Budget Monitoring in Maximo (Finally... )
IBM introduces the Budget Monitoring Module as part of the Maximo 220.127.116.11 Patch.
Now budgets can be entered and monitored and it comes free with the patch Maximo 18.104.22.168.
When discussing budget monitoring the most common question is: how is a budget related to other Maximo entities like work orders, assets, etc? The good thing about the new module: to all required ( it's fully configurable to meet the specific requirements).
The basis of a budget is setup by giving a budget code/name, a supervisor and a financial period.
The next stage is to define how the budget is related to the rest of Maximo and transactions. These connections are so called Focal Points. For example: assets, as in the screenprint. Focal points are fully configurable on object, attribute and conditions. Other examples are locations and segments of the GL-codes.
Maximo is then ready to generate budget-lines. For each budget line the amounts of the budgets can be filled out. For example: labor hours and service amount. These categories are already known within the rest of Maximo. The final fine-tuning: the way transactions are linked to the categories is 100% configurable.
After that: approve the budget and you are ready to go to monitor your budgets.
Please feel free to contact us, to help you to get the most out of the new IBM Maximo Budget Monitoring application and get your budgets managed!