Farnedi Tech is an ICT veteran - they’ve been around since 1981 and always stayed true to their motto: "Technology Made Easy". The company is divided into 3 different business units: ICT & Cyber Security services, web design and software development.
Farnedi Tech has been with Price&Cost since 2017. We’ve sat down with Franco Farnedi, the company’s Founder, to learn about the challenges they had and how Price&Cost helped them get full visibility of project financials.
Project Tracking was challenging and time-consuming
Farnedi Tech’s biggest asset is its people. They bring a variety of skills that helped the company to deliver outstanding work to its customer for more than 30 years. The team are always busy working on clients’ projects and financial management is something we never could dedicate the time to.
As a result, we’ve been reactive in managing project budgets, only finding the real cost of a project once it’s finished. If we went over budget or sacrificed too much profit margin in the process, it was too late to fix anything.
As any professional services company, it’s not just the budget we wanted to have visibility on - project cost to the company as we as profitability are as important.
We’ve recently started getting more and more involved in bigger projects, acting as a subcontractor. With these projects, there isn’t a clear definition of scope at the start and we need to work through all possible resourcing scenarios before giving a Fixed Price budget. This way we can make sure we don’t under-sell ourselves. What’s more, profit margins on these projects are already slim, so we need to be very diligent about the full array of project financial KPI’s at every stage of the project.
Price&Cost was an ideal solution for Farnedi Tech
Before Price&Cost, we’ve been drowning in spreadsheets. Even though we are using Harvest for time-tracking, we never found an easy way to monitor the full breadth of project financials.
Even before the project is officially running, I use Price&Cost to get my budgeting done. I usually go through 2-3 scenarios in Price&Cost, trying out different team allocations, contract types and so on. We often do Capped Time&Materials projects and Price&Cost is indispensable in coming up with an accurate estimate. Flexibility is key for me in estimation and Price&Cost gives me exactly that.
I can easily push my estimate from Price&Cost to Harvest, so I don’t need to set the project up in two places. Saves me a lot of time!
Price&Cost gives me and the team almost instant telemetry on projects. As soon as timesheets are submitted - all my projects are updated in Price&Cost with actuals and I can see where we stand against the original plan. The brilliant Reporting capabilities show me financial performance by business unit, customer, team, etc.
Project do sometimes go wrong and this is where Price&Cost really shines - I can experiment with my projects live, creating alternative what-if scenarios and seeking ways to course-correct.
We’ve “given away” approximately 100 000 EUR worth of revenue for free last year due to lack of proper financial tracking and that clearly had an impact on our profitability. Price&Cost is already saving me and my team tons of time and providing us with a painless workflow to ensure we deliver profitable, cost-efficient projects.