Mx55000 - Budgeting, Forecasting & Cost Control for Maximo

Budgeting is a serious challenge

Budgeting is a serious challenge in any company and a real headache for nearly all managers every time it comes around. ZNAPZ has developed a module that makes budgeting as easy as it can be, taking into account the maturity level of the organization regarding available data and the status of the budgeting processes. It also takes into account complicated customer contractual requirements where ever applicable.

PAS 55 - ISO 55000

When PAS 55, now ISO 55000 Asset Management Standard was first published, ZNAPZ decided to adopt and embrace it in its entirety under cover of ZNAPZ Mx55000 Asset Management Solutions; the core and vital element being ZNAPZ Mx55000 Budgeting, Forecasting & Cost Control. After many years of development and based on over 20 years experience:
ZNAPZ are pleased to announce that we are now launching Mx55000 Budgeting, Forecasting & Cost Control Module

Budgeting

Budgeting is most often done in Excel, which brings a multitude of challenges i.e., which budget is this Excel sheet, what version of the budget is it, are the formulae still correct, how do we manage the versions, how do we manage the deviations but most importantly the excel sheet has no direct relationship to the assets in question or with the organizations management functions.

Knowing that most organizations just forecast their budget by increasing it with a percentage, ZNAPZ developed a Budgeting Forecasting & Cost Control module based on many years of experience covering various industries.

ISO 55000

The primary principle of ISO 55000 is through life budgeting, accurate forecasting and cost control / optimization aligned to the organizations Strategic Plan. You cannot set revenue properly if you do not have an accurate cost base, and this is where many organizations have difficulty especially under conditions where competition is fierce.

ZNAPZ Mx55000 is totally adaptable and flexible as it can budget at Company level, at Department level and at Asset level and below.

Mx55000

Mx55000 functionality in Maximo will roll up from the lowest known cost at the lowest item level, against the actual usage of the Asset. Typical cost categories are; labor, materials, tools and services. However the categories are whatever the organization requires. Mx55000 functionality in Maximo can be used to roll down the Budget in circumstances where there is limited data and manual inputs are required.

Mx55000 functionality can take into account any anomalies that may have happened or may happen with our Assets, e.g. early retirement, non-optimal maintenance intervals, unplanned operational events e.g. vandalism and other specific costs over the lifetime of the Assets.

Cost

Cost can be seen at the highest level and any level below, down to the level the customer decides is necessary to manage the cost. Cost can be seen at locations, by activity and cost can be seen against the actual usage of the Assets if this is so required. When the organization would like to go into greater detail the budgeting module even supports Activity Based Budgeting (ABB).

What is unique about Mx55000

The Through Life Budget is set (only changed by version change) and this is then continually compared to actual and live forecast costs, this in turn produces a continuous variance on ALL costs. All costs can be subjected to Mx55000 Cost Control. Cost reductions are fed back into next budget.

Last but not least the module offers simulation capabilities, to simulate the savings that can be achieved by reducing certain activities, materials or services or used as a Contract Bid Process tool.

More..

If you want to know more, contact us at: info@znapz.com