{"id":12582,"date":"2026-04-06T12:12:53","date_gmt":"2026-04-06T19:12:53","guid":{"rendered":"https:\/\/projectoutlier.com\/?p=12582"},"modified":"2026-04-21T09:19:07","modified_gmt":"2026-04-21T16:19:07","slug":"resolved-budget-overrun-by-implementing-cost-management-processes-and-tools","status":"publish","type":"post","link":"https:\/\/projectoutlier.com\/?p=12582","title":{"rendered":"Resolved Budget Overrun by Implementing Cost Management Processes and Tools"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"12582\" class=\"elementor elementor-12582\" data-elementor-settings=\"{&quot;ha_cmc_init_switcher&quot;:&quot;no&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-30fcf5fa e-flex e-con-boxed wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-equal-height-no e-con e-parent\" data-id=\"30fcf5fa\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3c6bf68e elementor-widget elementor-widget-text-editor\" data-id=\"3c6bf68e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"wpb_animate_when_almost_visible wpb_fadeIn fadeIn wpb_column vc_column_container vc_col-sm-12 wpb_start_animation animated\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column wpb_content_element vc_custom_1724871655756\"><div class=\"wpb_wrapper\"><h2 class=\"blog-single-title\">Resolved Budget Overrun by Implementing Cost Management Processes and Tools<\/h2><div class=\"wpb_animate_when_almost_visible wpb_fadeIn fadeIn wpb_column vc_column_container vc_col-sm-12 wpb_start_animation animated\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><header class=\"kd-section-title col-lg-12 text-center kd-animated fadeInUp kd-animate\" data-animation-delay=\"400\"><\/header><div class=\"wpb_text_column wpb_content_element vc_custom_1720451623493\"><p><span class=\"NormalTextRun SCXW75900377 BCX8\">One of our <\/span><span class=\"NormalTextRun SCXW75900377 BCX8\">commercial <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW75900377 BCX8\">pharma<\/span><span class=\"NormalTextRun SCXW75900377 BCX8\"> clients <\/span><span class=\"NormalTextRun SCXW75900377 BCX8\">did not have practices in place to <\/span><span class=\"NormalTextRun SCXW75900377 BCX8\">monitor<\/span><span class=\"NormalTextRun SCXW75900377 BCX8\"> and manage their budget throughout the year. After <\/span><span class=\"NormalTextRun SCXW75900377 BCX8\">overspending their approved budget by 7% <\/span><span class=\"NormalTextRun SCXW75900377 BCX8\">one year, the VP of IT recognized the need for a structured cost management system for the organization, so he sought our <\/span><span class=\"NormalTextRun SCXW75900377 BCX8\">expertise<\/span><span class=\"NormalTextRun SCXW75900377 BCX8\"> to develop and roll out a cost management processes and tools to get his IT budget back on track.<\/span><\/p><h3><span style=\"color: #ffaf00;\">What<\/span> We Did<\/h3><h4 class=\"wpb_wrapper\">1. Assessed Existing Budget Practices\u00a0<\/h4><div><span class=\"NormalTextRun SCXW190327306 BCX8\">We reviewed <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW190327306 BCX8\">IT\u2019s<\/span><span class=\"NormalTextRun SCXW190327306 BCX8\"> existing annual budget <\/span><span class=\"NormalTextRun SCXW190327306 BCX8\">and <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW190327306 BCX8\">spend<\/span> <span class=\"NormalTextRun SCXW190327306 BCX8\">process<\/span><span class=\"NormalTextRun SCXW190327306 BCX8\">es<\/span><span class=\"NormalTextRun SCXW190327306 BCX8\"> and <\/span><span class=\"NormalTextRun SCXW190327306 BCX8\">identified<\/span><span class=\"NormalTextRun SCXW190327306 BCX8\"> gaps in regular monitoring<\/span><span class=\"NormalTextRun SCXW190327306 BCX8\">, controlling, correcting, <\/span><span class=\"NormalTextRun SCXW190327306 BCX8\">and reforecasting. We also conducted sessions with each IT leader to understand their budgeting challenges and requirements and found that IT team members were self-managing their budgets without a unified process to coordinate with Finance tor tracking <\/span><span class=\"NormalTextRun SCXW190327306 BCX8\">actuals <\/span><span class=\"NormalTextRun SCXW190327306 BCX8\">and <\/span><span class=\"NormalTextRun SCXW190327306 BCX8\">communicating changes<\/span><span class=\"NormalTextRun SCXW190327306 BCX8\"> throughout the year.