Effective financial management via cooperation

Zone Sight guides the parties of the construction project to make justified economic decisions at the right time

✓ Up-to-date Financial Information makes it easier to predict the final cost
✓ Ties the budget, procurement packages, tender requests and contracts together
✓ Payment installments are approved only after the delivery is ready and inspected
✓ Change needs are agreed together before ordering and delivery
✓ Suppliers' obligations and liabilities data, and the quality of deliveries are monitored

Financial management
main functions

Costs

  • Activity Codes

  • Budget

  • Committed

  • Actual

  • Forecast

  • History

Procurement

  • Budget

  • Packages

  • RFQs

  • Quotations

  • Comparison

  • Agreements

  • Supplier Management

Payments

  • Installments

  • Unit Prices

  • Approval Process

  • Invoice Review and Matching

  • Payment Cashflow

Changes

  • Additional Work

  • Scope Change

  • Change Request

  • Quotation

  • Change Order

COST MANAGEMENT process & benefits

Budget

  • Create project and activity code structure

  • Import target costs

  • Activity code structure is updated

  • Maintain target costs

Committed Costs

  • Assign targets to activities

  • Packages are created

  • Do tendering

  • Define agreements

  • Committed costs are calculated

  • Activity code structure is updated

Actual Costs

  • Ledger data is received

  • Import special costs

  • Actual costs are calculated

  • Activity code structure is updated

Forecast

  • Review targets and actuals

  • Update cost estimates of activities

  • Approve project cost estimate

  • Cost history is updated

  • Report estimate to Project Owner

✓ Project costs are transparently visible to all parties according to their roles
✓ Commited costs reflect the progress of procurement
✓ Actual costs are updated regularly
✓ The final cost forecast is reviewed and reported to the Project Owner
✓ Cost history helps to understand financial changes during construction phase

Procurement process & benefits

Prepare Packages

  • Assign targets to activities

  • Packages are formed

  • Split packages when necessary

Do Tendering

  • Select suppliers for tendering

    Prepare request for quotations

  • Compare quotations

  • Make decisions

Purchase from Suppliers

  • Create agreements

  • Define installments

  • Define unit prices and quantities

  • Committed costs are updated to activities

✓ Ties target costs, activity codes and procurement packages together
✓ Consistent way to manage the RFQ process
✓ Transforms purchases to committed costs
✓ Maintains supplier compliance status
✓ Enables evaluation of suppliers and their deliveries

payment management process & benefits

Request for Approval

  • Deliver work package

  • Send installment for approval

Review Delivery

  • Inspect delivery at jobsite

  • Review invoicability

  • Review agreement

Authorize to Invoice

  • Approve installment

  • Attach approval note to invoice

  • Send invoice

Review Invoice

  • Check invoice content

  • Allocate invoice to installment

  • Mark installment as invoiced

✓ All approvals are documented
✓ Parties share the same information
✓ Project closeout becomes more straighforward process
✓ Fewer credit notes
✓ Less unnecessary email traffic

change management process & benefits

Propose Change

  • Define need for change

  • Add quotation with specifications

  • Request for change order

Review

  • Review change proposal

  • Check for appropriateness

  • Order and create installment

Deliver

  • Deliver work package

  • Request for installment approval

✓ All change requests are reported in timely manner
✓ Impact to costs and schedule is clearly undestood
✓ Changes are reviewed and ordered before work begins
✓ Project closeout becomes more straighforward process
✓ Less email traffic

More effective financial management via cooperation

✓ Forecasting based on shared project cost data
✓ Robust procurement process
✓ Common payment approval process
✓ Transparent change management process
✓ Open interface to exhange financial data (REST API)