8over8, UK based software author, announced today its latest release of the ProCon Contract Risk Management platform, Feature Pack 4 (FP4). The ProCon platform manages costs and overruns of capex intensive projects.
Highlights of ProCon FP4 include:
Contract Line Items facilitate the ongoing, fine-grained tracking of cost and consumption of materials and services, which can be specified as a bill of quantities, schedule of rates, or both. The new intuitive interface helps contractors create and submit fully compliant pre-invoice authorization requests, complete with supporting documentation, directly from the web-enabled Contractor Portal. This significantly reduces the amount of work and time required by client contract management and project controls teams to track and validate requests for payment, and to issue timely payment certificates.
Widget Dashboards exploit the power of ProCon Analytics to deliver key contract risk metrics that inform departmental managers about the current level of risk, and facilitate forensic analysis of the causes by drilling into the data. Over 110 metrics are available, relating to contract data, contract obligations, contract communications, and communication reviews.
Standard dashboards can be centrally configured but deployed globally; this is a valuable feature to Owner Operator teams that need to manage a set of project-specific KPIs, in addition to governance KPIs mandated by their central organisation.
Declan Gribbin, CTO at 8over8, commented:
“FP4 results from 12 months of collaboration with industry practitioners and customers to deliver unique contract risk insights that are applicable to mining, petrochemicals and infrastructure industries as they are to the oil and gas industry with which we have a 15 year history. We have had excellent feedback from the EPC & EPCM contractor community, as well as Owner Operators, all of whom have identified a real need to reduce contract risk and, ultimately, costs.”
For EPC contractors ProCon FP4 is a valuable tool to improve cash flow and reduce costs associated with data-intensive payment applications from subcontractors, payment applications to clients and invoice reconciliation. An extensive, tamper-proof commercial audit trail of significant contractual communications with the client throughout the bidding process and duration of the contract ensures that both parties are fully aware of any potential contractual issues and minimizes the potential for claims and penalties.
8over8, an AVEVA Group company, provides contract risk management software that helps large and complex projects improve performance and profitability. 8over8’s platform, ProCon, has been deployed on over 250 projects that manage $500bn of assets, saving customers up to 5% on their capital investments.Headquartered in UK, and with offices in the Middle East, Europe, North America and Australia, 8over8 has built a loyal blue-chip customer base globally including PDO, Shell, BP, Chevron, Santos, Wintershall, Caspian Pipeline Consortium, Woodside and INPEX among others.
Product Marketing Manager
8over8, an AVEVA Group Company
Tel: +44(0) 28 7129 5930
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