Latest news with #TransparentLumpSum™
National Post
01-05-2025
- Business
- National Post
Management Controls, Inc. Launches Transparent Lump Sum: A Game-Changer for Contractor Cost Control
Article content For the first time ever, asset owners can track and manage both Time and Material (T&M) and Lump Sum contractor work in one digital platform—bringing total visibility, accountability, and cost control to every project. Article content Article content HOUSTON — Management Controls, Inc. (MCi), the leader in contractor data and spend management solutions, today announced the launch of Transparent Lump Sum™ (patent pending)—a groundbreaking capability within its myTrack platform that redefines how asset-intensive industries oversee and manage fixed-price contractor work. Article content For decades, lump sum contracts have been considered a 'set-it-and-forget-it' model—appealing for their simplicity, but often hindered by a lack of visibility, double billing across contract types, poor performance accountability, and limited oversight of workforce safety and fatigue. With Transparent Lump Sum, MCi eliminates the black box. Article content 'This is more than a feature—it's a strategic leap,' said Ken Naughton, President of MCi. 'Transparent Lump Sum empowers owners to track progress, validate performance, and manage risk on fixed-price work the same way they do on Time & Materials. No other platform offers this level of unified contractor oversight. MCi has been the undisputed leader in T&M contractor management for decades; now, we have a true game-changer for lump sum to match.' Article content With Transparent Lump Sum, clients can now: Article content See what risk premium their vendors are charging on Lump Sum work. Industry standards suggest 10-20% risk premium; however, many heavy asset owners are paying 80-100%+ risk premiums but didn't have visibility to prove it—until now. Compare cost performance between Lump Sum and T&M on the same job to determine which contracting strategy would have delivered better value, empowering data-driven contract strategies for future optimization. Track and manage Lump Sum and T&M contracts in a centralized platform, thus eliminating double billing through 100% labor, equipment, and material allocation across all contract types. Validate and track lump sum change orders in real time to ensure additional scope is justified and prevent inflated charges. Monitor how Lump Sum work is progressing in real time—across labor, equipment, materials, cost, and scope. Validate milestone payments with attached documentation and earned hour visibility. Article content One Platform. All Contractor Spend. Full Visibility. Article content myTrack provides complete visibility into both Lump Sum and T&M projects in a single, centralized platform. This breakthrough enables every stakeholder— procurement, operations, finance, and contractors to align on one accurate data source, improving collaboration, eliminating surprises, and driving smarter decisions. Article content 'Contractor oversight shouldn't depend on the commercial model,' said Ken Naughton. 'Our customers told us they needed transparency, even under fixed-price work. Now with Transparent Lump Sum, our clients gain cost certainty, contract compliance, and complete visibility across all contractor spend—regardless of how they choose to pay their contractors.' Article content Transparent Lump Sum is already being adopted by industry leaders in oil & gas, chemicals, power generation, mining, metals, and manufacturing. With this launch, MCi further cements its role as the innovation leader in contractor management. Learn more about Transparent Lump Sum at Article content Management Controls, Inc. (MCi) empowers companies to maximize visibility, control, and productivity across their contractor workforce and spend. MCi's myTrack platform delivers automated contract compliance and a unified, real-time view of labor, equipment, and materials costs—enabling smarter, safer execution of maintenance, turnarounds, capital projects, and daily operations. With the addition of MCi's Insights-as-a-Service and managed services, organizations can tap into more than 35 years of expertise to drive even greater value from myTrack and unlock new opportunities to boost site performance and efficiency. Article content Article content Article content Article content Contacts Article content Article content Article content
Business Wire
01-05-2025
- Business
- Business Wire
Management Controls, Inc. Launches Transparent Lump Sum: A Game-Changer for Contractor Cost Control
HOUSTON--(BUSINESS WIRE)-- Management Controls, Inc. (MCi), the leader in contractor data and spend management solutions, today announced the launch of Transparent Lump Sum™ (patent pending)—a groundbreaking capability within its myTrack platform that redefines how asset-intensive industries oversee and manage fixed-price contractor work. 'Transparent Lump Sum empowers owners to track progress, validate performance, and manage risk on fixed-price work the same way they do on Time & Materials." - Ken Naughton, President, Management Controls, Inc. Share For decades, lump sum contracts have been considered a 'set-it-and-forget-it' model—appealing for their simplicity, but often hindered by a lack of visibility, double billing across contract types, poor performance accountability, and limited oversight of workforce safety and fatigue. With Transparent Lump Sum, MCi eliminates the black box. 'This is more than a feature—it's a strategic leap,' said Ken Naughton, President of MCi. 'Transparent Lump Sum empowers owners to track progress, validate performance, and manage risk on fixed-price work the same way they do on Time & Materials. No other platform offers this level of unified contractor oversight. MCi has been the undisputed leader in T&M contractor management for decades; now, we have a true game-changer for lump sum to match.' A New Standard for Contract Clarity With Transparent Lump Sum, clients can now: See what risk premium their vendors are charging on Lump Sum work. Industry standards suggest 10-20% risk premium; however, many heavy asset owners are paying 80-100%+ risk premiums but didn't have visibility to prove it—until now. Compare cost performance between Lump Sum and T&M on the same job to determine which contracting strategy would have delivered better value, empowering data-driven contract strategies for future optimization. Track and manage Lump Sum and T&M contracts in a centralized platform, thus eliminating double billing through 100% labor, equipment, and material allocation across all contract types. Validate and track lump sum change orders in real time to ensure additional scope is justified and prevent inflated charges. Monitor how Lump Sum work is progressing in real time—across labor, equipment, materials, cost, and scope. Validate milestone payments with attached documentation and earned hour visibility. One Platform. All Contractor Spend. Full Visibility. myTrack provides complete visibility into both Lump Sum and T&M projects in a single, centralized platform. This breakthrough enables every stakeholder— procurement, operations, finance, and contractors to align on one accurate data source, improving collaboration, eliminating surprises, and driving smarter decisions. 'Contractor oversight shouldn't depend on the commercial model,' said Ken Naughton. 'Our customers told us they needed transparency, even under fixed-price work. Now with Transparent Lump Sum, our clients gain cost certainty, contract compliance, and complete visibility across all contractor spend—regardless of how they choose to pay their contractors.' A Category-Defining Capability Transparent Lump Sum is already being adopted by industry leaders in oil & gas, chemicals, power generation, mining, metals, and manufacturing. With this launch, MCi further cements its role as the innovation leader in contractor management. Learn more about Transparent Lump Sum at About Management Controls, Inc. Management Controls, Inc. (MCi) empowers companies to maximize visibility, control, and productivity across their contractor workforce and spend. MCi's myTrack platform delivers automated contract compliance and a unified, real-time view of labor, equipment, and materials costs—enabling smarter, safer execution of maintenance, turnarounds, capital projects, and daily operations. With the addition of MCi's Insights-as-a-Service and managed services, organizations can tap into more than 35 years of expertise to drive even greater value from myTrack and unlock new opportunities to boost site performance and efficiency.
