, Pmp-Oracle" on Aug 10, 2012
Through business expansion and a series of acquisitions, Covance Inc., one of the world’s largest and most comprehensive drug development services companies, outgrew its existing project management infrastructure. As a result the Princeton, New Jersey, company needed to make changes to the governance methodology that controlled its project portfolio process.
Covance had clear goals for what it wanted to accomplish. In addition, to strengthening the governance process, the company also wanted to institute a staged-gate methodology in which each project would have to meet specified milestones and pass a review process before it could move on to the next phase.
With these criteria in place, Covance evaluated a wide range of solutions and chose Oracle partner Hyde Park Solutions, which implemented Oracle’s Primavera Portfolio Management to standardize the IT project portfolio governance processes.
“With Oracle’s Primavera Portfolio Management and our staged-gate methodology, we have transformed IT project portfolio management at Covance,” says Jason Davis, the company’s senior director of IT governance, portfolio management, and process excellence.
Improved Governance, Productivity, and Communication
In addition to providing stricter governance, the implementation has brought about a range of benefits for Covance, including
- Enhanced project portfolio communication among stakeholders, such as business sponsors and IT personnel, to improve outcomes and reduce the need for rework
- Improved productivity in staged-gate review meetings, with more than twice as many project reviews being completed in every session
- Nearly paperless project portfolio review processes thanks to a dashboard view of projects and reviews via Web conference sessions
- A significant increase in the number of gates in Covance’s methodology, which means greater control over larger projects
- Improved project budget management, achieved by extracting information from Oracle’s PeopleSoft Financials and applying it to Primavera to determine actual project costs as compared with forecasts
Get more details about how Oracle’s Primavera Portfolio Management is aiding Covance.