The Oil & Gas and Engineering & Constructions sectors have a number of unique challenges that most organizations will not experience. The level of complexity on projects in these sectors is tremendous, often with hundreds of vendors and subcontractors being engaged on a program. All of these vendors need to be managed, and work tracked from vendors across multiple concurrent initiatives. The difficulty of even tracking the progress of tasks is huge, let alone trying to manage contractual commitments, triggering milestone payments, managing dependencies, ensuring compliance with various government and industry regulations and multiple currencies.
In addition, elements of the projects are likely being built on the other side of the world, shipping can take weeks or even months and delays and problems can have impact measured in millions of dollars and months of delays. If you don't have good control of these projects then you won't even know about some of these problems until it's too late to do anything about them.
That's where ProjectObjects can help. Managing these levels of complexity is not only within its capabilities, it's effortless. Drill down from summary to detail with just a few clicks and view the data any way that makes sense to you – by vendor, by location, by project element, by contract – you name it, you can analyze data that way. Projects of this complexity are never easy, but with ProjectObjects it's at least easier to control and manage.
One of the other major characteristics of projects in these sectors is the long payback period. Your investment decisions are expensive and you won't see a return for many years. That means that it's vital to make the right decisions and that's where ProjectObject's portfolio modelling functionality comes in, allowing decision makers to analyze various options committing where to invest the limited resources. When you have made the commitment you need to be able to track that return for an extended period of time and ProjectObjects can shift seamlessly from managing project execution to tracking the results of that executions and the bottom line gains – whether that be for a year or a decade.
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