5 benefits of having all your project costs in one system

Project cost data flows through multiple departments. At each step, the data has to be handled, reported, copied or moved throughout the organization. By centralizing project cost data in one software system, you have the opportunity to dramatically improve the handling of project costs. Let’s look at the five greatest benefits:

More security, fewer admin tasks

To be a step ahead of your competitors, you have to protect your sensitive data. This means strict user rights and traceability. Having multiple systems all handling the data introduces more possible security risks and more effort to mitigate these.

Combining work processes to be carried out in a single software system makes it easier to contain sensitive data as there are fewer interfaces with other systems. Managing a single software system for project costs also decreases the amount of administration tasks as there is only one user management system to maintain.

Searching through all project files, cost data

Many people means many ways of naming files, storing data and revisions. Finding back files can be hard, especially when used by multiple people for multiple purposes so they get copied and stored in different locations. Over the years this might lead to a clogged data server and files that are impossible to find.

Introducing a single system to store and manage project cost data ensures everything is in one place. A proper system allows you to categorize and structure data. Quickly retrieve relevant historical information or collect all project files within the blink of an eye.

Maintenance of cost data

Often people have their own cost data and knowledge about their expertise that is not shared with the organization. People often reinvent the wheel for each project they execute.

Having everything in one system, including indexation, location factors, labor rates, etcetera, you maintain one instance of data that is accessible to everyone that needs to use it. This also greatly reduces the risk for loss of knowledge due to changes in personnel.

Benchmarking

For measuring and comparing project performance it is vital to have access to historical data that is structured in a consistent and detailed manner. After all, you need to be sure that you are comparing apples to apples.

Use a single central database in which all facets involved in costing are managed. By standardization of breakdown structures within the database, usage is enforced in the estimates, which will give reliable input for further developing project metrics and benchmarks.

Simplify work process

Mistakes are easily made when retyping, transferring or copying data between multiple systems. Users need to be trained and especially the occasional user is prone to making mistakes.

Working with a single software system enables your organization to work more effectively by using common cost data for all projects. This applies to both the processes as well as the data used to estimate and control projects. This helps to improve communication between the various departments and parties depending on fast and accurate information.

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