A fatal flaw in traditional Capex request workflow systems is the lack of context. ROI may only be judged against static hurdles, rather than versus the available set of competing projects. Furthermore, the amount of spend requested can only be presented in isolation, without the context of an up-to-date tally of total forecasted spend against budget.
This problem becomes more acute as the year progresses, requiring users to repeatedly check on the true funding status for the whole portfolio before greenlighting each individual request. Because this status cannot exist within a generic workflow tool, proper diligence requires time consuming calls and email to the finance staff to obtain the requisite information.
Enter Finario Converge, the first “forward-looking” radar for Capex approval. Before granting approval to any request, each approver can see exactly how much budget remains and rank the request against all other pending, but not as of yet granted, requests to ensure that the remaining funds are put to the highest and best use. The system saves the user’s ranking in their own private sandbox so that they can return and revise as time passes or new information arrives. Capex approval has never been this fast or this intelligent.
