4 Ways Forecasting Software Overcome Utility Challenges
The use of purpose-built software to forecast cashflow and analyze resource requirements enhances the Utility Industry’s ability respond to unanticipated field conditions and adjust resources to achieve budget conformance. Utilities can streamline their Project Management Team’s monthly efforts managing projects and portfolios with CURATM Forecasting. The software presents a game-changing opportunity for the utility industry to overcome challenges of forecasting projects and programs across the enterprise.
Leading software in the utility market is a web-based project management solution that integrates with multiple databases to develop accurate forecasts in real-time. The innovative software empowers project managers to effectively adjust cash and resource requirements by making proactive decisions based on external influences that impact the project.
Here are 4 ways that cutting-edge forecasting software such as CURATM Forecasting enables utilities to overcome industry challenges
1. Consistent & Centralized Forecasting Practices
Many organizations rely on out dated processes that often involve numerous business units utilizing disparate spreadsheets. Having such decentralized methods can result in significant errors and inconsistent information, which is highly time-consuming for project teams to revisit and reconcile.
Utilizing purpose-built forecasting software enables the project team to process data seamlessly on a centralized platform that consolidates data from disparate sources. The software puts all required data into a single platform that provides straightforward insights to analyze. The project team can easily access accurate project and program information across the business for strategic decision-making with increased efficiency.
2. No Error Prone Spreadsheets
While Excel is a practical platform for data compilation, organizations that deal with project data to make informed decisions require information that must be accurate and timely. Information obtained from collaborative teams must be reliable for confident decision making.
More and more utilities are replacing Excel spreadsheets with robust, purpose-built software to manage multiple projects and analyze variances to minimize errors and standardize forecasting practices.
Forecasting software like CURATM has revolutionized how utilities manage projects and resources with real-time adjustments that identify potential cost overruns and mitigate impacts.
Adopting software that standardizes forecasting practices and eliminates error-prone spreadsheets helps to ensure budget conformance.
3. Streamlines Forecasting Practices
Collecting project data for real-time analysis can be a time-consuming process, especially with multiple projects and large, complex programs. However, using purpose built forecasting software to capture and compile all relevant cost information enables an efficient process to analyze and adjust for budgetary constraints and impacted deadlines.
By replacing manual processes with innovative software like CURATM Forecasting, organizations can establish built-in rules to provide greater confidence in forecasting large projects and portfolios of projects to make informed strategic decisions pro-actively.
With the ability to automatically access accurate, reliable data in real-time, using CURATM Forecasting, managers can make decisions with greater confidence by knowing that such decisions are, in fact, the best choice.
4. Ability to Capture, Manage, Track & Audit Monthly Forecasts
Although Excel and other manual forecasting processes can track changes in a shared workbook, its capabilities are limited in consolidating data from disparate sources, and it is unable to capture, manage, track and audit monthly forecasts.
Forecasting solutions, like CURATM Forecasting, enable organizations to standardize forecasting practices across the enterprise. Cost control engineers and project managers can efficiently manage multiple projects in real-time as frequently as needed. The software enables the enterprise to take forecasting to the next level with real-time data, insightful variances and built-in calculations for handling AFUDC and CIAC.
As organizations encounter a variety of forecasting challenges, it’s clear that the most attractive solution is to adopt software that can accurately evaluate forecast information across projects and programs with consistent data in a centralized platform.
With software like CURATM Forecasting, your organization can gain immediate insight and visibility into a portfolio of projects, adapt to unexpected challenges, and quickly respond to unforeseen impacts to effectively manage projects and programs.