Honeywell is an engineering and technology company which invents and manufactures technologies that address challenges across multiple sectors, including energy, security, safety, productivity and global urbanization. Its annual revenue is over $30bn.
Jeff Hopkins, Vice President of Global PMO and Intelligrated PMO, and Roman Vorel, VP, CIO Engineering & GPMO, explain how Cora helped them to cut cost overruns by $450M in 8 months.
Watch this Video
Challenges Honeywell Faced
- Managing $6bn of projects revenue across six business units (including aerospace; building solutions; process automation; warehouse automation; smart energy; and oil & gas)
- Projects ranging from $50k weekend projects to $500m complex projects happening over multiple years
- Each business unit managing projects in a different manner, i.e. operating a) different business processes and b) from different levels of IT maturity
- Needed to re-set so every business unit is aligned and operating with same business processes
Capabilities Cora Brings
- Rigorous standardization, e.g. when introducing a change, everyone has to come to Change Control Board, with everything documented, so all parties are aligned
- Efficient schedule and project tracking, i.e. project information, milestones, risks, dashboards, time & resource management
- Leadership can easily analyze entire $6bn portfolio and see all the project risks from one dashboard in an instant
- Cora platform used to deliver the Cora implementation, radically improving collaboration and staff buy-in for the solution
- “One single source of truth” for operational PPM, including direct link to financials
Benefits
- $200M reduction in cost overruns in 8 months
- $250M undetected change orders identified
- Migration of 30,000+ projects (each project containing 200+ data points) and 5,000+ users in a matter of weeks – without business disruption
- Scalability in number of users – from 20% on old platform to 50% with Cora
“We’ve been doing this for eight months. In one business unit alone, by all the things we implemented we reduced our cost overruns by $200 million and we identified $250 million of change orders we hadn’t detected because we hadn’t gone after them. Simple changes can have a huge impact on projects because these projects are very low margin and it doesn’t take much to take them off track.”
– Jeff Hopkins, Vice President GPMO and IGS PMO, Honeywell
Further Insights
Learn more about Cora Systems Enterprise Project Management Software here.
Tune in to our most recent Project Management Paradise Podcast episodes available on Spotify and Apple.
