EPC project management software exerts to handle and execute resources in a way how you design it. By using the PM tools, you can easily track each aspect of an epc project. There are some unique benefits that you can derive from it which are listed below.
Project Management: EPC Project Management Software will be an integrated one, which will make it a good choice. It implies that the user can manage different portfolios more properly according to his needs and requirements. At the same time will be fully integrated with all phases of epc activities.
Accounting integration: All accounting related information is auto-created from the software itself. Major advantage is that now you will be track your costs in relation to project phases. Assuming you have a procurement to be done in the third week of the project start. This software will help you record the procurement plan and raise PO with the suppliers, on its own. This integration feature makes it a good deal to look at dedicated epc project management software.
Document management: It tracks RFQ’s, RFP’s, project meetings, architecture diagrams, layouts, Bill of materials, procurement, negotiations, project documents, contract documents, purchase orders etc. This system will help to map your project life cycle and project management life cycle in the software. At all stages, you will be able to upload documents on the system. This makes the process much more integrated, since now you have one single repository to look for all your documents. This saves time for you to having to spend hours to search documents related to your projects. This is important from archive, lessons learnt and future reference perspective as well.
Enterprise Budget Management: Since now the software will have both information related to project as well as procurement and planning, you will be able to create accurate cost projections from the software. It will also help in keeping tab on costs spent and target achieved for profitability. Which is not a feature in a standard project management software, because input costs, raw material costs, budget planning, vendor management etc. are out of its scope.
Estimating: This software will have an estimation module as well. Thereby you will be able to create estimations based on the technique selected by you.
Track and reduce costs: It will help you in tracking costs to the lowest level and also will be generate dashboard and MIS for the senior management. Cost control becomes a big deliverable from the software. Dashboard and status reports can get the cost related data at once without having to collate this information from multiple sources and systems.
Sub-contractor and providers integration: This software will be able to integrate with your providers as well. They will be able to get access to the system over their remote sites and be able to view and update status on their own. Sub-contractors update will be timely because they can be assigned tasks and be given a delivery date directly in the epc project management system. It also enables your organization to delay’s etc.
Integration with quotations for RFI’s: It will be able to set-up pages where providers can view and respond to RFI’s documents, pictures and other sub-contractor job related information. This feature will help you to track the bidding process as well. Which means you will be able to save all critical documents related to your project from day one till the completion of the project. This enables almost real-time collaboration with internal and external stakeholders.
Auto submission of orders to sub-contractors: On detecting any scope change or budgetary changes or allocation changes or strategic changes, the epc project management software can send out orders or actionable to sub-contractors automatically. This helps in reducing turnaround time and minimize losses due to delay in communication. Also optimizes the procurement process, since it is now aligned to the needs of the project.