New release of contractual risk management solution

International software firm 8over8® Ltd. has announced the launch of ProCon™ 2014, the latest release of its flagship contractual risk management solution. ProCon 2014 enables owner operators of large capital projects to establish a commercial firewall against value leakage from mismanagement of unforeseen change orders, missed contractual obligations and poor interface management of the portfolio of capital project contracts.

“The delays and claims that blight large capital projects are costing billions of dollars at a time when the need for capital discipline has never been greater,” says Clare Colhoun, CEO, 8over8. “ProCon 2014 provides a powerful platform that identifies and manages contractual obligations, originates, manages and analyses all contractual correspondence and change and provides early warning of potential cost and schedule overruns and avoidable claims. This ultimately reduces the cost of capital in these projects and ensures predictable commercial outcomes for owner operators.”

ProCon 2014 embeds discipline in the management of project contracts through standardisation of the language and terminology that underpin contractual communications, a comprehensive communication audit trail, and automated monitoring of obligations and risk. Actionable analytics and predictive insights give advance warning of potential overruns and change requests that require management attention.

“Contracts underpinning complex projects have many interdependencies,” Colhoun continues. “During project execution, the key risks to the owner operator are related to contractual default, the management of change and mitigating against unforeseen claims. Success hinges on controlling the interface between the owner operator and the contractor, with clear rules of engagement defined, agreed, documented in advance and enforced. Using 8over8’s ProCon 2014, project owner operators can generate US$ 100s of millions of savings by bringing rigorous commercial discipline to the deployment of capital.”

ProCon 2014 is available globally and can be deployed on premise, or via a privately managed cloud delivered by both 8over8 and authorised partners. Trusted to manage capital project contract execution in multi-billion dollar projects globally, 8over8’s ProCon is deployed in more than 60% of the most capital intensive energy projects worldwide.

Adapted from a press release by David Bizley

Read the article online at: https://www.worldpipelines.com/product-news/16072014/new_release_of_contractual_risk_management_solution/