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1. Leveraging Primavera and EcoSys Financial Manager for Better IT Financial Management at SunTrust BanksChristina Critzer, PMP – SunTrust BanksTom Brown, PMP - EcoSys
2. What’s your relationship to SunTrust?
3. Snapshot of Primavera at SunTrust 5,000 enterprise licenses
Support 4 different environments: Development, QA, Training and Production
Actively utilize the following Primavera components:
Project Manager Client
myPrimavera with Collaboration
Methodology Manager & Project Architect
Compression Server
Timesheets
Automated Job Services
Custom API jobs for various purposes
Implemented other niceties:
Validation portals for showing non-compliance with business rules
3rd party reporting through Crystal Enterprise with COGNOS migration in progress
Financial management via integration with EcoSys FM
Security Administration ~300 security access requests processed @ month
Centralized workstream, program & project reporting
Centralized administration of project baselines, project closure
Decentralized allocation of project id’s
4. You know what Primavera is, so what is EcoSys?You know what Primavera is, so what is EcoSys?
5. “This unique solution provides budgeting, forecasting and consolidation within a project management framework.”
- 2008 BPM Buyers Guide
6. Bridging Corporate Strategy with Project Financials
7. Enterprise Budgeting and Financial Management
Fully web-based, thin client
Can be fully integrated via XML EcoSys Financial Manager
8. EcoSys: The Company Enterprise project financial management software and services
Founded in 2000
Primavera Premier Service Partner/Technology Partner: Over 150 Enterprise PM implementations
9. EcoSys Representative Clients Government/Mil/A&D
BAE Systems
NASA
Northrop Grumman
Raytheon
Sikorsky Helicopter
US Federal Aviation Administration
US Department of Defense
US Department of Energy
US Department of Transportation
US Army
US Navy
Lockheed Martin
Engineering & Construction
ABB
Amtrak
Bechtel
GE Power
Gottlieb Skanska
US Army Corps of Engineers
Siemens
10. You know what Primavera is, so what is EcoSys?You know what Primavera is, so what is EcoSys?
11. Decision Drivers Prior to implementing Financial Manager, one of our public sector customers asked US Congress for $40MM less budget than they actually needed, due to an Excel spreadsheet error.
A Commercial IT customer determined that its complicated, error-prone project financial reporting process was underreporting IT spending by $10-20MM.
Budget overruns are common across all industries, and in the extreme can run into the billions of dollars with poor schedule-to-cost forecast alignment.
…and if the first two are not dramatic enough, the third bullet should do it
This would be a good lead into why SunTrust moved toward a Financial Manager solution…and if the first two are not dramatic enough, the third bullet should do it
This would be a good lead into why SunTrust moved toward a Financial Manager solution
12. Control over Corporate reporting
Increased financial visibility
Increased financial controls
Increased financial accuracy “Managing at the Speed of Change”
Examples of lack of control
What was the “burning platform”?
Basically, how bad was it?
“Managing at the Speed of Change”
Examples of lack of control
What was the “burning platform”?
Basically, how bad was it?
13. The Story Benefits - Ease of use for labor and non-labor expenses
Benefits - Ease of use for labor and non-labor expenses
14. Control over Corporate Reporting Financial Visibility
Between Business and IS
Disparate databases
Elongated throughput of data _ Elongated… manual processes. Multiple owners of data sources.
_ Elongated… manual processes. Multiple owners of data sources.
15. Financial Control
Floating project source data
Incomplete/inconsistent GL data
Core processes managed in Excel
Spreadsheet formula errors
Version control issues
Extensive data consolidation efforts
No lockdown control point Control over Corporate Reporting
16. Financial Accuracy
Rates
Blended vs. Actual
Internal vs. External
Forecasting hours
Project-based, bottom up “estimate”
Contract/P.O. based Control over Corporate Reporting
17. Requirements
Flexible structure
Organic organizational change
A learning environment
Portfolio Management
Distributed project management
Distributed cost management
Tracking funds to multiple sources
Organizational budgeting
Retain GL responsibilities Control over Corporate Reporting
18. Constraints
Project Governance
Phase-based budgeting, actuals, forecasts
Accountability/Traceability
SOP 98-1
Meeting organizational guidelines
Improving reporting lag Control over Corporate Reporting
19. Financial Visibility
Between Business and IS
Disparate databases
Elongated throughput of data Control over Corporate Reporting _ Elongated… manual processes. Multiple owners of data sources.
_ Elongated… manual processes. Multiple owners of data sources.
20.
Financial Control
Floating project source data
Incomplete/inconsistent GL data
Core processes managed in Excel
Spreadsheet formula errors
Version control issues
Extensive data consolidation efforts
No lockdown control point Control over Corporate Reporting
21. Financial Accuracy
Rates
Blended vs. Actual
Internal vs. External
Forecasting hours
Project based, bottom up “estimate”
Contract/P.O. based Control over Corporate Reporting
22. You know what Primavera is, so what is EcoSys?You know what Primavera is, so what is EcoSys?
23. Snapshot of EcoSys at SunTrust
24. Closeouts
25. Closeouts (cont.)
26. Adjustments
27. Adjustments (cont.)
28. Rates
29. Forecasts
31. Requirements
Flexible structure
Organic organizational change
A learning environment
Portfolio Management
Distributed project management
Distributed cost management
Organizational budgeting
Retain GL responsibilities EcoSys at SunTrust
32. Requirements – Flexible Structure
33. Requirements
Flexible structure
Organic organizational change
A learning environment
Portfolio Management
Distributed project management
Distributed cost management
Organizational budgeting
Retain GL responsibilities
34. Requirements – Portfolio Management
35. Requirements
Flexible structure
Organic organizational change
A learning environment
Portfolio Management
Distributed project management
Distributed cost management
Organizational budgeting
Retain GL responsibilities
36. Requirements – Multiple Funding Sources Multiple Funding Sources
Distributed cost managementMultiple Funding Sources
Distributed cost management
37. Constraints
Project Governance
Phase-based budgeting, actuals, forecasts
Accountability/Traceability
SOP 98-1
Meeting organizational guidelines
Improving reporting lag
38. Constraints - Project Governance
39. Constraints - Project Governance (cont.)
40. Constraints - Project Governance (cont.)
41. Constraints
Project Governance
Phase based budgeting, actuals, forecasts
Accountability/Traceability
SOP 98-1
Meeting organizational guidelines
Improving reporting lag
42. Constraints – SOP 98-1
43. Constraints – SOP 98-1 (cont.) Multi-step/multi-role
Excel based
One month delay in reporting
44. Constraints – SOP 98-1 (cont.)
45. Summary A burning platform need triggered a response
Integration of EPM and financial tool
Working within a project management framework
A consolidation of process and tool