Tuesday Sep 10, 2013

Project and Program Management: The Key to Thriving in the Regulation Nation

Written by: Mike Metcalf, Director of Services Industry, Oracle PrimaveraProject and Program Management System for Regulatory Compliance and Control

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 2011 annual report, JP Morgan Chase 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. 

Monday Sep 09, 2013

Why Government Agencies Need to Prove Value by Producing Incremental Value

For years, government agencies have undertaken ambitious, multi-year projects often without a step-by-step project plan or documented ROI. This inevitably led to waste, a frustrated Congress, and a confused public. Now, government agencies must show their programs will achieve value from the very first stage of development.

By shelving expensive, multi-year IT programs for smaller projects that can show incremental value, agencies can prove to Congress real ROI. This makes it more likely that the agencies will receive continued funding and the projects can continue. Another benefit is that by breaking large projects into smaller ones, agencies can ensure that each phase works properly and will deliver the expected ROI before advancing to the next phase. If progress is not delivered, that project can be canceled or put on hold, without much lost. As Tom Davis, Director of Federal Government Affairs for Deloitte & Touche LLP notes, "significant amounts of government funding have gone to waste due to agencies trying to tackle too much at once." While this thinking is not necessarily new, the current fiscal environment has convinced many that "agile" is the right approach to successful programs. 

"Flat is the new up" may not be an ideal situation, but it is the one government agencies have come to know. To adjust, they will need to become more innovative in the way they extract efficiencies and cost savings out of their operations. Moreover, they will need to prove, every step of the way, that their programs are valuable. In a time of constrained budgets, failing to do so may result in reduced funding.    

Oracle's Primavera provides enterprise investment management technology that allows government agencies to propose, plan, and control investments that present the greatest value to both the agencies and the public they serve. With Primavera enterprise project portfolio management solutions, national and local governments can effectively manage time, costs, resources, contracts, and changes to all types of projects or programs—including management of IT investments, grants, military systems, capital facility projects, maintenance and improvement programs, and more. Learn more here

Thursday Sep 05, 2013

Transform your business with Oracle Primavera

If you use Oracle’s Primavera solutions, and you're attending Oracle OpenWorld, then the Primavera sessions are for you. Featuring 18 sessions, hands-on labs, demos, meet the experts and exhibits. The sessions are designed for you to gain valuable information on how to drive innovation, enhance operations or manage finance & risk, and effectively use our solutions to support both short and long-term growth through better formulation, alignment and execution of corporate initiatives and projects.

Add these ten essential sessions to your schedule:

  • What’s New and the Planned Roadmap: Primavera P6, Primavera P6 Analytics, and Primavera Gateway
  • Improving Productivity Throughout the Capital Asset Lifecycle
  • What’s New and the Planned Roadmap: Primavera Unifier and Instantis EnterpriseTrack
  • Instantis EnterpriseTrack Cloud Service for IT and Enterprise Project Portfolio Management
  • Primavera PPM Solutions for Manufacturing Projects
  • Leveraging Oracle’s Primavera Across the Enterprise at Pacific Gas & Electric
  • New Product Update: Maximize the Effectiveness of Your Scheduling Process
  • Primavera PPM Solutions for Maintenance Projects
  • Primavera PPM Solutions for Capital Projects
  • Qualcomm Streamlines Its Design and Manufacturing Process with AutoVue/Agile Products

In practical self-paced learning sessions covering everything from Oracle’s Primavera P6 solutions to Primavera Portfolio Management, Primavera Capital Planning and Instantis Enterprise Track and Unifier, you’ll discover new ways to derive maximum benefits from your Oracle software.

(Seven labs to choose from - see Focus on Oracle Primavera for more information)

Download the Focus On Oracle Primavera guide (pdf) and stay connected via Twitter.com/@OracleEPPM, LinkedIn, and Facebook/OraclePrimavera.

Monday Aug 26, 2013

NEW! Oracle's Enterprise Project Portfolio Management (EPPM) Webcast Center

We have just launched Oracle's new EPPM Webcast Center, a single console where you can search and watch all EPPM related OnDemand webcasts and register to attend upcoming live webcasts.

These webcasts provide updates on new product features, best practices, customer case studies and more.

Simply log-on to the webcast center where you can filter by products and industries that you are interested in.

Click here to visit the webcast center now!

Tuesday Aug 20, 2013

Oracle Expounds on Primavera Software Roadmap

Since acquiring Primavera in 2008, Oracle has worked on enhancing several features of its software, such as application integration and mobile functionality.

Looking to the future, Oracle seeks to provide more governance of the project portfolio management (PPM) application. Tony Banks, product director for Primavera software, spoke recently to TechTarget editor Lena J. Weiner about the roadmap for Primavera software.

In the video, Banks said that Oracle's goal is to continue to deliver "its vision" of a "true" enterprise PPM solution. According to Banks, that means "single platform, single vendor."

But Banks added that it also means being able to organize projects across all departments, capitalizing on similar business functions across departments while acknowledging specific business use cases. Watch the video for more details.

Thursday Aug 08, 2013

Upcoming Webcast: Discover Custom Solutions for your Oil and Gas Projects - Aug. 20th

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Do you know how your oil and gas projects are performing day-to-day?

For project managers in the oil and gas industry, it’s important to know so you can better manage large and complex assets, better collaborate and share information across the value chain.

Register to attend this webcast, Primavera P6 Analytics Release 3.1 for the Oil and Gas Industry, on August 20th, 2013 and discover how P6 Analytics 3.1 delivers critical support for your oil and gas projects, alongside a host of other new features and capabilities. Learn how you can:

  • Minimize risk with smarter tracking of off-line and on-line maintenance projects.
  • Use specific solutions for shutdown/ turnaround/ outages, as well as routine and on-line maintenance.
  • Increase control with deep, day-by-day histories of project changes and performance.
  • Customize into planning and executions, helping you to minimize downtime, quickly address risks to the schedule and increase the odds of a safely operating asset.

Plus at the end of the webcast you will be given the opportunity to have all your questions answered during the live Q&A.

Date:
Tuesday, August 20th, 2013

Time:
10:00 a.m. PT/1:00 p.m. ET

Tuesday Jun 18, 2013

Optimize News: Utilities Special Report

Gaining actionable insight into project performance, controlling costs and mitigating risks can be the difference between success and failure for utilities organizations. Without the right visibility, financial discipline and operational efficiency their ability to maintain and manage infrastructure and take advantage of opportunities can be compromised.

Watch the ‘Utilities Special Report’ video and see how organizations like yours are using enabling technologies to: 

  • Optimize operations, minimize risks and improve resource efficiency.
  • Manage capital assets more effectively to reduce shutdown and turnaround time.
  • Reduce cost overrun by minimizing waste and inefficiency.
  • Better align operational execution with corporate strategy.