Moreover, as approval is just one small step in the much larger capital planning and management process, these organization continue to rely on spreadsheets for capital budgeting, forecasting and reporting.
#Capital planning and budgeting manual
While seemingly a sound choice since they are often already in use for many other internal processes, it’s typically “tough road to hoe” given the complexity of Capex and most deployment “conclude” well short of the original aims, leaving business users frustrated and IT stuck with repeated requests to engineer manual workarounds. Historically, many organizations have customized generic workflow applications such as Lotus Notes or Microsoft SharePoint to manage Capex approvals. – Post-completion reviews can be easily performed on time and that intelligence leveraged by others on their projects
– Makes it easy for HQ at all times to know exactly where each business unit and all of its projects stand in relation to budget and proposed completion dates – Actuals fed automatically from your ERP(s) into a single system of record for capital forecasting and variance analysis – Capex request approval process moves smoothly without manual intervention or workarounds – ROI metrics calculated correctly and consistently on all material projects – A more efficient capital budgeting process and annual plan for Capex investments
#Capital planning and budgeting software
Purpose-built Capex software automates and streamlines critical Capex processes, and enables finance leaders to assess and consistently compare each material project’s strategic value, ROI and other investment criteria to make the most informed decisions. And looking ahead, you want to ensure that essential data for every project “travels” with it through the budgeting, approval, forecasting and reporting cycles. You want to consider projects individually and holistically to ensure the right balance of sustaining operations while best positioning the company for growth. Whether you consider 50 capital projects a year, 500 or 5,000, there are myriad factors to evaluate in determining which deserve to be budgeted, and why. > Capture Capex Procurement Cost Savings.
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