Friday Aug 08, 2014
Monday May 19, 2014
By Melissa Centurio Lopes on May 19, 2014
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.
Thursday Mar 13, 2014
By Melissa Centurio Lopes on Mar 13, 2014
As customer expectations grow, many financial
services organizations are struggling to keep up. Customers want a faster, more
efficient service across all channels, and won’t hesitate to look elsewhere to
find it. But how can you accelerate service, stay on top of ever–evolving
regulations, and stay ahead of the competition?
It’s important to:
- Develop new agility to stay ahead of the competition
- Simplify compliance to protect and enhance your reputation
- Increase customer satisfaction in a highly competitive market
- Take full control with enterprise project portfolio management
Learn how you can improve operational efficiency, quickly respond to changing customer demand and build competitive advantage.
Tuesday Sep 10, 2013
By Melissa Centurio Lopes on Sep 10, 2013
Between 2009 and 2012, US businesses were burdened with more than $500 Billion in regulation costs. In 2012 alone an additional $215 Billion in final rule costs were added. For financial services organizations, the Basel capital standards, Volcker rule and Durbin Amendment are most often cited as major drivers of additional costs. According to its own reported data, Bank of America spends over $4B on regulatory costs representing almost 3.5% of its market capitalization. In its states, "It will take an enormous amount of resources across all of our disciplines – people, systems, technology and control functions (finance, risk, legal, audit and compliance) to get it done right. Over the next few years, we estimate that tens of thousands of our people will work on these changes, of which 3,000 will be devoted full time to the effort, at a cost of close to $3 billion."
Remarkably, in spite of this explosion of regulations, increasing compliance costs, limited resources and emphasis on change management, most compliance efforts are dispersed across the organization and lack any formalized project and program management controls. As many CIO's have experienced, effective project portfolio management processes and systems can help via their ability to:
- Communicate and co-ordinate change management activities that span functional and organizational boundaries
- Improve governance and oversight of business-critical initiatives
- Identify and eliminate duplicate or rogue initiatives
- Leverage best practices across the organization
- Mitigate schedule risks and help control costs
The American Action Forum estimates the total financial services regulatory cost over the last 10 years to be almost $25 Billion and growing. The 2013 Cost of Compliance Survey conducted by Thomson Reuters states that, "The fact that 67 percent of respondents expected their budgets to rise slightly or significantly indicated that those who make budgetary decisions are increasingly risk aware and appreciate the need to have a well-resourced compliance function to mitigate the myriad risks which firms may face in the coming year." It concludes by stating, "It looks as though 2013 will be characterized by the need to juggle a further increase in regulatory communications, to drive the implementation of agreed change and to ensure that senior managers focus on risk management and corporate governance. All this will have to be managed despite a lack of suitably skilled resources."
It is clear that we have entered an era of financial services re-regulation and that these challenges will continue for many years to come. It's time for risk and compliance officers to adopt proven solutions such as project portfolio management to manage the large and growing number of change initiatives resulting from these new regulations. Organizations that excel at managing regulatory compliance will minimize compliance costs, avoid penalties, and leverage regulatory mastery for competitive advantage.
Tuesday Jul 23, 2013
By Melissa Centurio Lopes on Jul 23, 2013
As executives in financial services organizations across the
globe face intense regulatory scrutiny, the
Mike Metcalf, Oracle’s strategy director for services, says the right enterprise project portfolio management (EPPM) solutions and a central project management office can help financial services firms become less reactive and better equipped to deal with regulatory challenges.
Q: What problems are financial services organizations facing in the aftermath of the financial crisis?
A: Legislators in various countries have decided to tighten up regulations after a period when some rules were being loosened. So for financial services organizations, the challenge today is how to survive in an era of reregulation. The first obstacle they face is that new regulations may span different areas of banking operations, so some regulations may overlap and conflict with each other. Organizations must be sure that responding to one regulation doesn’t impact some other area.
Second, many organizations address these regulations in silos—different parts of the organization are responding to regulations independently, and they are tracking compliance with ad hoc tools, such as spreadsheets. This leads to increased risk because these tools are not conducive to collaboration or to creating a centralized view of all the regulations that need to be addressed.
Monday Jul 01, 2013
Improving the Industry’s Best Cloud Project Portfolio Management (PPM) Solution – New Release of Instantis EnterpriseTrack
By Melissa Centurio Lopes on Jul 01, 2013
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.
Tuesday Jun 25, 2013
By Melissa Centurio Lopes on Jun 25, 2013
- New Resource Calendar functionality provides more precise capacity visibility for resource planning and increases project plan reliability.
- Support for Activity Labor Cost Capitalization allows project teams to easily mark any WBS activity as CapEx or OpEx with Labor Expense Type and enforce proper classification of Labor Expense Type for activities by setting defaults through activity templates or at project level
- New Variable Resource Rates functionality allows project stakeholders to specify resource rate accurately over time and account for wage revisions
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.
Sunday Jan 29, 2012
Financial Services Industry Study Finds Swift Action and Proactive Approach Is Key to Reducing Project Risks
By Sylvie MacKenzie, Director, Marketing-Oracle on Jan 29, 2012
Volatile markets, weak customer demand, and heightened regulatory scrutiny require financial services firms to flawlessly manage project portfolios to minimize risk. Those that identify failure early in the project development process and respond to problems as they arise can invest in higher-risk initiatives without threatening their bottom lines or their reputations.
Those are some of the key conclusions in Preemptive Action: Mitigating Project Portfolio Risks in the Financial Services Industry, a research report created by the Economist Intelligence Unit and sponsored by Oracle.
“[When] firms understand how to identify and deal with indicators of failure early in the planning process, they can safely invest in higher-risk initiatives, such as launching new products and acquiring other firms, without putting their reputations or bottom lines in jeopardy,” the report explains.
The report further explains that this proactive approach, which requires both a rigorous project management practice and intrepid executives willing to make difficult decisions, is unusual in the industry. Where it exists, it allows companies to mitigate project risks and use resources more effectively to propel growth. In its absence, companies become more risk-averse, focusing on low-risk projects that merely protect assets and meet regulatory requirements.
A discussion of the report and its key findings are the focus of a new Oracle Webcast now available on demand. In this Webcast, the benefits and impact of using the right project portfolio management solution is also discussed as a key factor in successfully managing the project portfolio and achieving success.
Success Factors and Other Findings
A primary conclusion of the report is that financial services companies that excel in executing projects, especially those that involve regulatory compliance, can gain a competitive edge by embracing opportunities unavailable to peers with a constrained appetite for risk.
Other key findings of the study include
- Managing must-do regulatory projects requires a balance between flexibility and adherence to process
- Processes are not sufficient in identifying signs of failure and finding solutions—effective communication and collaboration are crucial.
- Many companies fail to reassess risks throughout the project lifecycle—assess risks during planning and at project milestones
- Shared Insight: Utilities Power Up with Lifecycle Approach to Capital Projects
- Five Competitive Killers in the Manufacturing “Engineer to Order” Process
- Two Worlds Colliding
- How can I deliver better projects in my Smart City?
- Solve the Decommissioning Dilemma
- New Report and Benchmark Assessment: The Secret to Reducing Shutdown Risks
- Oracle Delivers a New Contract Management Solution Customized for Engineering and Construction
- Five Reasons to Move to Cloud-Based Enterprise Project Portfolio Management
- The Fourth Dimension Has Arrived
- When The Unexpected Strikes
- /Capital Projects and Program Management
- /Enterprise PMO
- /Maintenance Operations Support
- /New product Development
- /Process Improvement
- /Project Manufacturing