At the end of June, hundreds of cost management and project controls professionals converged on Toronto, Canada for the Association for the Advancement of Cost Engineers (AACE) Annual Meeting. Since we are extending the capabilities of the Aconex platform to include cost management, our team attended the event ready to listen, learn and engage with this global community.
We were excited to see over 100 companies stop by our booth, where they shared their feedback on our keynote presentation on three steps toward program control: 1) project-wide collaboration, 2) integrated cost controls, and 3) an insights- and cloud-driven platform. Attendees also participated in a survey that asked questions about their role, key challenges, and day-to-day activities. Below you can check out the four themes and findings of the survey:
1 – Managing processes with third parties is difficult and impacts data integrity.
- 65% of respondents said they have difficulty managing processes involving third-party organizations.
- Of the respondents who have difficulty managing processes with third-party organizations, over half said it impacts efficiency (52%), data integrity (54%), and timeliness of data (52%).
2 – Project teams struggle with timely access to data.
- Most respondents (81%) said they get access to performance data either one week after month-end close or later (this includes: one week, two weeks, one month, and more than one month after month-end close).
- Almost half of respondents (45%) said they get access to performance data one week after month-end close.
- More than one-third of respondents (36%) said they don’t get access to performance data for at least two weeks after month-end close.
3 – Timely access to data impacts project overruns.
- More than half of respondents (53%) said the lack of timely performance data has resulted in significant project overruns or delays.
- About three-fourths of respondents (73%) said either: 1) the lack of timely performance data has resulted in significant overruns or delays; or 2) they are unsure if it has resulted in significant overruns or delays.
4 – Consolidating project data & reporting are time-consuming
- Almost half of respondents (45%) said they spend at least one-fourth of their time consolidating project data from multiple sources, updating progress and performance reports, and distributing information to project stakeholders.
- Most respondents (85%) said they spend more than 10% of their time consolidating project data from multiple sources, updating progress and performance reports, and distributing information to project stakeholders.
- Almost half of respondents (45%) said they spend more than 20 hours per month building reports, and about one-fourth (23%) said they spend more than 40 hours per month building reports.
If you missed the AACE keynote presentation by Casey Savlov, VP of Canada at Aconex, view his slides below on “3 Steps Toward Program-wide Control”.