Onix were looking for ways to consistently track project financial performance

The challenge Onix were trying to solve was tracking project financial metrics in a consistent manner.

In the past we would spend time creating, updating and managing bulky spreadsheets across different teams. Each had their own needs and ways they’ve pulled together reports. As a result, the biggest challenge was rolling this data up, so we could have an overarching department metrics for professional services.

What’s more, each department had its own visual representation of the data which was tough to make consistent and the data was scattered across different systems versus a single place.

And Price&Cost became the central hub for project financial information

With Price&Cost, we now have a single source of truth that has enough flexibility for the individual teams to check their projects’ performance. For me and the rest of the leadership team, we got the ability to visualise the rolled up data, create team-specific reports and drill down when necessary.

Price&Cost gives us a 360-degree view of our Project Costs and it does it real-time as data is entered into Harvest for time tracking and instantly syncs to Price&Cost. The process is fully automated for us.

The Reporting we get with Price&Cost allows us to visualise the data in many different ways for different stakeholder groups. To me, data can sometimes only be as valuable as how it is represented. And this is where Price&Cost gives us the necessary flexibility.

Project Tracking was challenging and time-consuming

Farnedi Tech’s biggest asset is its people. They bring a variety of skills that helped the company to deliver outstanding work to its customer for more than 30 years. The team are always busy working on clients’ projects and financial management is something we never could dedicate the time to.

As a result, we’ve been reactive in managing project budgets, only finding the real cost of a project once it’s finished. If we went over budget or sacrificed too much profit margin in the process, it was too late to fix anything.

As any professional services company, it’s not just the budget we wanted to have visibility on - project cost to the company as we as profitability are as important.

We’ve recently started getting more and more involved in bigger projects, acting as a subcontractor. With these projects, there isn’t a clear definition of scope at the start and we need to work through all possible resourcing scenarios before giving a Fixed Price budget. This way we can make sure we don’t under-sell ourselves. What’s more, profit margins on these projects are already slim, so we need to be very diligent about the full array of project financial KPI’s at every stage of the project.

Price&Cost was an ideal solution for Farnedi Tech

Before Price&Cost, we’ve been drowning in spreadsheets. Even though we are using Harvest for time-tracking, we never found an easy way to monitor the full breadth of project financials.

Even before the project is officially running, I use Price&Cost to get my budgeting done. I usually go through 2-3 scenarios in Price&Cost, trying out different team allocations, contract types and so on. We often do Capped Time&Materials projects and Price&Cost is indispensable in coming up with an accurate estimate. Flexibility is key for me in estimation and Price&Cost gives me exactly that.

I can easily push my estimate from Price&Cost to Harvest, so I don’t need to set the project up in two places. Saves me a lot of time!

Price&Cost gives me and the team almost instant telemetry on projects. As soon as timesheets are submitted - all my projects are updated in Price&Cost with actuals and I can see where we stand against the original plan. The brilliant Reporting capabilities show me financial performance by business unit, customer, team, etc.

Project do sometimes go wrong and this is where Price&Cost really shines - I can experiment with my projects live, creating alternative what-if scenarios and seeking ways to course-correct.