Some companies that have their Capex workflow automation on the K2 platform have voiced concerns regarding its future viability following its acquisition by Nintex.
Is yours one of them?
Every situation can be different, of course, though the importance of full vendor support for an important technology platform cannot be understated. After all, most on-premise workflow implementations need periodic updating and upgrading. And if the underlying platform is no longer being fully supported and updated, it makes it harder to deliver the experience that business users expect. Additionally, if it’s no longer being fully supported and updated, it makes it more difficult than ever to deliver the experience business users expect.
Moreover, there is a security risk in using older, out-of-date technology — which, with Capex approvals, are compounded by the large amount of spend being controlled and the strategic import of capital investment. Nobody wants to be the one to explain to the CEO why millions were wasted on an ill-fated capital project because of glitches in the Capex request system!
Perhaps more importantly, if your current solution doesn’t have the financial intelligence to provide decision support, it’s like owning a car without a steering wheel. Sure, you want your approvals process to be streamlined and error-free. But you also want stakeholders to be empowered to make the best decisions for your organization based on consistent evaluation criteria.
So if ongoing support is a concern, there’s a safer and more responsible option to consider. Finario’s enterprise Capex request and approval workflow solution is the only one purpose-built for the job. It represents a major step forward in functionality and usability, and is cloud-native — so it’s always up-to-date, safe, and supported.
Major advantages include:
- “Out-of-the-box” functionality that makes it quicker and easier to implement
- Makes managing complex approval schemes easier and more efficient
- True rules-based architecture automates who’s in line to authorize each investment and “stays on top” of those whose actions are required; rules can be assigned to specific project types, locations, functions, and other criteria
- Dynamic approval routing manages the entire process
- Tolerances can be set to project forecasts/actuals that automatically trigger additional approval sequences
To learn more about Finario’s approval workflow solutions, click here.