Blog

15thJune

It’s not always easy to select a cost management tool for your organization. It depends of course on your needs and requirements which one will suit you best. But even if you know what you are looking for, there exist a lot of tools on the market to choose from. To help you out, let’s look at the three best cost management tools available today.

Microsoft Excel

Microsoft Excel is one of the software packages that changes the way we work on large spreadsheets, share and analyze data. Because of its flexibility it is able to cover the basic functionality you need to get started with the above practices. This is also a feature that is the cause for many errors and mistakes because the spreadsheet can be altered even without you knowing. 

Therefore, for more advanced processes and techniques that today’s businesses require, its most useful feature is the fact that almost every computer has got it installed per default. This means that even when stakeholders don’t share the same advanced software solutions, Excel can often act as a data carrier able to interface between tools and report information to third parties.

SAP

An enterprise cannot exist without a fully integrated ERP system like SAP. It is a very suitable system for managing the business and it is supported by a great number of other application providers.

A lot of project members are also using SAP for budgeting and cost control and have a good reason to do so. The data is readily available in the system and it has some basic cost control functionalities. However, the problem is that the system is not written with this in mind.  Data is displayed flat and without breakdown structures and activity-related cost objects. This makes it hard to trace costs and extract metrics. 

Cleopatra Enterprise

Cleopatra Enterprise is a solution that offers cost management tools for the full project life cycle. It is the only available tool integrating cost estimating, cost control and project analytics.

A strong feature is that Cleopatra Enterprise is developed together with expert cost engineers, who use Cleopatra on a consultancy basis: it is developed by and for cost engineers.

With Cleopatra you are able to seamlessly translate your final cost estimate into a suitable control document. When executing your project you can easily feedback actual project data into your estimating knowledgebase, establishing a continuous improvement cycle.

Estimates and cost control reports can be analyzed with much detail to extract metrics, perform benchmarks, study project performance and store cost data for future use. 

Selecting the tool that suits your needs

As stated in the introduction, no software solution will be the best choice for everyone. Make sure to analyze your needs and requirements first, before scanning the market for the solution that will deliver the most value to your organization.