Automate portfolio cost reporting - for Infrastructure

Create efficiency in infrastructure projects with Portfolio Cost Reporting

Transparent project costs versus budget is essential on any project but when that one project can cost billions and the entire portfolio of $100bn (as is the case for most governments around the world), the importance intensifies. Cost reports, often referred to as 'cluster cost controls' in government circles, serve as the cornerstone for decision-making processes within the infrastructure sector. The intricate nature of these reports necessitates their compilation over extended time frames, as major construction companies collaboratively undertake mammoth projects, sometimes spanning 5, 10 years or even longer.https://www.infrastructure.nsw.gov.au/media/vg2d0f5p/cost-control-framework-approved.pdf

The importance of rigorous and defensible cost estimates cannot be overstated. These estimates are vital for driving greater transparency and accountability in infrastructure-related decision-making. Government ministers and Cabinet members must have unwavering confidence in the business cases submitted for consideration. Similarly, robust cost control processes and a culture of fiscal responsibility are integral to delivering infrastructure portfolios within the parameters approved by government authorities. https://www.infrastructureaustralia.gov.au/2021-australian-infrastructure-plan-implementation-and-progress

Even in the private sector, who while only forming a subset of the overall portfolio, can still be tracking costs in the billions, having transparent reporting on the current position as real time as possible is essential. These infrastructure portfolios typically comprising numerous tiered projects, all contributing to the ultimate portfolio deliverable.

Portfolio cost reporting acts as a linchpin in ensuring that the investment outlays are transparently accounted for. These reports provide stakeholders with the information they need before approving further financial injections into the projects. Key investors are particularly interested in how risks are being managed and the potential cost implications and timeframes associated with these risks concerning the overall project.

Manually managing these processes within the realm of infrastructure can be a daunting administrative task for most project managers. The proliferation of large spreadsheets that tend to crash, the use of various SharePoint systems to collate meta information or individual spreadsheets to be consolidated only adds to the complexity of report generation.

Automated reporting of cost information via a relational database with a distributed data capture model via web interface or API is a simple technical solution made complex by the number of stakeholders involved, frequently crossing hundreds of contractor and consultant organisations. The reluctance among management to embrace a single collaborative tool often results in the continued use of disparate software solutions, without effective integration to consolidate data. https://assets.kpmg.com/content/dam/kpmg/au/pdf/2020/aipm-australian-project-delivery-performance-survey-2020.pdf

Governments have increasingly recognised the benefits of portfolio management and cost management frameworks https://www.infrastructure.nsw.gov.au/media/vg2d0f5p/cost-control-framework-approved.pdf. This frameworks ensure that administrative tasks align with the ever-evolving governance, risk, and compliance (GRC) guidelines. These guidelines drive the design of a single portfolio cost reporting solution, thereby guaranteeing the authenticity of reported data.

A government report in 2021 underscored the advantages of adopting such frameworks in the quest for a more stable infrastructure sector.https://www.infrastructureaustralia.gov.au/2021-australian-infrastructure-plan-implementation-and-progress

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When utilised effectively, UniPhi's capabilities, combined with historical project or portfolio data, can optimise the prediction and preparation of contracts, integrated workflows, budgets, claims, and resource allocations. The data is presented in user-friendly dashboards and charts, facilitating high-level tracking, analysis, and decision-making. UniPhi offers transparency and integration, easing the concerns associated with working with other organisational software systems.

UniPhi enables the effortless aggregation and disaggregation of data, providing real-time cost status across the portfolio. Project teams no longer need to invest additional time in providing data for portfolio cost reporting; the data is automatically extracted from their project cost levels and integrated into the overall portfolio cost report, as long as they fulfill their part within the UniPhi system.

Once this data is consistently captured, all sorts of possibilities open up. UniPhi software has been at the forefront of AI and machine learning integration since its inception. It continually improves project and portfolio predictions, requirements, integration, processes, practices, and reporting capabilities.

Accessing the intricate layers of information required for portfolio cost reporting has never been easier than with UniPhi. Whether your stakeholders are private investors or government entities, they will receive intuitive and engaging portfolio reports, empowering them to make informed decisions with confidence.