InEight releases time-phased budget and forecast features for project controls
InEight has introduced a time-phased budget and forecasting feature to the InEight Control project management software. The new feature will give project teams enhanced connected insights to ensure construction projects stay on schedule and under budget.
With a time-phased approach to budget and forecast, project stakeholders can proactively take control of financials with real-time data, rather than using traditional monthly processes that can deliver out of date information.
At the end of the day, project teams will be able to more accurately and efficiently track and predict costs, allowing them to mitigate risk, reduce manual data entry and the need for disparate systems and receive timely payment.
“Until now, gaining greater granularity of a capital project’s budget or forecast has been a considerable challenge,” InEight executive vice president, industry engagement Rick Deans says.
“This new feature further elevates the capabilities of project managers versus traditional ERP system offerings, allowing key project stakeholders to gain real-time insights into the project’s percent complete, revenue, budget and forecast, while creating numerous possibilities for earned value management.”
He adds that the feature will provide more than just a detailed analysis, but it will allow project teams to understand where to focus resources and improvement efforts.
By acting as a single source of truth for time-phased budget and forecast information, and with full external ERP system integration, project teams will no longer need to maintain separate systems or spreadsheets. Data will be automatically connected and kept up to date, removing the need to manually re-perform calculations or update data come fiscal closing.