According to International Data Corporation (IDC), a typical knowledge worker spends “about 2.5 hours per day (or roughly 30% of the workday) searching for information.” Creating a single source of truth for your data and information improves productivity and simplifies your workflows in several areas such as process engineering and creating standard engineering deliverables. Similarly, estimation workflow can be greatly improved by implementing a single-source approach like this one.
Typically, estimates require input and review from various disciplines such as mechanical, electrical and procurement, as well as review and/or approval by several stakeholders such as managers or the Business Development department.
Time-consuming, resource-intensive cost estimating process with various roles involved
By simply glancing at the process, multiple challenges are immediately apparent. How does an estimator manage to get input from multiple people? How do all stakeholders corroborate the estimate was prepared based on their feedback? How many reports and emails are needed to keep everyone in the loop? And how do you make sure everyone is looking at the latest results?
It is not surprising to hear the following statements:
“Our estimate detailed reviews can only happen at the end of the lifecycle.”
“Managers cannot see big red flags until the estimator shares a report.”
“It’s too late to correct a mistake.”
“The attachment is too big to share by email.”
The AspenTech Solution
AspenTech Capital Cost Estimator™ (ACCE) Insights is the solution to help solve all these challenges. With ACCE Insights, estimators, managers, and all other approved stakeholders get access to the estimate data through a single environment – a dashboard that can be accessed through a web browser from anywhere, anytime and with no need to install or run programs on their devices.
The estimator can always show the most recent results. Managers can look at the overall high-level process and progress of the estimate. Subject matter experts can focus on analyzing specific results such as instrumentation or civil. Decision-makers can review the status of the estimate earlier and determine actions.
With ACCE Insights, it’s not necessary for everyone to install ACCE; only the estimator needs access to this tool. All other stakeholders (with the appropriate permissions) can view the information and provide feedback and actionable items to the estimator who can then make the changes in ACCE and upload the newest results. Such results can then be compared to previous versions to better understand how the estimate changed over time.
ACCE Insights breaks the silos of data and information by offering clear visualization and a collaborative workflow management solution so the estimate can be reviewed more easily from different angles and be shared with any relevant department and stakeholder.
ACCE Insights connects data across the enterprise and facilitates access to the cost estimating information for the approved stakeholders.
Benchmarking provides crucial information which an estimator needs in analyzing a current estimate, understanding how it compares to other or past projects, identifying issues that need to be addressed and defending an estimate at review time.
By putting information from completed projects into ACCE Insights, teams will be able to compare the current project against both standard and tailored metrics. Standard metrics include high-level cost ratios (e.g. Direct field wage rate, piping material cost per linear foot of pipe, steel material cost per ton), discipline ratios (e.g. Equipment hours/Equipment cost, Concrete hours/Cubic Yard, Piping hours/LF pipe) and Total Installed Cost metrics (e.g. Bulk material cost/TIC, Engineering/TIC).
Estimators can use the standard table of metrics and add specific, tailored metrics by choosing the numerator and denominator from a long line of cost data and creating a customized metric. With ACCE Insights, teams can create estimates faster and with better accuracy and have the ability to analyze, track progress and benchmark them with confidence.
Visualization of out-of-the-box and custom performance metrics color coded within a targeted range
ACCE Insights changes isolated work between disciplines into a workflow where everyone who is authorized can participate. It allows for detailed reviews, earlier in the project lifecycle, to explore options for a project, perform benchmarking, and save time correcting mistakes. ACCE Insights keeps growing to help solve the estimation process needs.