Managing enterprise capital expenditures (CapEx) is an essential process for any company but most companies aren't strategic about the technology they choose.
“A mismanaged CapEx process can stifle growth (since the budget number becomes sacrosanct) since the people with accretive investment opportunities may not have had budgets approved while others may indulge in a binge at year-end to ‘exhaust budget’.“ writes Ankur Bhandari from the Association for Financial Professionals.
Often, the CapEx approval process is too slow and too cumbersome. Even when managed attentively, the process itself is frequently a source of inefficiencies and unnecessary delays that result in a longer time to market and slower company growth.
Developing a comprehensive practice requires planning, process, security, and ongoing governance. This is why more and more companies are turning to their CFOs and technology thought leaders to reinvent the process.
AODocs can help companies automate and streamline their CapEx process by implementating across countries, company locations, and business verticals. For one large manufacturing Client, AODocs is supporting a CapEx initiative that spans four countries, nineteen company locations, five unique facility types, and three lines of business.
The Old Way of Managing CapEx
Legacy software that many companies are using to support their CapEx process requires manual steps to start a CapEx request. Not only do users at all levels have to contend with an outdated interface, but CapEx approvers are often senior managers or C Suite leaders who need to be able to view and approve the requests from anywhere. Limited mobile functionality and old-school server protocols can often get in the way of this requirement.
Furthermore, CapEx requests often require a lot of supporting documentation (business plan, ROI analysis, supplier documentation, etc). Legacy software poorly integrates with collaboration systems where these documents reside.
The Future of CapEx
AODocs leverages the collaborative aspects of Google Drive with the robustness of its document management platform to make your CapEx process smart, simple and secure.
The AODocs solution for CapEx empowers companies to create smarter business processes through innovative features including:
- Auto-generated application number & title
- Auto-population based on site selection
- Auto-assigning approvers for each level
- Validation that each CapEx request is budgeted
- Enforced attachments
By integrating advanced and automated functionality into your CapEx process at the outset, the process becomes smarter. This, in turn, means that whether your users are on-the-go or multitasking, they can worry less knowing that the process will guide them through the necessary steps.
Because a smarter CapEx process does a lot of the heavy lifting traditionally shouldered by the process administrators, the user experience can be simplified. For example, integration with Google Drive improves collaboration and document retrieval. AODocs also supports mobile review and approval through GMail. The result is a streamlined, user-friendly, and dependable user experience for all levels.
Google also puts security at the forefront of all their products. With multi factor authentication, and Google security features around their datacenters and network security, companies can rest assured that their CapEx information is protected from external threats.
It’s 2018. There is no reason why critical business processes, like your CapEx, should be burdened by outdated technology. In order to successfully compete in the evolving business landscape, it’s time to get smarter and more secure. For a complimentary consultation, click here for an AODocs demo.