Budget management - HxGN EAM - 11.7.1 - Administration & Configuration - Hexagon

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Administration & Configuration
HxGN EAM Version

The budget management module automates the budget creation process and the subsequent capture, supervision, control, and analysis of the expenditures associated with maintenance work. HxGN EAM budgeting links the financial structure of your enterprise with its organizational structure and the physical asset hierarchies. Budget management allows you to establish budget account codes and align them with corporate policies and business objectives. The budget management module allows you to calculate a variety of financial and performance indicators. The analysis of expenditures serves as input to critical performance indicators that managers often use to judge the operation’s performance and to determine improvement opportunities.

Module features

Module feature

Description of feature

Budget Organization

In any organization, it is important to plan, monitor, control, and analyze the costs associated with asset management and maintenance. Most management teams use budget management to anticipate and manage costs associated with a fiscal year or period. Budgets can be divided into several different hierarchies, including expenditure types, organizational departments, equipment structures, and periods. The expenditure connected with maintenance work is often projected and tracked through these subgroups. The amount of detail used in planning and tracking maintenance work is determined by the analysis and reporting requirements of each individual organization.

The budget management module helps you establish budgets and capture all costs related to maintenance expenditures for specific, user-defined time periods. HxGN EAM budgeting enables the creation of hierarchical budget account codes by maintenance entity (e.g., cost type, department, and asset). Actual planned and estimated costs can be captured at any level by time period, enabling the efficient monitoring and control of expenditures. Budget management maintains the details of all work orders and purchase orders by budget account codes, allowing analysis of all current and planned expenditures.

With the budget management module, you can perform the following tasks:

  • Establish user-defined reporting periods

  • Structure departments, systems, locations, positions, and assets to unlimited complexity

  • Budget internal and contract hours, stock and non-stock materials, and work type

Expenditure and Position Identification

Identify estimated, committed, and actual costs and generate automatic updates from other HxGN EAM modules.

HxGN EAM provides the following budget analysis options to help you identify your budget position:

  • Compare between budgeted, estimated, committed, and actual costs

  • Analyze budget based on period, year to date, or current trends

  • Examine detailed expenditures, such as booked hours and materials ordered

Capital Planning Requests

Capital Planning Requests allow you to create and manage future capital investment requests. You will be able to track capital expense requests based on forecasted labor costs, forecasted material costs, and expected cost avoidance. Using this facility, you may track a request for a capital expenditure, and then create a work order for that capital expense. This includes Categorization Codes and user-defined fields to increase flexibility.