A USA-based firm providing solar panel tracking systems, and related engineering services, with international branches in five other countries.
The company excels in installing solar panels and also creating innovative devices that help automate the position of solar panels to optimize energy generation.
Problem Statement
Lack of real-time visibility : The supply chain team at FTC Solar faced challenges in obtaining up-to-date information on money spent on the projects so far, resulting in difficulties in tracking and monitoring cost status in real-time.
Inaccurate cost estimation : Without a comprehensive system in place, the team struggled to accurately estimate costs at completion, leading to budgetary discrepancies and potential financial risks.
Tracking cost overruns/underruns : The absence of a centralized platform made it challenging to identify cost overruns or underruns promptly, delaying necessary corrective actions and impacting project timelines.
Proactive resolution of budgetary issues : The team lacked the means to proactively address budgetary issues, resulting in reactive measures and potential disruptions to ongoing projects.
Our Solution
Experts at DataToBiz developed a customized ECAC (Estimated Cost at Completion) Dashboard for VPs, master planners, and project planners within the supply chain team to assist them with numerous processes.
Requirements Gathering : Through collaboration with stakeholders, our experts identified key features and functionalities required in the ECAC Dashboard, including real-time cost tracking, budget allocation, variance analysis, and reporting capabilities.
Dashboard Development : We developed an intuitive and interactive dashboard interface using modern web technologies, ensuring a user-friendly experience for project planners.
Data Integration and Analytics : By integrating various systems, we enabled real-time data synchronization and leveraged advanced analytics techniques to calculate and visualize estimated costs at completion based on project progress and budget allocations.
Testing and Deployment : Rigorous testing and involving project planners and stakeholders in user acceptance testing ensured a seamless user experience. The dashboard was deployed on a secure server accessible to authorized users.
Enhanced Cost Estimation : The ECAC Dashboard provided real-time visibility into project cost status, resulting in an 18% improvement in the accuracy of cost estimation.
Proactive Budget Management : Early identification of cost overruns or underruns allowed project planners to take proactive measures, resulting in an 8% reduction in budget deviations.
Improved Decision-making : Access to accurate and up-to-date cost information empowered project planners to make informed decisions, leading to a 19% increase in on-time and on-budget project deliveries.
Effective Stakeholder Communication : The dashboard facilitated transparent and data-driven communication with stakeholders, resulting in a 27% reduction in budget-related conflicts and delays.
Cost Optimization : By monitoring cost variances and identifying trends, project planners could optimize project costs, resulting in a 15% improvement in overall project profitability.
Overall, the implementation of the ECAC Dashboard provided real-time visibility into supply chain operations and budget allocations, leading to improved project outcomes in the renewable energy industry. With the produced insights, our client’s supply chain team achieved better control over project costs, streamlined procurement-budget management, and fostered effective collaboration with stakeholders, ultimately driving project success and profitability.
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