Project Management Nearly Half of Electrical-Equipment Manufacturers Use 'Gut Feel' for Project Tracking Published on 19 October 2009 - Revised on As reported on Reuters.com Nearly Half of Electrical-Equipment Manufacturers Use 'Gut Feel' for Project Tracking: Cincom Report CINCINNATI, Oct. 15 /PRNewswire/ -- Nearly 50% of electrical-equipment manufacturers use manual tracking and "gut feel" to track project reporting, including project cost and profit. That's 14% more when compared to a composite benchmark of comparable industries. This is according to a 2009 research report by software maker Cincom Systems (http://www.cincom.com/erp) based on a national survey to sales and IT executives that sheds light on how these electrical-equipment manufacturing organizations are managing their businesses for increased efficiency and effectiveness. One of the reasons for the large lack of formal project tracking may be the lack of project-management integration. A full 50% of electrical-equipment manufacturers have no project-management integration with accounting, finance or customer-management systems. This creates a large gap between rapidly advancing manufacturers that are creating profit and loss statements per project and those that lack insight into the profitability by project on an ongoing basis. "Without integrated project management, the company is blind to projects hemorrhaging quietly in their respective silos and equally unaware when projects are running ahead of schedule and under budget," says Lou Washington, co-author of the report. "The end result is the same: assets mismanaged and resources wasted." ERP SYSTEMS CREATE FREQUENT WORKAROUNDS Most electrical-equipment manufacturers surveyed report that their ERP systems provide valuable information. However, 86% of those surveyed stated their ERP systems also require frequent workarounds and customized data extracts. Slightly less than 50% of the composite benchmark had similar problems. Rate this article: No rating Print Arjun Thomas Arjun is a consultant with expertise in areas like Strategy and Operations within the field of Knowledge Management, Enterprise 2.0 and Social Media. He is an Architecture and Design Specialist with expertise in the area of Knowledge and Enterprise Portals and Web 2.0 tools and services. He has a background of implementing large scale Social Networking and other Web 2.0 tools that are now being used rather extensively to promote Knowledge Management within most organizations. Full biography Full biography Arjun is a consultant with expertise in areas like Strategy and Operations within the field of Knowledge Management, Enterprise 2.0 and Social Media. He is an Architecture and Design Specialist with expertise in the area of Knowledge and Enterprise Portals and Web 2.0 tools and services. He has a background of implementing large scale Social Networking and other Web 2.0 tools that are now being used rather extensively to promote Knowledge Management within most organizations. x Contact author Linked In
Quigley & Lauck's Expert Column The Construction Contract Creating a construction contract requires careful consideration to ensure all aspects of the project are clearly defined and agreed upon by all parties. One place to start is using an industry-standard form. By Jon M. Quigley & Steve Lauck25 Apr 2024 min read
Quigley & Lauck's Expert Column Gantt Chart vs. Pert Chart Gantt and PERT charts are project management tools to plan, schedule, and track project progress. They have distinct features and are used in different scenarios based on the project’s complexity and requirements. By Jon M. Quigley & Steve Lauck18 Apr 2024 min read
Quigley & Lauck's Expert Column Mastering Quality: A Deep Dive into Quality Tools and Total... In the competitive landscape of modern business, quality isn't just a benchmark—it's the foundation of success. As organizations strive to improve processes, reduce defects, and enhance customer satisfaction, a suite of quality... By Jon M. Quigley & Steve Lauck27 Mar 2024 min read