Contract burn report
Situation:
A company was facing challenges in effectively monitoring and managing its contractual obligations and budget allocations. There was a need for a comprehensive solution to track contract expenditures over time, identify contracts at risk of overspending, and forecast future budget requirements. The goal was to improve financial oversight and ensure the efficient use of resources across all contracts.
Action
- Data Aggregation and Preparation:
- The company aggregated financial data from various sources, including contract management systems, financial software, and project management tools. This data consolidation was critical for creating a comprehensive view of all contract-related expenditures.
- Power BI Dashboard Development:
- Using Power BI, a Contract Burn Report dashboard was developed. The dashboard was designed to provide real-time insights into contract expenditures, budget utilization, and remaining balances. Key features included:
- Visualizations of contract spend overtime, allowing for quick identification of trends and potential budget overruns.
- Comparative analysis of budgeted versus actual spend, highlighting contracts that were at risk of overspending.
- Forecasting models to predict future spending patterns and help in budget planning.
- Drill-down capabilities for detailed analysis at the contract, department, or project level.
- Using Power BI, a Contract Burn Report dashboard was developed. The dashboard was designed to provide real-time insights into contract expenditures, budget utilization, and remaining balances. Key features included:
- Interactive Reporting Features:
- The dashboard was equipped with interactive filters and slicers, enabling stakeholders to customize views based on specific contracts, time periods, departments, or any other relevant dimension. This flexibility allowed for tailored analysis and more informed decision-making.
- Stakeholder Engagement and Training:
- Key stakeholders, including project managers, finance teams, and senior management, were engaged early in the development process to align the dashboard with their specific needs and requirements. Training sessions were conducted to ensure users could effectively navigate and utilize the dashboard.
- Deployment and Continuous Improvement:
- The Contract Burn Report dashboard was deployed company-wide. Feedback mechanisms were established to gather user insights and suggestions for further enhancements. The dashboard was regularly updated to reflect new data and to incorporate improvements based on user feedback.
Results:
The implementation of the Power BI Contract Burn Report dashboard significantly enhanced the company’s contract management and financial oversight capabilities. Stakeholders now had access to real-time, actionable insights into contract spending, which enabled them to:
- Quickly identify and address contracts at risk of overspending, thereby avoiding budget overruns.
- Make data-driven decisions regarding contract renewals, adjustments, and negotiations.
- Forecast future spending more accurately, leading to better budget allocation and financial planning.
The dashboard became an essential tool for the company, contributing to improved financial discipline, resource optimization, and overall contract management efficiency. The ability to proactively manage contract expenditures and forecast financial requirements supported the company’s strategic planning and financial health.
Category
Sharepoint
Clients
SMBC
Location
Newyork
Completed
