A PMIS streamlines project delivery by serving as a dedicated, end-to-end, integrated system for near real-time reporting and management. It centralizes project data, automates workflows, enhances visibility and improves collaboration. It’s an engine to manage, perform and track critical activities and project-relevant KPIs at every stage of the project lifecycle, including:
- Centralized data management: Mitigates version control issues, eliminates manual work and offers real-time updates.
- Enhanced financial control: Oversees funding allocations, prevents cost overruns, streamlines evaluations and conducts cash flow forecasting.
- Schedule optimization: Automatically identifies dependencies and bottlenecks, allocates resources efficiently and tracks progress with earned value metrics.
- Risk management and compliance: Centralizes risk tracking and compliance through automated registers, audit trails and user activity logs.
- Communication and collaboration: Facilitates customized portals for users, ensures mobile access for real-time updates and automates reporting.
- Contract management: Simplifies procurement and contract processes with standardized templates and electronic bidding.
These management features improve the efficiency and execution of capital infrastructure projects by reducing administrative labour, eliminating manual processes, minimizing error and organizing project data. The PMIS system stores, analyses and shares asset-specific information more effectively and efficiently, tightening schedules and improving costing, scoping and risk management. Taken together, those process enhancements integrate project management and create a single source of truth.
A PMIS adds value now and down the road. During construction, it acts as a repository for asset information. Once the project is completed, this historical data can be fed into an asset management system to help manage that asset.
Despite these advantages, 54 per cent of engineering and construction firms haven’t yet adopted a PMIS or are only in the earliest stages of adoption.2 Many organizations feel unequipped to configure and implement a PMIS themselves. However, the benefits of PMIS solutions are undeniably beneficial for controlling project costs and scheduling, managing risk and safety and increasing quality and efficiency.