What is Unified Capex Planning?
Are you frustrated with the amount of time it takes to manage and control capital expenditures across your organization? Unifying the Capex planning process within a single system of record can not only save a substantial amount of time, but also provide greater assurance to the integrity of your financial data and deliver real-time visibility into critical information that drives better project decisions and better financial results.
Top-performing enterprises have been able to bring together Capex planning, budgeting, approvals, project forecasting and post-completion review within a single platform. In doing so, these market-leading companies have gained a competitive advantage.
Where to Start with Unified Capex Planning
Mapping the flow of information across the capital planning lifecycle is a necessary first step. This means giving consideration to:
- Where new project ideas are captured
- How they are entered into the capital budgeting process
- How budgeted and unbudgeted projects are reviewed and approved
- How actual spend data and the latest project manager insights are incorporated into revised forecasts
- How project performance is evaluated post-completion.
For each, you want to know who is involved, what data is captured and in what form (i.e. Word doc, spreadsheet, specific software systems, etc.). Taking these steps will help identify what issues exist at each stage and uncover opportunities to streamline the Capex planning process…