At Prometheus Group, we talk a lot about maintenance, which is a key aspect of ensuring that your assets are running as well as possible. When done properly, this allows your organization to keep chugging along with minimal break-in work, unexpected crises, or massive equipment failure.
But what happens when you’re ready to improve in a big way? Expanding equipment, laying new pipelines, remodeling a site building, installing IIoT sensors, or even painting the handrails throughout a plant are all examples of projects and programs meant to improve the performance, output, and work environment of an organization.
So what tools do you need to manage deadline-driven, risk-filled programs that dip into your organization’s capital? Prometheus Group’s new Project & Portfolio Management solution helps streamline a critical part of your company’s and products’ lifecycles: capital projects.
Let’s start off with a baseline definition. A capital project is a long-term, capital-intensive investment project with a purpose to build, add to, or improve a capitalized asset.
It’s worth pointing out that capital projects do not have to be multi-million-dollar initiatives (although they certainly can be). They can also be the $100,000 projects that add discrete value across your organization.
A recent report indicates that now is the right time to be planning capital projects—but to be planning them differently. The uncertainty involved in a global pandemic, lockdowns, labor shortages, supply chain disruptions, and uncertain recovery trajectories has emphasized the need for accelerated and urgent change.
It’s also highlighted the opportunities available for delivering on large capital projects more efficiently and sustainably. Prometheus Group’s Project & Portfolio Management solution provides you with targeted interventions and a comprehensive framework to make sure that your processes are being enforced—setting your organization up to finish on time and on budget while producing safe and predictable outcomes.
If you’ve found yourself saying any of these things in the course of a capital project, then you probably need a better solution:
“Our Excel workbook was built by someone who retired.”
“Our new project managers don’t know or follow our processes.”
“I don’t know where to find information.”
“We can’t compare projects between project managers and sites.”
“Our Capital Project request process isn’t real time.”
“Our project information and deliverables are incomplete.”
“We don’t have the right information at the end of a project to hand it over to maintenance.”
You should have a capital project management tool that allows you to manage these projects from inception to maturity with complete visibility.
We see the same sticking points again and again in capital project development and implementation:
These challenges plague each part of the project lifecycle, driving up time, costs, and risks for your organization.
The capital project planning and execution process is long, especially for major projects. No matter the size of your capital project, it’s critical that your process is transparent, visible, and accountable for all parties involved in the project—from project controllers, to contractors, to upper management.
Prometheus Group’s Project & Portfolio Management solution provides a complete application for managing capital projects from the idea stage to execution and closeout. This advanced solution enforces your process, built on your best practices—it’s flexible when you’re building it, but ensures standards are met.
There are a number of ways that you can slice and dice capital project development and execution into different phases, but there are a few stages consistent amongst all capital projects. Project & Portfolio Management offers accountability and visibility all along the way.
To learn more about Prometheus Project and Portfolio Management, check out our infographic "How Prometheus Group’s Capital Project & Portfolio Management Solution Adds Value at Every Stage.”
Prometheus Group’s Project & Portfolio Management (PPM) suite is comprised of two products, Co-Console and Doc-Console. The PPM solution adds value and visibility at every stage of the process and across projects for an organization.
By seamlessly integrating with any other system you might be using (including Prometheus Platform solutions, Oracle Primavera P6, SAP ERP or Maximo, SharePoint, homegrown solutions or third-party products), Prometheus Project & Portfolio Management helps you and your team:
Prometheus Group’s Project & Portfolio Management Solution easily interfaces with any product you’re using for STO management, planning and scheduling, etc. (including SAP PPM Ecosys, Primavera EPPM, or homegrown spreadsheets).
This solution also adds value to the other products in our Prometheus Platform, integrating seamlessly. Most intuitively, Project & Portfolio Management aligns well with:
Easy to deploy and integrate, Project & Portfolio Management is designed for organizations that are looking to continuously improve and increase their productivity.
As a complete application for managing projects from inception to maturity, Project & Portfolio Management ensures that your standards and processes are followed for every capital investment.
Looking to learn more about how to establish visibility, transparency, and accountability in your capital projects with Prometheus Group’s Project & Portfolio Management solution?
Check out our webinar, “Streamline Your Projects and Portfolio Management Processes” to learn more about how Prometheus Project and Portfolio Management helps you manage your capital projects more seamlessly.