The problem

The organisation needed to have an effective forecasting, monitoring and reporting tool for in- year capital schemes because otherwise there was a significant risk that the organisation would not remain within its capital allocation and capital resources would not be spent effectively and efficiently. There is the risk that if capital schemes are not closely monitored throughout the year and accurately forecast, potential slippage/overspends are not identified early in the process to enable the reallocation of funds on a timely basis to ensure the organisation meets/remains within the confines of is capital allocation.

The challenge

How might we address the issue of effective monitoring of in-year capital schemes so that capital schemes are monitored and reported effectively and efficiently, and benefits/risks associated with the programmes are easily identified?

The outputs

The ‘tangible’ products that came from our innovation were:

• A tool that enables accurate monitoring and reporting of the in-year capital programmes.
• Cost saving in terms of time spent providing the same information in various formats to various stakeholders. Cost saving in terms of time spent undertaking forecasting monitoring.

The outcomes

The benefits to the individual/ team/organistion/system experienced as a result of the innovation were:

• A significant reduction in projects not delivered
• the ability for management to provide targeted challenge to Project Leads
• enabled the organisation to identify slippage/overspends early in the process
• provision of a high-level management report that does not require any further information or data extraction
• enables the Capital Team to accurately forecast against the capital departmental expenditure limit.