Managing Capital Projects
Managing capital projects is a complex, high-risk, strategic endeavor that is performed under a great deal of visibility and scrutiny. Since capital projects must stand the test of time and require years of resources, support, and maintenance, mistakes are intensified and anything from an improper approval to missing paperwork can weigh heavily on a project's success.
To ensure the success of a capital project, the PM will need to ensure:
- Capital is deployed appropriately
- Risks are managed and alternatives are identified
- Expected returns are clear
- The strategy is aligned with executive/board expectations
- Communication and reporting are consistent and accurate
- Governance and quality control are in place
Many of these key success factors can be improved by automating the capital request and approval process.
Benefits of an Automated Capital Project Process
- Elimination of error-prone spreadsheet systems
- Provide a clear audit trail that's easy to understand and manage
- Enable regulatory compliance and adherence to company policies and procedures
- Implementation of checks and balances with executive sponsors
- Report on efficiency of process overall or for individual requests
- Provide a transparent view of the process and current status
- Compare planned vs. actual spend
- Identify bottlenecks and implement corrective action
- Easily incorporate data into balance sheets and income statements and cash-flow projections
- Reduction in expenditure request, review, and approval time
- Streamlined and standardized request processes across multiple divisions
- Review and approve/manage requests from any mobile device
- Easily require and attach supporting documentation
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