Boost Brothers will support the Port of Helsinki in the West Harbour development project through 2028
Boost Brothers is partnering with the Port of Helsinki Ltd on the large-scale West Harbor development project, providing support services for the project’s cost management. The assignment began in 2023 and will continue through the option periods into 2026–2028.
The West Harbor renovation is a strategic investment package for the Port of Helsinki that includes the harbor tunnel, the Jätkäsaari Maritime Center, and the reorganization of docks and open areas.
Up-to-date and transparent cost overview to support management
Boost’s task is to ensure that the project management team and the management of the Port of Helsinki continuously receive an up-to-date and reliable overview of the project’s cost situation, projected final cost, and cash flow.
Together with the Port of Helsinki, a comprehensive cost management model has been developed that enables:
- comprehensive cost estimates and budgeting for investment packages
- regular cost forecasting and cash flow monitoring
- reporting and situational awareness that support management decision-making.
The goal has not only been the success of the West Harbor development project, but also the creation of an operating model that the Port of Helsinki can utilize in its future investment projects.
Modern Systems Supporting Cost Management
Cost management is based on a modern financial management system suite, in which the Port of Helsinki’s corporate-level financial systems and the systems selected for project management together form a functional whole, comprising:
- Procurement and contract management system
- Purchase order and invoicing system
- Accounting
- Project cost management system that integrates cost estimates, budgets, forecasts, and committed and actual costs
- Power BI -dashboards that present cost data in an easy-to-track format.
Cost data flows automatically between systems via integrations, which reduces manual work and improves the reliability and timeliness of the data.
Ongoing collaboration and development
Boost’s team of experts is responsible for the following aspects of the project, among others:
- compiling investment and annual budgets and guiding their preparation in collaboration with project management and experts
- monthly financial reporting to the project steering committee
- updating cost forecasts on a quarterly basis with project management
- ensuring the quality of cost data and reporting
The collaboration continues through the ongoing development of cost processes and reporting. For example, the cost outlooks in the dashboard system will be expanded as the project progresses and new investment decisions are made.
– The West Harbor development project is a great example of how close collaboration between the client and the expert team can build a cost management model that benefits the entire organization. “We are proud to be partnering with the Port of Helsinki on such a significant investment program,” says Jussi Alanko-Luopa, who serves as the project’s financial manager.