<\/span><\/div><div>\u00a0<\/div><h4>2. Developed Cost Management Processes and Tools<\/h4><div><p><span data-contrast=\"auto\">We improved their annual budgeting process and developed a number of additional tools to help them monitor and reforecast throughout the year, such as:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p><ul><li><span data-contrast=\"auto\">A budget change request mechanism<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/li><li><span data-contrast=\"auto\">A quarterly budget reforecast tool and cadence to provide more accurate projections throughout the year and allow the team to pivot or change plans if necessary<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/li><li><span data-contrast=\"auto\">Budget creation spreadsheet<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/li><li><span data-contrast=\"auto\">Comprehensive deck consolidating all budget data that included project charters with each project tied to specific budget line items<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/li><li><span data-contrast=\"auto\">PO tracking spreadsheet to monitor actual spending against the budget<\/span><\/li><\/ul><h4>3. Rolled Out the Cost Management Process and Trained the Team<\/h4><p>Lastly, we rolled out the new cost management process and trained team members on how to leverage the budgeting tools. To ensure budget adherence, we established operational governance and even conducted regular meetings with Finance. These mechanisms allowed IT to course correct in real time and ultimately stay within their overall annual budget.<\/p><div class=\"vc_row wpb_row vc_inner vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><header class=\"kd-section-title col-lg-12 text-center kd-animated fadeInUp kd-animate\" data-animation-delay=\"400\"><h2 class=\"separator_off\">Client Results<\/h2><h6 class=\"subtitle \">By implementing comprehensive cost management processes and tools and engaging all key stakeholders throughout the implementation to ensure their buy-in, we eliminated our client&#8217;s cost-overrun and helped them come in 4% under budget the following year.<\/h6><\/header><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6f2a7993 cspt-col-stretched-none cspt-bg-color-over-image elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-equal-height-no\" data-id=\"6f2a7993\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-45d02b47 cspt-bg-color-over-image\" data-id=\"45d02b47\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1b5a2a7 elementor-widget elementor-widget-cspt_fid_element\" data-id=\"1b5a2a7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"cspt_fid_element.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"creativesplanet-ele creativesplanet-ele-fid creativesplanet-ele-fid-style-2 \"><div class=\"cspt-fld-contents align-items-center\">\r\n\t<div class=\"cspt-circle-outer \" data-digit=\"7\" data-fill=\"#0097ff\" data-emptyfill=\"#eff0f6\" data-before=\"\" data-after=\"\" data-thickness=\"10\">\r\n\t\t<div class=\"cspt-circle\">\r\n\t\t\t<div class=\"cspt-fid-inner\">\r\n\t\t\t\t<div class=\"cspt-sbox-icon-wrapper\"><i class=\"huge huge-money-send-circle\"><\/i><\/div>\t\r\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t<\/div>\r\n\r\n\t<div class=\"cspt-fid-sub\">\r\n\t\t<span class=\"cspt-number-rotate\" data-appear-animation=\"animateDigits\" data-from=\"0\" data-to=\"7\" data-interval=\"1\" data-before=\"\" data-before-style=\"\" data-after=\"\" data-after-style=\"\"><\/span>\t\t\r\n\t\t\t<h3 class=\"cspt-fid-title\">From 7% Over Budget<\/h3>\r\n\t<\/div>\r\n<\/div><!-- .cspt-fld-contents --><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-3af721e6 cspt-bg-color-over-image\" data-id=\"3af721e6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-28d68561 elementor-widget elementor-widget-cspt_fid_element\" data-id=\"28d68561\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"cspt_fid_element.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"creativesplanet-ele creativesplanet-ele-fid creativesplanet-ele-fid-style-2 \"><div class=\"cspt-fld-contents align-items-center\">\r\n\t<div class=\"cspt-circle-outer \" data-digit=\"4\" data-fill=\"#0097ff\" data-emptyfill=\"#eff0f6\" data-before=\"\" data-after=\"\" data-thickness=\"10\">\r\n\t\t<div class=\"cspt-circle\">\r\n\t\t\t<div class=\"cspt-fid-inner\">\r\n\t\t\t\t<div class=\"cspt-sbox-icon-wrapper\"><i class=\"huge huge-money-receive-circle\"><\/i><\/div>\t\r\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t<\/div>\r\n\r\n\t<div class=\"cspt-fid-sub\">\r\n\t\t<span class=\"cspt-number-rotate\" data-appear-animation=\"animateDigits\" data-from=\"0\" data-to=\"4\" data-interval=\"1\" data-before=\"\" data-before-style=\"\" data-after=\"\" data-after-style=\"\"><\/span>\t\t\r\n\t\t\t<h3 class=\"cspt-fid-title\">To 4% Under Budget<\/h3>\r\n\t<\/div>\r\n<\/div><!