3 of The Best Cost Management Software Solutions

Cost management is a vital part of ensuring a business remains efficient, profitable, and ultimately successful. When exploring the world of cost management software programs and applications, it is important to look at a variety of attributes, including price, ease of use, and suitability for the size of the business.

Some cost management applications focus on cost at the project level; in fact, there are project management applications that include a measure of cost management functionality. Other software solutions place emphasis on managing the expenses of the business as a whole, instead of on a project basis. If a business performs mostly project-based work, like a construction company or a web development shop, a cost management program at the project level makes the most sense. Here are three of the leading cost management solutions.

1. aPriori

aPriori provides enterprise-level cost management solutions for businesses in the manufacturing industry. Their primary product offers the ability to perform real-time cost analysis throughout the product lifecycle, from the design stage all the way through production. The software’s analytical capabilities shine a light on opportunities for quantifiable cost savings in material and labor when comparing alternative designs, manufacturing processes, or material sources.

One unique feature provided by aPriori is 3-D CAD modeling that facilitates the cost analysis process when comparing different manufacturing designs. In a similar manner, the software’s Virtual Production Environments examine the effect of changing production materials or even the manufacturing location. The company also offers a software evaluation program to allow companies to try before they buy. They also offer robust support and training options.

2. Price Systems TruePlanning

For companies producing software products or information technology solutions, Price Systems offers cost management software that focuses on the process of cost estimating and analysis. The company’s TruePlanning product uses algorithms that leverage real-world project experience derived from more than 11,000 projects over the past 30 years.

TruePlanning includes analysis and reporting functionality at the executive, financial, and project management level, providing all levels of the business with the tools necessary to predict and ultimately manage costs. Additionally, there are software modules specifically for bid and proposal generation, as well as vendor selection management. Price Systems also offers training options in addition to a variety of professional services to help their customers throughout the entire cost estimation and management process.

3. Microsoft Project

Many smaller businesses can’t afford a larger enterprise level cost management software solution. Microsoft Project, while primarily focused on project management, still provides a large measure of cost estimating and management functionality that is especially useful for the small business focused on the individual project. Project’s easy integration with the rest of the Microsoft Office software suite includes Excel, as well as other popular small business accounting apps, makes it a valid option for doing cost management on the cheap.

Cost Management Training Options

A business’s investment in cost management applications depends on whether employees are well trained in the concepts of cost estimating and project management. Intersog produces a cost management training app that is available for the iPhone and Android smartphones. The app is part of their MBA Training series, and any business looking to become better at cost management needs to consider making the $19.99 investment.

Whether a business is small or at the enterprise level, cost management remains a vital part in ensuring an organization’s overall success. Whatever software solution you choose, you must ensure employees who are responsible for cost management understand the underlying concepts and techniques.