The difficulty many executives experience in adequately capturing project cost is a direct result of the fact that project management software is not a native part of their ERP system. They may be running some type of project management software that is integrated to some degree with their ERP application, but this integration is not  complete or thorough enough to provide full visibility into important metrics like committed cost. The logical solution is to select and implement highly usable enterprise software designed for the project environment, with project management functionality that shares data, in a natural, event-driven way, with the rest of an enterprise suite. Identifying this software during a selection process will require extensive due  diligence. The effort required to examine in detail the project capabilities of each ERP package will pay dividends in the end, however, in the form of increased project control and profitability.

Those charged with managing complex project lifecycles are often forced to use separate software products to manage different stages of the project — tendering, commercial, estimating, engineering, procurement, fabrication, planning, cost control, construction, installation and commissioning.
The enterprise project management (EPM) software capabilities of IFS Applications unite these steps in a single integrated process, pulling data on real-time activities directly into a project plan. This affords the ultimate in control and visibility, enabling real-time control over cost, cash, time, resources and risk that perhaps no other application suite can deliver. IFS offers a true project-based solution (PBS) – in essence, an enterprise solution built around project management principles rather than repetitive processes.

That is why IFS Applications is the solution of choice for project-intensive industries like offshore oil and gas, engineer-to-order manufacturing, mining, infrastructure, shipyards and construction/engineering.

IFS Project-Based Solution Concept

IFS Project-Based Solution Concept

 IFS Project Budgeting and Forecasting Model