“It’s safe to say contractors cannot see into the future. But there’s nothing stopping technology from helping provide a bit more clarity to the road ahead.
Enter Avadencia, www.avadencia.com, Laguna Beach, Calif., and its Avadencia Project Portfolio Cost Forecasting. This cloud-based tool gives contractors the ability to do true forecasting in order to help gain intelligence by implementing not only data from the past, but up-to-date, relevant information from the field.
To date, most contractors are using one of two extremes when it comes to forecasting: larger enterprise systems or spreadsheets. Avadencia integrates with enterprise and job-cost systems to combine that familiar spreadsheet view with a graphical project dashboard. From there, users are able to drill down to individual line items, analyze trends, and view real-time changes to forecasts.
Among the unique aspects to the software is Instant Recall, which provides specific item details with complete history and allows users to gain insight into the progression or stability of an item. Proactive risk management capabilities introduce the ability to track variances and red flag any variables considered to be “at risk.” These items can be matched with enterprise project portfolio management tools in order to view and manage multiple projects at once.
Avadencia also brings forecasting capabilities to the field. Mobile capabilities (launched initially for iOS) help users provide things like photo and video documentation from the field of specific items.
Another unique aspect to this is the forensics capabilities that allow users to analyze trends and drill down on the details of a cause. Such in-depth historical data helps users understand and validate key factors that influence the forecast. By learning from these historical patterns, contractors can build more accurate forecasts ahead.”