Cognix's Governance, Risk and Compliance[GRC] solution helped a UK based Building Management Systems Company to tackle the utilization of people, resources and technology to improve the cost and effectiveness of their GRC system as well as identify, rectify, and supervise enterprise risks.
To stay on top of their game in today’s complex business environment, enterprises are pursuing risk and compliance initiatives. Unintegrated governance of risk and compliance can lead to duplication of efforts and silo view in the enterprise. A well-defined GRC system can rationalize the organization structure and eliminate effort duplication by monitoring and controlling the co-ordination of risk and compliance initiatives.
A UK based Building Management Systems Company was following a traditional manual approach of commercial management that led to inadequate internal governance and disorganized sub-contractor payments due to insufficient or wrong information exchanged between the contractors and the internal team. To reduce risks and make sure that all the stakeholders are on the same page, the company wanted a GRC system that can enable all the stakeholders to work together on a single automated commercial management application.
Econsys, a commercial management GRC solution was built on Cognix and hosted on the cloud to manage all the contractual and commercial phases of their construction projects from inception to completion. The system enables all the stakeholders to work on a single interface and allows them to:
Define Governance flow and rules, identify escalation points, keep track of communication from all stakeholders and submit request based on business Rules.
Ensure that the contract meets the defined criteria and is handed over smoothly to the operations team for execution.
Define project plan, procurement, costing and track status of project plan to handle project escalations.
Track effort and cost post project to ensure that all liabilities are closed.
Cognix's user management feature enabled the enterprise to create and define business critical users or roles with their appropriate permissions.
Visual drag-drap design environment helped to build the Complex GRC Business flow with advanced forms and business rules in a short span of time.
Visual Analytics and Reporting improved financial control by providing real-time visibility of project billing and payment details.
Time savings for Sales, Operations, Commercial, Engineering and Project Leads was close to 60 hours/month.
Due to improved governance throughout the Building Management System (BMS) Project life cycle, visible margin improvements of 45-60% was seen.
Document and database management avoids loss of contract and commercial details.