Benefits of Real-Time Forecasting for Utility Projects
Utility projects are complex and require careful planning and coordination to ensure their success. One of the most critical aspects of utility projects is the accuracy of forecasting and calculations such as AFUDC and CIAC material handling which are specific to the industry to forecast dollars, hours, and FTE. This is where purpose-built forecasting software comes in as a valuable tool for utility project managers and cost control engineers.
Real-time forecasting software solutions such as CURA™ Forecasting provides up-to-date, accurate information on project patterns and demands, allowing for pro-active, informed decision-making and better project outcomes.
With the ability to anticipate future conditions, real-time forecasting allows for effective resource allocation, and increased efficiency. Whether it be predicting the cost of resources or materials or optimizing supply chain operations, forecasting software provides a wealth of benefits that are essential for the success of any utility project.
By having access to up-to-date project information, organizations can advance operations and gain real-time visibility into on-going projects.
Here are four benefits of real-time forecasting software for utility projects:
Improved Forecasting Accuracy
One of the most evident benefits of real-time forecasting is that it can provide accurate predictions for resources and budgets with the ability to replace historical toolsets and old-school spreadsheets. This is because real-time forecasting considers the most recent data on weather patterns, resource productivity, and other variables, rather than relying on outdated information which is difficult to consolidate across multiple platforms.
According to a study by the National Renewable Energy Laboratory, real-time forecasting can improve the accuracy of forecasts by as much as 20%. Software solutions like CURA™ Forecasting can process large amounts of data and centralize and standardize forecasting processes across the enterprise.
Utility companies can better manage their resources through real-time forecasting by predicting and adjusting project resources, the number of employees and supplies accordingly to what is required for the project.
Real-time forecasting empowers utility companies to have a more accurate understanding of the project’s financial situation, enabling them to make informed decisions and allocate resources more effectively. This helps to minimize waste and increase efficiency, resulting in better budget planning and optimized resources.
By using forecasting software to access accurate and up-to-date information, project managers and cost control managers can ensure that the right resources are being used in the right place at the right time, leading to more effective project outcomes.
With real-time forecasting, utility companies can see how their projects are progressing in real-time and make informed decisions based on the data. This data includes important metrics such as project progress, costs, and resource allocations. This information helps utility companies to identify areas for continuous improvement.
Real-time forecasting software like CURA™ Forecasting further provides utility companies with a clear and concise view of their operations, allowing them to see how their projects are progressing and identify areas for improvement. This increased transparency leads to greater accountability and improved project and program performance.
Streamlined Project Processes
Real-time forecasting software removes the uncertainty of fixed data points and grants utility projects with the benefit of applying lucid, immediate auto-calculations and corrections to a forecast model, based on real-time updates of cost information and other forecast elements.
Real-time adjustments to forecasting identify potential cost overruns and effectively mitigate risks across a project. Implementing cutting-edge software like CURA™ Forecasting provides the confidence to effectively manage project resources and budgets.
As technology continues to advance, the benefits of real-time forecasting will likely become even more pronounced in the years to come. Forecasting software offers numerous benefits for utility companies and their projects from improved budget planning and enhanced decision-making to increased transparency and better resource management.
Ultimately, real-time forecasting helps to minimize waste, increase efficiency, and deliver better outcomes. Investing in real-time forecasting software like CURA™ Forecasting is a smart choice for utility companies looking to optimize operations and deliver better results. With its ability to provide up-to-date information and real-time adjustments, utility companies can be confident in their ability to effectively manage projects and resources. By embracing real-time forecasting software, utility companies can unlock new opportunities for growth and success.