Calgary-based Decision Dynamics has just announced ‘Oncore’, a real-time, project cost management package for oil and gas. Oncore, formerly known as Time Industrial tracks labor, equipment, materials and other costs for capital and operations/maintenance projects by line item and provides robust analytics for contractor performance monitoring. Business benefits include reduced post-project audit costs, improved owner/contractor relationships achieved through fewer invoice disputes, and increased accuracy of future estimates based on historical project data maintained in the Oncore database.
DD CTO Andrew Jarman said, ‘Traditional financial accounting systems report project costs at a summary level, often 60 to 90 days after the work is done. This makes accurate root cause analysis, problem resolution, and proactive prevention of serious cost and schedule deviations impossible. Oncore tracks line items in real time and represents a breakthrough in cost control and financial and performance. In one six-week Oncore pilot project, an oil and gas company discovered $200,000 in duplicate charges for hours billed. ERP systems may check for duplicate invoices but lack the line item granularity that flags this kind of problem.’ Oncore is available both as installed software and as an application hosted in Decision Dynamics’ data center.
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