-- .cspt-fld-contents --><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Resolved Budget Overrun by Implementing Cost Management Processes and Tools One of our commercial pharma clients did not have practices in place to monitor and manage their budget throughout the year. After overspending their approved budget by 7% one year, the VP of IT recognized the need for a structured cost management system for the organization, so he sought our expertise to develop and roll out a cost management processes[&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7561,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[82,148,161,142,143],"tags":[],"class_list":["post-12582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies","category-change-management","category-enterprise-it-case-studies","category-it-pmo-case-studies","category-it-strategy-case-studies"],"acf":[],"jetpack_featured_media_url":"https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-scaled.jpg","rttpg_featured_image_url":{"full":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-scaled.jpg",2560,1442,false],"landscape":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-scaled.jpg",2560,1442,false],"portraits":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-scaled.jpg",2560,1442,false],"thumbnail":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-150x150.jpg",150,150,true],"medium":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-300x169.jpg",300,169,true],"large":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-1024x577.jpg",847,477,true],"1536x1536":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-1536x865.jpg",1536,865,true],"2048x2048":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-2048x1154.jpg",2048,1154,true],"cspt-img-800x770":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-800x770.jpg",800,770,true],"cspt-img-600x800":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-600x800.jpg",600,800,true],"cspt-img-1030x570":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-1030x570.jpg",1030,570,true],"cspt-img-600x700":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-600x700.jpg",600,700,true],"cspt-img-770x635":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-770x635.jpg",770,635,true],"cspt-img-770x500":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-770x500.jpg",770,500,true],"cspt-img-770x9999":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-770x434.jpg",770,434,true],"cspt-img-770x770":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-770x770.jpg",770,770,true],"cspt-img-300x300":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-300x300.jpg",300,300,true],"cspt-img-1200x600":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-1200x600.jpg",1200,600,true],"cspt-img-770x400":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-770x400.jpg",770,400,true],"cspt-img-590x550":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-590x550.jpg",590,550,true],"cspt-img-800x256":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-800x256.jpg",800,256,true],"cspt-img-720x540":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-720x540.jpg",720,540,true],"cspt-img-560x350":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-560x350.jpg",560,350,true],"cspt-img-800x670":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-800x670.jpg",800,670,true],"cspt-img-750x950":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-750x950.jpg",750,950,true],"cspt-img-660x480":["https:\/\/projectoutlier.com\/wp-content\/uploads\/2024\/07\/ULTRAG1-660x480.jpg",660,480,true]},"rttpg_author":{"display_name":"admin","author_link":"https:\/\/projectoutlier.com\/author\/admin"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/projectoutlier.com\/?cat=82\" rel=\"category\">Case Studies<\/a> <a href=\"https:\/\/projectoutlier.com\/?cat=148\" rel=\"category\">Change Management<\/a> <a href=\"https:\/\/projectoutlier.com\/?cat=161\" rel=\"category\">Enterprise IT<\/a> <a href=\"https:\/\/projectoutlier.com\/?cat=142\" rel=\"category\">IT PMO<\/a> <a href=\"https:\/\/projectoutlier.com\/?cat=143\" rel=\"category\">IT Strategy<\/a>","rttpg_excerpt":"Resolved Budget Overrun by Implementing Cost Management Processes and Tools One of our commercial pharma clients did not have practices in place to monitor and manage their budget throughout the year. After overspending their approved budget by 7% one year, the VP of IT recognized the need for a structured cost management system for the&hellip;","_links":{"self":[{"href":"https:\/\/projectoutlier.com\/index.php?rest_route=\/wp\/v2\/posts\/12582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/projectoutlier.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/projectoutlier.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/projectoutlier.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/projectoutlier.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12582"}],"version-history":[{"count":16,"href":"https:\/\/projectoutlier.com\/index.php?rest_route=\/wp\/v2\/posts\/12582\/revisions"}],"predecessor-version":[{"id":13738,"href":"https:\/\/projectoutlier.com\/index.php?rest_route=\/wp\/v2\/posts\/12582\/revisions\/13738"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/projectoutlier.com\/index.php?rest_route=\/wp\/v2\/media\/7561"}],"wp:attachment":[{"href":"https:\/\/projectoutlier.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/projectoutlier.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/projectoutlier.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}