Features and functionality
In the manufacturing sector, effective management of capital expenditure in buildings, machinery, and equipment as well as operating expenditure (OpEx) in labour and materials, is crucial for staying ahead of the competition and boosting productivity.
However, manufacturing requires a large investment in capital purchases, so there is pressure to approve expenditures in a timely fashion and closely monitor post-spend review to ensure the investment makes its forecasted return.
Whether it’s purchasing new vehicles or refurbishing ageing machinery, managing the associated budgets, supplier quotes, business cases, vendor contracts, and invoices as well as tracking approved proposals manually on paper is inefficient and lacks visibility.
Solutions like eCapEx streamline the entire manufacturing CapEx lifecycle – including budgeting, prioritisation, approvals, and post-investment reviews.
Create/import and collaborate on budgets based on your prioritised list of projects.
Import budgets at the beginning of the financial year, assign them to business units and asset categories, and then adjust, claw back, assign (and reassign) throughout the year.
Submit requests electronically with built-in logic and real-time data validation to ensure they are consistently evaluated and aligned with corporate strategy.
Effortlessly assign capital expenditure requests to budgets or predefined projects.
Automatically route capital expenditure requests through an approval, rejection, and clarification workflow.
Send notifications as each step starts and periodic reminders when necessary.
Manage your entire CapEx portfolio in a single platform, eliminating data siloes across the organisation.
Get real-time visibility of project status and budget consumption.
Once an initiator raises a request, they have complete visibility over where it is, who it is with, and how long it has been with them. The initiator can, if necessary, nudge the right person because they know who has it.
Analyse project ROI to enhance future investments and prioritisation.
Automatically alert users to complete a new tab on the CapEx request after a period of time. A simple follow up could ask a user to confirm if the request was completed alongside a completion date, final costs, and details. However, a more detailed PIR could include original objectives/forecasts, actual outcomes, and lessons learned.