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Financial Administration & Our company Contract Administration Tool

Introduction
Through years of experience Our company have developed unique, effective and reliable methods of Cost Management. The clients spend profile is analysed and strategies are implemented which are tailored to individual needs.
Our company have a bespoke software package which incorporates a Schedule of Rates (SOR). The system enables clients and contractors working on Term Maintenance contracts to process work orders and estimates with the minimum of input. The system along with our unique methodology has been in operation for over 15 years and has a track record of delivering substantial savings to many clients across a wide range of business sectors.
IT based administration offers substantial savings in time and accuracy. One of the main benefits of using our in house system is that it dramatically reduces the time spent by surveyors writing and calculating the value of work orders or estimates. By retaining historical data within the system trend analysis’s can be carried out and various reports on the contract can be generated automatically.
Many contracts can be held and new ones are added with minimum effort. Contract information held can include contract number, description, SOR and type used contractor’s percentage (s) as well as many other factors which need to be considered whilst administering a maintenance contract.
Besides SOR items, non-schedule items such as agreed rates are easily added to an order. There are various options that enable pro-rata or agreed rates, net rates, dayworks, supply only, invoices, sub-contractors, materials, hired plant, PC sums and free typed descriptions to be entered. These options make our system versatile and therefore can be used on other term maintenance strategies i.e. Daywork and Lump Sum Contracts.

Our company Objectives
  • Adopt a leading role, ensuring efficient management of costs, to fulfill client objectives.
  • Fully understand client business and key deliverables
  • Recognise the need for the control of costs and achievement of value for money
  • Provide greater certainty of cost for accrual purposes.
  • Provide increased focus and efficient delivery of customer requirements
  • Provide increased performance and excellent quality of service based on agreed KPI’s.

Operating Principles
  • Ensure that suitably qualified and experienced Our company personnel are engaged on the commission.
  • Clarify the brief, liaise and continuously review regularly with the client.
  • Monitor contractor performance on a regular basis through KPI’s.
  • Implement and further develop / maintain I.T systems.
  • Set up a forward-looking financial reporting regime to provide the client with an accurate forecast/update of costs i.e.
  • Account code split valuations
  • Accrual reports
  • Overall valuations
  • Expenditure breakdown by asset
  • Expenditure breakdown by order values
  • Expenditure breakdown by trade category
  • Estimating accuracy
  • Expenditure breakdown by property/Location
  • Undertake audits
  • Site Audits
  • Desk Audits
In conjunction with the client, set realistic KPI’s to reward or penalise the parties involved.

Benefits
  • Time savings, including more senior staff being able to delegate work
  • System is adaptable for various work strategies not just Term Contracts that involve a Schedule of Rates/ Planned task schedules and daywork payments.
  • Electronic transfer of information, either Consultant to Client or from Consultant to Contractor or vice versa. Measures can be readily available to all as soon as they have been entered.
  • Ease of altering information and regenerating the Works Order or an Order Ledger Report.
  • Speed of locating item descriptions by clicking through headings, sub headings, etc.
  • Greater standardisation of procedures within the office.
  • Bespoke Management reports can be written in any format required by accessing the information in the standard database within the system.
  • Can be interlinked with call Desk to electronically receive order ledgers on a daily basis.

There are 5 Main Objectives
  • To eliminate duplicated activities between the Client, Consultant and Contractor.
  • To be electronically compatible with all windows operations for automatic download / transfer of data.
  • To capture 100% of all data / records for future analysis.
  • To be attractive to the Contractor through it’s user friendliness, and time saving benefits.
  • ‘’Web’’ enabled to allow access to various password protected data (available 2nd quarter 2005)

10 Main Operation Principles
  • It starts at the initial stage of Contract Procurement by generating the contract pricing principals, this becomes part of the tender package for the contractor to price, either predetermined rates with % adjustments or bespoke for either reactive or planned activities.
  • The Tender analysis period is substantially reduced due to the automatic data transfer from the tenderers into the pre-determined cost models, which capture the clients work load/type.
  • Commercial Tender comparisons are produced per work package and trade discipline allowing for location and value band adjustments.
  • Detailed sensitivity analysis can be carried out on “what if” scenarios, to ensure the correct financial outcome is obtained.
  • Upon award of contract, elements of the Contract Administration tool are installed onto the Contractors PC(s) with no monthly/annual leasing cost.
  • The Contractor can produce his monthly account on a daily basis as work requests are completed and electronically send them to Our company. This eliminates the normal month end “manic” period when the valuation cut-off dates have to be achieved.*
  • Our company can carry out the agreed desk and site checks/audits, at any time in the month and produce the agreed valuation certificate at month end to tie into the schedule of agreed dates.*
  • Management reports are then produced either electronically or hard copy printed for the client showing payment per Work Order / Cost Centre etc.*
  • Performance data can be reviewed against agreed KPI’s for both the Contractor and Our company based on the agreed dates, valuation accuracy, etc.*
  • Data contained within the system can be utilised to carry out many types of trend analysis.*

KPI's and Payment Mechanism


Introduction
On average £13 billion a year is expended on non residential repair and maintenance in the UK. Despite it being such as significant amount, the frequency with which organisations fail to measure the performance of their maintenance contractors and incentivise or penalise for excellent or poor services respectively, is very limited.
Either through your existing supplier agreements, or by means of new procurement techniques, Our company can work closely with your internal team to develop performance measurement techniques and payment mechanisms which truly reflect the importance of certain activities to your specific organisational needs.

Key Performance Indicators
Key performance indicators should be used to measure KEY PERFORMANCE MEASURES. Far too frequently KPIs are set that fail to acknowledge those elements of service delivery that are of real importance to the organisation.  This can often result in the potential benefits of measurement of the performance indicators being outweighed by the cost of undertaking the measurement. KPIs must be measurable, of value to the organisation and linked to and incentive system which will facilitate service delivery improvements.

The Use of Maintenance KPIs linked to Payment Mechanisms
Well defined and consistently measured KPIs can provide maintenance Clients with invaluable information regarding the performance of their supplier base. KPIs should be established against clearly defined service level agreements and target scores that are achievable whilst challenging. By linking well considered KPIs with an equitable payment mechanism excellent performance of maintenance contractors can be rewarded and equally penalties can be implemented where performance falls below the acceptable limits.  Our company do not consider individual KPIs in isolation and where a specific performance measure may result in, or be the result of poor performance in another performance measure, we look to link the two measures to facilitate the realistic reflection of the performance achievements. For example, failure to complete planned preventative maintenance (PPM) activities is likely to lead to a greater number of reactive faults. As such, Our company would look to link the failure to complete PPM activities to a reduction in the payments made for attendance to reactive faults.

Summary
The KPIs developed and the methodology for implementation of those KPIs will depend on the Client’s specific requirements. However, Our company can provide assistance in your selection of KPIs to measure, the methods of measurement to minimise administrative activities, the development of target scores to benchmark your trade contractors against and, if required, the establishment of a fair and equitable payment mechanism to incentivise or penalise your supplier base in order to obtain the best value for you.