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5 Must Have Maintenance Budgeting Capabilities

Posted under Blog by VIZIYA WorkAlign® Budgeting Team

Software Budgeting Capabilities Should Make Your Life Easier, Not Harder

Must have budgeting capabilities of your maintenance budgeting softwareCountless hours are spent creating expensive maintenance budgets, but the output doesn’t match with the time and energy invested in the process. Asset details and cost history may be lacking, and this leaves planners and managers guessing about future maintenance expenditures. There are a number of budgeting capabilities that your software must have if you wish to create accurate maintenance budgets.

A proper budget helps to both control costs and inculcate best practices throughout the department. For more on this, please see “Why Budgeting is Vital to Your Maintenance Strategy.”

VIZIYA WorkAlign Maintenance Budgeting is a purpose-built solution that simplifies asset-based budgeting with real-time views of predicted work orders and historical trends. It has been tried, tested and improved based on the functional needs and requirements of 55,000 maintenance users from multiple industries across the globe.

WorkAlign Maintenance Budgeting strives to addresses the many complexities of creating and analyzing maintenance spend by rolling up data by asset, work order and activity.

Must Have Maintenance Budgeting Capabilities

 

  1. Ready to use, out-of-the-box budgeting solution – There are numerous advantages to a maintenance budgeting solution that functions right out of the box without lengthy and often expensive configurations. One of the biggest advantages of a bolt-on product is that it should be able to seamlessly pass information back to your ERP. This gives your maintenance team the ability to easily update, track and maintain their maintenance budgets.
  2. Ability to create and maintain Budget Groups – Budget Groups simplify the creation of maintenance budgets by allowing maintenance organizations to assign and create ownership and approvals based on groups. Following best practice in this area means it’s essential that users can not only create budget groups, but they can also build those groups into the corporate budget hierarchy and create report groups where analysis can be performed outside of the hierarchy. Further, users should be able to assign assets to groups and arrange them in the hierarchy as required to align with the corporate financial structure. This helps ensure the product organizes the budget in a sensible manner.
  3. Easy access to budget data to ensure accurate annual budgets – Maintenance managers cannot create accurate budgets without easy access to current and historical asset data. This is a vital budgeting capability. Any maintenance budgeting solution you invest in should give you the power to create a budget based on predicted work orders and historical trends, with the ability to modify budget values as necessary. Armed with data to predict and adjust, accurate budgets will improve the cost profile.
  4. Auto Budgeting – There’s an old saying about not reinventing the wheel. Why should you laboriously construct a brand-new budget from scratch every year? Look for a solution that offers an “Auto Budget” function. This function should populate preventive maintenance activity actual costs, planned work, and future preventive maintenance forecasts with predicted costs as a starting point for your budget. After reviewing the initial budget, you should then be able to spread estimate or assign via rules across multiple periods. Reserves or adjustments can also be added for a complete budget.
  5. Zero-based Budgeting – Maintenance teams often come across scenarios where they have no history to create a budget. In addition, many organizations insist that every department use a zero-based budgeting approach, where all expenses have to be justified for every period. This means your solution should include a zero-based budgeting feature used to establish a baseline using performance expectations or industry norms as a basis for comparison. Ideally, the solution should also be able to create a zero-based budget for each asset, and then allow users to manually enter transactions that can be spread across fiscal periods as desired.

VIZIYA’s WorkAlign Maintenance Budgeting can accomplish all of this and more. For more information on how VIZIYA can give you the capabilities you need, contact us today. You can also see how Alcoa used the solution to improve maintenance budgeting in “Why Maintenance Budgets Matter with Alcoa.”

Watch VIZIYA's Maintenance Budgeting Webinar

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