The Project Change Challenge
Changes! You just can’t stop them. They are inevitable no matter what type of business you are in, and they can create significant uncertaintity and volatility to cash and revenue.
What was known yesterday, is not necessarily how today will be, or how tomorrow will look. It does not matter how well you understood the project at the point that it was sold, invariably change will occur. The question is, when and how will this impact the cashflow and revenue recognition.
So much change could happen to a project, from agreed changes in milestones, to delays in deliveries to clients, to requests from clients to change the scope - both positive and negative. CONVENDIA has been built with a view to helping Project Managers understand the implications of these changes to the overall financials of a project.
Directly in the application you can see all the payments due with their milestones, and of course where consultancy is also used you can see both current and forward looking forecasts. As change management occurs the project manager is able to reflect those changes into each project and instantly everybody can see the impact.
Whether this is a delay in a milestone to another quarter, or the reduction of consultancy effort, or the addition of bespoke work that increases revenue, as change occurs the impacts are understood by everybody real-time. No more remembering to tell Finance, no more consolidation, no more aggregation and no more delays in understanding what will happen to this period’s numbers.
Why is Change Risk Management important?
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Number of Projects
Changes per Project
Change Risk Datapoints
Your Change Risk%
If we consider a medium sized company having 140 active projects globally, of which each has on average 17 changes in its lifecycle, then that is a total number of 2,380 potential changes that are going to influence the company’s financials - either positively or negatively.
It is simply not possible to keep abreast of all these in real-time easily by relying on people to communicate impacts or by using spreadsheets or by using some form of reconciliation between the project plans that Project Managers use and the financial systems that the Finance team uses.
CONVENDIA solves this problem such that every data point that could change is instantly communicated to everyone who needs to know, seamlessly in real-time. Financials will never be out of date again because of change, and the risk of incorrectly stating the impact to financials is completely mitigated.
If you want to get control of your projects and understand in real-time how the dynamics of change can be fully mitigated then get in touch for a demo using the form below. We think you will be amazed at what we can show you!