Maintenance Budgeting Benefits Include Transparency, Real-Time Tracking, and More
All companies use budgets to plan and manage their expenditures. In asset-intensive organizations, maintenance tends to be one of the larger cost centers, but too often its spending is among the least well managed. The benefits of WorkAlign Maintenance Budgeting include both holding down costs and better management of where you spend those precious funds.
The information necessary to create a maintenance budget, such as asset details and cost history, is often lacking or unavailable, making it almost impossible for an accurate budget to be created and followed. Guesswork when creating a maintenance budget undermines the credibility and usefulness of the budget and creates frustration for maintenance and finance personnel alike. For more details, please see “6 Keys to Creating New Maintenance Budgets.”
VIZIYA WorkAlign Maintenance Budgeting, a purpose-built solution for maintenance, simplifies asset-based budgeting with real-time views of predicted work orders and historical trends. It was developed from the ground up to work for maintenance and to answer the concerns of traditional budgeting methods. WorkAlign Maintenance Budgeting addresses the many complexities of creating and analyzing your maintenance spend by rolling up your eAM data how you perform your work – by asset, work order and activity. Additional features and benefits include:
- Creates Transparency Between Departments – VIZIYA WorkAlign Maintenance Budgeting changes budgeting from a challenging task that Maintenance has to do to a process that helps them to complete their work effectively. This solution translates the work of the Maintenance team into the financial reporting required by the Finance team. WorkAlign Maintenance Budgeting connects your maintenance and finance teams like never before.
- Real-Time Tracking – VIZIYA WorkAlign Maintenance Budgeting integrates with your existing ERP and infrastructure. WorkAlign Maintenance Budgeting gives your team a reprieve from the spreadsheets and reflects your current maintenance plan in your eAM system. With Maintenance Budgeting, users can both build and manage budgets in real time.
- Comprehensive and Flexible – VIZIYA WorkAlign Maintenance Budgeting is built for Maintenance personnel to simplify asset-based budgeting while also providing advanced functionality specific to their needs. Users can create various versions, code which accounts to pick up, create budget groups, structure the solution to focus on specific budget groups or GLs and adjust mid-year depending on actuals. It includes the entire maintenance budget, direct cost of the work in maintenance plans in eAM, as well as indirect (overhead) costs. VIZIYA WorkAlign Maintenance Budgeting is a true extension of your maintenance process.
- Improved Budget Credibility and Negotiation – With WorkAlign Maintenance Budgeting, users can collect and utilize data to create more accurate budgets, as well as justify budgets based on the latest maintenance plans and forecasts in real time.
- Configurable to fit any Budgeting process – VIZIYA WorkAlign Maintenance Budgeting can be configured to suit your companies specific budgeting process. Users can build their budget structure and approval workflow to suit their own preferences. Features like customizable language and terminology, the ability to change visibility based on user group and automated translation of maintenance details into finance rollup terms make WorkAlign Maintenance Budgeting the ideal tool for maintenance teams.
For more information on VIZIYA WorkAlign Maintenance Budgeting, visit our product page or Request a Demo to see more.