PNM EXPANDS RELATIONSHIP WITH TRACK SOFTWARE TO INCLUDE EQUIPMENT AND MATERIALS MANAGEMENT
Posted on Mar 30, 2011
HOUSTON (March 30, 2011) – Track Software, the leading platform for contractor cost management, announced today that PNM is implementing its Equipment and Materials module.
PNM, New Mexico’s largest electric provider, implemented Track’s Labor module at its largest generating station in 2010, and is now incorporating Track’s Equipment and Materials module to achieve a single invoice for contractor costs.
The module manages contractor equipment and materials spend and is tightly integrated with the Track’s Labor module. Terms are incorporated into contracts, and then automated, so anytime a contractor uses a truck or other specialized industrial equipment, or purchases materials or supplies, that information is reconciled to the contract and allocated to open, authorized purchase order/ work order/ work breakdown structure elements.
With Equipment and Materials in place, PNM will have the ability to capture all contractor costs, and fully reconcile those costs to agreed-upon contract terms. Once authorized, the charges interface with ERP systems for payment.
“Incorporating equipment and material costs with our labor invoices should streamline our work management processes, and simplify things administratively for our contractors,” said Shay Jacquez, Track Administrator at PNM. “The Equipment and Materials module will also make invoices more accurate—for example, identifying equipment charged that wasn’t in the contract, or certain charges that should be included in the labor rate.”
Track was created to support all typical rate structures (including hourly, daily, weekly and monthly rates), and also fully automates per diem charges in compliance with each contract’s terms and conditions.
“We’re very pleased to have New Mexico's largest electric provider using Track’s solution,” said Bob Harrell, CEO of Track Software. “Controlling contractor spend plays a significant role in managing costs related to critical maintenance and construction projects, and we’re proud to help PNM achieve that goal.”
About Track Software
Founded in 1989, Track Software is the leader in contractor cost management software. The Track Software platform enhances the working relationship between plant owners and contractors, giving all parties more visibility into work processes, tighter project controls and significant financial returns. Track Software is deployed at more than 60 percent of the nation’s top refineries and petrochemical plants, including Chevron, Shell, Valero, Tesoro and many others. www.managementcontrols.com
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With headquarters in Albuquerque, PNM is the largest electricity provider in New Mexico, serving 500,000 customers in dozens of communities across the state. PNM is a subsidiary of PNM Resources, an energy holding company also headquartered in Albuquerque. For more information, visit www.PNM.com