April 5, 2022 | Bitscape Team, Digital Solutions
CapEx or Capital expenditure refers to the investment made for purchasing and maintaining company assets like infrastructure, machinery, land, vehicles, and other properties to benefit the organization’s functionality.
CapEx approval comprises the complete procedure of initiating the investment request by a particular department and getting it approved by the upper-level management hierarchy.
Companies are broadly relying on capital expenditure approval software solutions to automate this process that could streamline and optimize the system and bring a holistic and competitive advantage to lubricate the flow of cash and return made from the investment.
The major steps that have to be taken for automating the CapEx approval system are:
Accumulating the functional and non-functional needs and requirements is the first initiative to automate the CapEx approval system. The functional requirements comprise facilitation, and non-functional requirement denotes how the system will work.
At the initial stage, it is beneficial for the vendors to explore the working pattern and customization need of the CapEx approval software solution that will, later on, functionalize the request and approval system.
Automating the approval segment is an integral segment of the whole CapEx approval process. A capital expenditure approval software and solution provider like Bitscape is capable of attaining the functionality. It is a core initiative that determines the efficiency of this technology solution.
Today, service providers leveraging global enterprises are counting on this feature to strengthen the investment model of the complete organization.
To raise CapEx requests, view the list of tasks, get real-time visibility, search, and review the service history are the essential initiative for automating the CapEx approval process.
A Microsoft Gold Partner like Bitscape is capable of empowering your company with the above-mentioned functionality.
leveraging the part of the expenditure request is the prime forte of the automated CapEx approval system. Capital Expenditure System in the market is leaving no stone unturned to deploy this expertise.
Configuring the tabs like tracking CapEx expenditure, Uploading attachments, audit trail and compliance, email notification, monitor progress are the basic requirement for automating the CapEx approval process.
The CapEx approval personifies an important decision-making metric of your company that often gets involved with colossal outlays, detailed business analyses, and a long approval cycle with higher management and stakeholders.
Hence, if you are still sticking to the manual method of CapEx approval, you are certainly going to turn outdated and obsolete in the market. Shunning away from the digital procedure would make the system collapse at some point in time.
There might be several challenges following the automation of the process, but CAPEX approval software, solution, and service providers can get you out of that.
On top of that, you will miss countless benefits like:
• Enhanced CapEx control
• Streamlined CapEx approval process
• Standardized CapEx workflow
• Real-time transparency
• Financial Visibility
• Scalability with department rollout
• Reduces paperwork
• Formalised CapEx process
• Cost-effective and quality deployment
• Quick and fast delivery
Being the most preferred Gold Partner of Microsoft, Bitscape has the outstanding capability to automate the CapEx approval system and let your company grab all the above-mentioned benefits.
So, don’t be late. Hurry up and contact Bitscape to streamline your expenses.