How confident are you when making capital expenditure (CapEx) funding decisions? Are the right CapEx projects being prioritized?
If you’re not confident the best CapEx funding and prioritization decisions are being made, make these changes to help your organization decrease spend and improve ROI:
- Manage CapEx projects top-down by prioritizing those aligned with corporate strategy
- Improve CapEx management bottom-up by automating your established approval and execution process
Transparency Allows Decisions Based on Facts
Do you have a clear line of sight through CapEx projects from beginning to end?
Successful organizations are transforming how they manage CapEx projects and are investing in an end-to-end software solution – like Sopheon’s Accolade – to bring efficiencies to capital expenditure management.
See related data, activity and approvals through each phase of your CapEx process.
Build CapEx Portfolios that Create Value
Can you see which CapEx projects support corporate strategy? If not, how do you know that resources are allocated to the right projects?
Better decisions are possible when trusted data resides in one location:
- The “who, when and why” behind project approvals and decisions
- Key performance indicators
- Project scorecards
- Financial metrics integrated from your ERP or Business Warehouse financial data
In addition, powerful portfolio optimization software like Accolade can generate automated CapEx portfolio scenarios based on strategic priorities like:
- maximized revenue
- minimized costs
- projected ROI
Just imagine how much insight you can garner when you can see recommendations on which projects to invest in based on the priorities you define. These auto-generated scenarios can be adjusted manually as desired, helping managers build a prime portfolio of CapEx investments for their organization’s needs. The more often portfolios are reviewed and updated, the faster your organization can pivot to keep up with change.
Is your organization wasting money? Are there missed opportunities for saving money?
Using an end-to-end platform for managing CapEx helps with both cost reduction and cost avoidance.
- Gain workforce and personnel efficiencies
- Improve project forecasts and evaluations
- Invest time and budgets in the most viable projects
- Avoid scheduling mistakes
- Improve forecasting and risk management
- Avoid additional or unplanned expenditures
Do all requests go through the same approval process? How much time do project managers spend tracking approvals?
Automate your organization’s unique workflows and systematically include approvers and financial factors throughout each phase. This will improve both process governance and make cross-functional decision making a reality.
When the request and approval process is standardized, it enables one-to-one project comparison. Data drives the decisions. This effectively decreases “bad bets” and avoids capital allocations to “pet projects.”
Manage Portfolios in One System
Do you have an accurate account of all resource demands? Can you see if there is a resource conflict?
Make agile, informed decisions with a holistic, enterprise-wide view of resource demands across:
- New product development
- Cost savings
- Technology development
- Strategic initiatives
An end-to-end software solution like Accolade helps you be sure you’re investing in products and projects that support corporate strategy.