It gives me great pleasure to publicly announce the beta release of Project Prophet, which is now ready and available for general use within XBE. This cutting-edge financial management tool is designed to transform and optimize your project profitability. Although in its beta phase, it is robust and efficient enough for all customers to benefit from it now. As we continue to introduce enhancements and refinements to its functionality and user experience throughout the year, we strongly recommend all customers to start adopting Prophet in their workflows. Your feedback during this period will be invaluable to us for the tool's ongoing development, as has been the case with the early-adopter customers who have been using Prophet during its alpha release over the past six months.
Breakthrough Features
Detailed Revenue and Cost Tracking: Prophet captures actual revenues and costs in your ongoing projects. Most costs--including material transactions, trucking time cards, labor time sheets, & equipment time sheets--are captured automatically, reducing manual entry. Prophet builds on XBE's existing features, maximizing the value of your existing adoption, data and workflows.
Comparative Profitability Analysis: Generate income statements for every job production plan and compare them to various estimates including the bid, the forecast, and what's possible. This feature gives you an in-depth analysis based on changes in revenue quantities, unit prices, and productivity rates. In addition, automated bridge analysis provides a detailed and sophisticated comparison of the differences between the original and updated estimates and forecasts. To make forecasting easy, estimates inherit from each other and can be easily updated based on recorded actuals.
Flexible Profitability Management: Prophet can group portions of revenue items into phases which enables you to forecast the profitability of each phase. Now, you control the project in granular detail aligned with your construction plan, not just the bid.
Seamless Financial Exportation: Export actuals to your accounting system seamlessly and automatically which increases accuracy and reduces manual entry.
Key Benefits
1. Improved Estimating Accuracy: Low-level, low-latency, highly-accurate feedback from operations to estimating will improve estimating accuracy and pricing precision.
2. Enhanced Operational Benchmarks: Prophet utilizes updated estimates to reframe operational performance, providing your team with better control and responsiveness.
3. Advanced Financial Management: With greater visibility into expected profits, cash flows, and actionable insights, Prophet improves your financial health and foresight.
4. Elevated Efficiency: By integrating the capture of actual costs like material transactions, trucking time cards, labor time sheets, and equipment time sheets, Prophet makes it easy to capture the data that's needed for detailed financial analysis.
5. Increased Financial Literacy: By connecting financial forecasts directly into the operations, Prophet ensures your team sees the bigger financial image and understands their impact.
Prophet is, and always will be, improving. We are currently working on including additional features such as support for direct importation of projects from your existing estimating systems and spreadsheets. In fact, the XBE product development team is holding a retreat next week to celebrate this release and plan the next phase of Prophet's development.
We strongly recommend that you use Project Prophet for a pilot project as soon as possible. The familiarity of the XBE platform will ensure an intuitive and easy start for your team. There's nothing like real experience to help you guide your team through the transition.
I want to express my deep gratitude to all our customers who helped us get to this point. We couldn't have done it without you. We first launched project-related features four years ago, and our constant collaboration with you has led to this breakthrough.
To help you navigate the powerful capabilities of Prophet, the XBE customer outcomes team is happy to walk you through a detailed tour. Get ready!
We look forward to working with you in this exciting new area.
Sincerely,
Sean Devine
Founder & CEO, XBE