Accurate data can streamline a large part of the fixed asset inventory, leading up to efficient enterprise asset management. To help enterprises maintain accurate, real-time data for enhanced inventory and reconciliation, there are several automation solutions available in the market. The question is: How to choose a solution that meets your company’s requirements?
Choosing the Right Enterprise Asset Management Solution
To determine whether a solution suits your business, you should check if it can:
- Maximize maintenance effectiveness.
- Streamline the maintenance process, so you can extend the longevity of your assets and improve productivity.
- Reduce inventory costs.
- Avoid carrying unneeded inventory or experiencing downtime because of inadequate inventory.
- Increase warranty recovery.
- Improve your tracking of repairs that are eligible for warranty claims.
- Improve reliability and risk management.
- Anticipate and mitigate asset reliability and regulatory risks.
- Get flexible deployment
- Implement on-premises, in the cloud, or both. It's your choice. You'll get the same full-featured system either way-not a scaled-down version like some systems.
A modern enterprise asset management system needs to achieve more challenging asset outcomes against a backdrop of ever-increasing regulation and financial constraint. Implementation of the solution needs to pull together resources to get greater efficiencies with better operational performance and financial transparency. The fundamental reason why organisations implement asset management is because it makes good business sense. All asset-intensive organisations need an ordered, structured, disciplined way of controlling assets.
How Do You Identify Flaws?
Often with an element of fraud and financial misstatement, fixed assets get no respect. Although they’re considered low risk by auditors, fixed assets need attention. Are the controls really effective over this perceived low-risk area? Best practices enhance proper accounting, valuations and financial reporting.
Are you confident the representation of your fixed assets is accurately portrayed in the year-end financial statements? In many cases, your answer will be “Yes.” However, audits may yield a different answer. Although many organizations do not perform an inventory of current fixed assets and corresponding reconciliation, these steps provide an essential internal control for the financial reporting of fixed assets.
An in-depth review of the accounting records will often present the path to be followed. The assets age, type and availability details will define the field data requirements and how to conduct the reconciliation. It is at this point that a realistic budget and project strategy can be established. Most organizations face significant challenges related to tracking the location, quantity, condition, maintenance and the depreciation status of their fixed assets. Typically, fixed assets are recorded and maintained in either a spreadsheet, fixed asset register (FAR) or an ERP system like SAP. These records are then periodically verified through audit activities, such as physical inventory.
To get maximum value from your EAM solution, your technicians need full access to your system anyplace, any time. Of course, some tasks can be completed while sitting at a desk, but some of the most important and valuable asset management tasks need to be done in the field, where many critical assets are located. Mobile access to EAM gives your maintenance and asset management professionals the information they need where they need it the most, at the point of performance.
The key benefit of having a mobile maintenance application is undoubtedly, the effectiveness in having the real-time collaboration and information of the maintenance tasks. Adoption of GPS technologies, RFIDs, rugged tablets and robust web service integration methods will help maintenance organizations to build highly secure mobile maintenance applications integrated to the enterprise systems. This will provide aid in obtaining maintenance data and better connection between mobile technicians, managers and customers. It will, also, result in the overall reduction in cost.
mAssetTag for Efficient Automation of Enterprise Asset Management
Innovapptive’s mAssetTag gives organizations greater control and efficiency when planning, acquiring, auditing, inventory and resolving discrepancies of your fixed assets. The solution offers an end-to-end fixed asset-tracking solution that tightly and seamlessly integrates with back-office systems of record (like SAP), delivering total visibility to identify lost or stolen assets, eliminate insurance or tax overpayments, and calibrate business activities with real-time inventory levels.
Using mAssetTag, business can achieve:
- 99% accuracy of fixed asset inventory
- 17% decrease in insurance premiums
- 100% reconciliation of global fixed assets to meet audit and regulatory requirements
- 40% improvement in employee productivity
- 15% reduction in overpayment of federal, state, and property taxes
Want to See mAssetTag in Action?
For more details, visit: www.innovapptive.com or call 1-844-464-6668 to talk to our experts.