CASE STUDY – PROJECT FINANCIAL MANAGEMENT DECISION SUPPORT
This organisation supplies administration, infrastructure and maintenance services and support to large government projects.
All departments were working in isolation, manually preparing contracts and estimates for infrastructure projects without sharing resources. This was resulting in lost opportunities to drive future efficiency. There was also difficulty in communicating the organisation’s changing priorities quickly. Management had a lack of visibility into personnel and operating cost processes, leading to inaccurate estimates.
The organisation identified a need for a centralised system to track estimates related to upgrading or replacing assets.
The ThoughtWeb solution prototype was configured in eight weeks, and manages the allocation, prioritisation and approval of projects worth A$4.4 billion. The solution also manages the final drawdown of funds.
When a project is first proposed, a user can put a rough cost and timeline estimate into the system. The proposal then passes through the various reviews and gateways required.
Each gateway the proposal passes through confirms timelines and costs with more accuracy. These gateways link in with the funding review boards.
If a mistake is made when entering data into the system, the person entering it flags the mistake and enters the correct data.
The solution’s process management capability supports the development, updating and funding drawdowns during the lifecycle of approved projects.
The ThoughtWeb platform delivered an immediate outcome by identifying unbudgeted committed spend. As the solution was configured to exactly match the organisation’s processes and systems, it enabled organisational efficiency.
The solution improved governance and better linkages between sponsors, projects and financial groups. This gave decision-makers more confidence and helped build stronger relationships between key stakeholders.