Managing Capital Projects Better with Automation

Project Managers Can Reduce Risk and Increase Capital Project Efficiency

 

managing capital projects is complex

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

Compliance

  • 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

Risk Management

  • Report on the efficiency of the capital 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

Communication

  • 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

Interested in Automating Your Workflow?

We have a variety of resources to help you on your journey to an automated workflow. 

Automate Any Capital Project Process

To see how quickly you can begin automating your capital processes, request a demonstration or trial of Integrify.

 


Get a Free Demo


Integrify is a leader in Workflow Management on G2

 

Experience Integrify by scheduling a
personalized live demonstration.

 

Get a Demo   Learn More

×

Copyright © 2019 Integrify All rights reserved.