London, 11 May 2006, - Maconomy, a leading provider of business solutions for professional service companies, has launched the newest version of its project management software. The latest release, Maconomy X, is designed and developed specifically for management, engineering and creative consultancies, and will enable these businesses to manage, monitor and bill for the hours worked by consultants on client projects more efficiently and effectively. As a result, Maconomy X gives them more time to ensure deadlines are met, increase their focus on quality and improve results.
According to research, employees in professional services companies only register and invoice half of their work hours. Maconomy X incorporates Maconomy's innovative 'Time - on time' concept, which allows users to capture the number of hours spent on various jobs and tasks in real time. This enables companies to invoice based on an accurate calculation of hours spent on a project, and to follow up quickly on initial project estimates.
Marcus Leathwood, business development director, Maconomy UK, says: "'Time is money' may be a worn-out expression, but when a company's very existence is based on providing time-based services, efficient tracking is vital to overall profitability. Maconomy X is designed and developed for employees to log their time easily and swiftly. Only when employees register their time correctly can work hours be invoiced precisely."
Other new features in the software include a pricing module that enables consultancies to create realistic estimates in the sales phase and convert this to the baseline budget once the contract has been approved. Maconomy X also offers enhanced project management capabilities, a decentralised planning and forecasting module and integrated business intelligence reporting technology from Business Objects, while retaining the intuitive ease of use that has characterised all Maconomy products.
Marcus Leathwood says: "There has been a discernable trend in the wider ERP market for solutions that gather and analyse data about day-to-day business, making information available for strategic management. As a result these solutions are gaining market share in the business intelligence (BI) sector. Maconomy X falls firmly within this trend. It meets many of the same demands as traditional BI products, but in a far simpler way, as it is much faster and easier to implement than other solutions in this field - a key factor in any IT selection.
"The current speed of international globalisation means rapid changes for many of our clients' businesses. And at the same time, they are aware that giving the go-ahead to a two or three years implementation process means running the risk of getting a system that doesn't meet future demands," he continues. "A time-consuming implementation often means that the company's IT investment loses value. A successful solution must generate operational benefits as soon as possible."
The launch of Maconomy X is part of Maconomy's stringent growth strategy that is based on the company's total commitment to developing industry-specific solutions. Marcus Leathwood says, "Development in the overall ERP market is increasingly characterised by growing demands for industry expertise. Solutions need to focus sharply on the requirements of a specific industry and its users. Maconomy has always specialised in the professional services sector, and brings 17 years of targeted research and development expertise to the development of its business solutions, as well as extensive customer feedback.
"For years now, the major ERP providers have been focusing on generic and technology-focused solutions. Now they're trying to buy or 'partner' themselves into industry-specific experience and knowledge, something that Maconomy has had since 1990. Competitors in the ERP market are struggling to keep up."
About Maconomy
Maconomy business management systems are designed to improve the management and control of projects and processes across departments and organisations. Web-based Maconomy systems give real-time visibility at all levels and improve business control thanks to Maconomy's innovative technology and the company's comprehensive knowledge of the mission-critical needs of project and service-oriented companies and organisations.
More than 60,000 users worldwide use Maconomy to improve their business control and increase profitability. Customers include Avnet Enterprise Solutions, Deloitte, Edelman, Framfab, Fulcrum Connections Ltd., Millward Brown, Parkman, Philips Design, PricewaterhouseCoopers, KPMG, Publicis Groupe, RAMBØLL, Danish Sports Association (DIF) and WPP Group plc. Maconomy A/S was founded in 1989 and corporate headquarters are located in Copenhagen, Denmark.
For more information, please see www.maconomy.com
