This world leader in large infrastructure works gets full project visibility by connecting financial and non-financial information systems
With thousands of engineers and crews working around the globe on heavy engineering projects, the company’s project progress accounting relies on a complex crossing of financial actuals with budgetary forecasts that depend on weather conditions, fuel prices and the geographical location of ships and materials.
With many reports that each showed only part of the full picture, the visibility over the many concurrent projects around the globe was partial, inaccurate and delayed by at least 1 month. As a large part of the group’s revenue is project-based, it was crucial to have a near-real-time, consistent progress status based on data from multiple sources.
dFakto has set up a dataFactory integrating data from the financial systems and the project management tools. The data are sourced several times per day and are prepared for reporting, after a number of quality checks and enrichments are performed. Two standardised A4 reports are generated per project and automatically sent to stakeholders around the globe; they are used by senior management to objectively compare project performance, both in and across business lines.
As the CFO of the group said: “Our management information was provided through a variety of separate reports and systems, giving us insufficient insight into the financial situation and progress of our 450 projects.
With a dataFactory that combines the data from our different systems and sources, we now have real-time visibility over each project and over our consolidated portfolio. We identify issues earlier and can take immediate actions, saving millions every year. Also, our reporting system is now much more flexible and can be adapted to our changing needs.” “