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Archive for the ‘sweep process’ tag

UMT360 Gives Utility Financial Intelligence

Written by Ben Chamberlain on January 27th, 2014 at 8:00 am

Frank La RoccaCon Edison’s Director of Financial Governance Frank La Rocca is using Microsoft Project Server and UMT360 to provide financial intelligence across the company’s $2 billion portfolio.    He discussed how UMT360 is helping him optimize the capital spend and drive results during the Microsoft Project Conference in Anaheim earlier this year.  He also shared his governance framework for increasing financial intelligence, building a credible PMO, establishing a ‘sweep process’ to dynamically reallocate capital spend and more.

La Rocca has a sharp understanding of the importance of Portfolio Financial Intelligence.  When he was named VP at a major northeastern utility company, he says the CFO and COO told him they wanted to ensure IT spending was aligned with corporate strategy.  To answer strategic alignment questions, he went in search of information about the total portfolio spend and value but says that information was difficult to come by.

“The answers had to be culled from many different systems and spreadsheets and from interviewing the right people.”

La Rocca says having financial transparency was key to his being able to achieve his team’s goals and support the organization’s overall strategy.  At the Project Conference, Frank discussed financial intelligence, his experience identifying the software that would best help him achieve his goals, and how it is working for him today.

Click the links below to view the series of complimentary UMT360 webinars presented by Frank La Rocca.

Portfolio Financial Intelligence Boosts ROI 
Build a Dynamic Sweep Process to Reallocate Funds 
Benefits Realization – Unleash the Power of the PMO 

How often should you evaluate projects?

Written by Ben Chamberlain on October 28th, 2013 at 9:52 am

In a recent HBR article The Hidden Indicators of a Failing Project, author Gretchen Gavett explores why people are reluctant to bring up red flags during the course of a project.  On the list of How to Manage Big Projects Differently are “check and revise your business case regularly” and “monitor what’s not being spent.”  Those are two items that Con Edison’s Frank La Rocca has dealt with over the years as he’s worked to increase project success rates.  It meant having a discussion about how practical it really is to only evaluate projects annually.

In an October 30th webinar, Frank, who is the energy company’s Director of Business Improvement Services, discussed how instituting a “sweep process” allowed his organization to make changes that, in the end, translated into greater ROI.  How do you get started?  Check out Frank’s webinar – the recording is now available on UMT360 or by clicking here.  He looks at how dynamically reallocating project funds will help you optimize capital spend and increase your ROI.

PPM 2.0: How a ‘Sweep Process’ Helps Maximize ROI

Written by Ben Chamberlain on October 25th, 2013 at 10:52 am

Almost two years ago, Con Edison’s Director of Business Improvement Services, Frank La Rocca, instituted a ‘sweep process’ to allow for dynamic budget reallocation.  “It allows project managers to release funds dynamically during the year and we can secure those funds for other projects.  Once we know a project is not going to use that money, we take it, we sweep it away and we invest it strategically in another project,”  Frank explains.  He says that allowed the utility to increase its utilization though it required a culture change early on.  “The sweep process is really where we get a lot of bang for our buck and if I were to describe the process, it’s really breaking the annual budgeting planning mold.  We had so many project managers say ‘that estimate you’re holding me accountable for , we did that so early on when we didn’t really know a lot about the project yet, now that the project is executing, you’re still holding me accountable and that’s not fair.’  What we allow them to do is literally reforecast on a quarterly basis and give up money that we can use for other projects.”

Learn more about how to institute a ‘sweep process’ to maximize your PPM ROI.  View Frank La Rocca’s webinar on dynamically reallocating funds to optimize capital spend.  Click here to view the recording and also to learn more about how incorporating Portfolio Financial Intelligence has helped Frank and his team more successfully manage their project portfolio.