The job of the CapEx Manager is to make sure that requests are passed through the CapEx review process in the most optimal way.
Stakeholders at the bottom to executives at the top all lend a hand in ensuring that a particular investment decision gets the green light. In order to approve a request and follow-through with an investment, transparency becomes a necessary factor that happens in sequential order (bottom to top) until a decision is made.
A World Fab Forecast survey, predicts that global spending on equipment is set to grow by 27% to $67 billion in 2020. Since you are in the growth stage, you need to ensure that your investment process is seamless to make the most of your spending.
This is where CapEx management software plays a helping hand. CapEx Software is an automation solution that makes it possible to alleviate the stresses that come with administrating capital spending.
If you are still using spreadsheets and manual data processing, you can bet your last dollar that you’re going to get lost requests by the time all stakeholders get their hands on it through the review process.
What’s hindering your growth, currently, is that you are using out-of-date finance management processes, contributing to wasted money and rigidity in CapEx management.
There must be a way to make the process seamless.
As you very well know, there are many downsides to manual processing. The most harmful ones to your business come down to cost. You need to make sure that you are spending more on a resource that rids you of tedious, repetitive tasks.
Oftentimes, time gets inefficiently extended from initial CapEx projects to approval processes, and this happens as a result of inaccurate data overview and entry because there is a large number of stakeholders responsible for making a capital investment decision happen.
With too much manual effort and so many stakeholder touchpoints, there are bound to be mistakes. Without visibility into cash flow and approval bottlenecks, CapEx management becomes chaotic.
Do you really need software to manage CapEx, or are there alternatives?
If you’re in the growth stage, you have a unique management process that particular to your organization. What this means is that you have workflows that are unique to your business alone. When it comes to managing capital expenses, no matter the kind of strategy you use, CapEx software can improve CapEx management.
A comprehensive CapEx software platform enhances your performance because it connects all your data, people, and financial plans. CapEx software that is cloud-free helps forward-thinking organizations automate and structure approval processes and create reliable budgets, and effective planning and forecasting.
With an all-encompassing CapEx software solution, you will gain more time, and align your objectives with financial plans to enable you to link market trends to operational processes. The result? You will accelerate your financial transformation from manual to automated.
When evaluating and implementing capital expenditure software, make sure to make the kind of decision that will yield your business an array of benefits. Getting it wrong can cause serious harm. Choosing the right software isn’t a painful process if you know what you need.
Ask yourself: how frequently will I be making capital investments? What are the complexities of the assets? What does the review and decision-making process look like? How do I get the figures to back your CapEx requests?
Caprivi Solution vs. the alternatives
Caprivi Solution is a 360-degree CapEx management platform that has a comprehensive foothold for every level of the capital investment process. When choosing a system, you need one that manages your long-term assets. An all-encompassing, complete solution like Caprivi gives you a bird’s-eye view of all your investment properties, infrastructures, and equipment. You should know that operating expenses will be incurred continuously. That’s why choosing a solution that is flexible and allows you to manage and automate your processes, is one that alleviates process hiccups.
Key takeaway
In today’s competitive environment, to stay ahead, enterprises need to grow and make their way to the top. Capital expenditures play an essential role in this process. Remember, the automation of capital expenditure processes is a necessity and a competitive edge.
It’s important to gain a competitive advantage to stay ahead of the pack and ensure consistent growth. CapEx is a critical component of this process. With an automated CapEx management software solution, you can transform your CapEx management process, and continue to succeed when it comes to capital investment decisions.
