Blogs on Fixed Assets Management

The assets of a business are considered as the lifeblood of that business. These are the diverse aspects of a business that make day-to-day operations possible. In numerous industries, assets are often very hard to manage. This is why Fixed Asset Verification and Tagging Software are needed.

In the course of business, effectively verifying and tagging assets play a huge role in ensuring that both short-term and long-term goals are attained. Clients and running everyday operations, along with other things, every so often makes one lose focus on the company's assets. But by Asset Verification and Tagging, you can have peace of mind, knowing that software is taking care of all your assets.

Some of the benefits of Asset Verification and Tagging software are:

• Successfully Identify owned assets with visual inspection.

• Track serial or model numbers ably with the use of barcode stickers.

• It becomes greatly easy to simplify inventory with barcode.

• Effectively Track movable equipment such as laptops & PDA’s.

• Greatly save your time and money in doubling of assets between departments.

• You can effectively Increase security with frequent tracking & monitoring.

• Effectively track and Monitor asset movement

• Track useful life of assets and devaluation schedules

• Effectively Schedule maintenance of owned assets, their service, and replacement

Fixed Asset Verification and Tagging Software cater great result when it comes to managing assets. It ensures that every step would be to the benefit of the company. The software will help you maintain the business' assets in the most gainful manner. This is really beneficial. It became easy to make sure that the assets remain productive so that your company can utilize the maximum potential of the assets.

So if you want your business to realize achievement, and drop the burden off your shoulder from having to take care of your assets, take help of Asset Verification and Tagging software. For sure, your assets would be safe!

Rashein Samuel

FAM Consultant

As the international economy keeps hurling new challenges at companies that are dependent on the appropriate performance of their assets, some companies are choosing new and improved Enterprise Asset Management solution to ensure lower cost of operations.

Enterprise asset management (EAM) refers to the best use of the physical assets possessed by an organization. It comprises the designing, construction, operation, maintenance, and replacement of equipment and facilities.

The word 'enterprise' is used to indicate that the system holds the management of assets that used by numerous departments in numerous locations. In some cases, the system embraces several business units.

Effectively replace, overhaul, or maintain assets:

A. Companies that are in industries like healthcare, in which the nonstop use of infrastructure, equipment, and buildings is of main significance and disruptions are gravely expensive, are choosing for newer models of utilizing these.

B. They need to find out things like whether it would be more lucrative to replace, overhaul, or maintain a utility that is not acting as mandatory.

C. The major aim of an Enterprise Asset Management System is to heighten the return on assets (ROA) by decreasing capital costs and increasing the performance of equipment.

An Enterprise Asset Management System delivers the framework for decision making with regard to labor and capital allocation so that companies can organize for expenditure in the short and long-term. The key advantage of such a model of management of utilities is that it offers a holistic view of the asset base of a company. This makes it stress-free for the managers to optimize operations.

At the present time, more and more companies are opting for Enterprise Asset Management software since these are far more effective compared to the traditional methods.

It enables the proper use and storage of spare parts, tools, and other materials. This type of software has become extremely popular since they permit managers to take important decisions on the basis of updated and successfully processed data that they make available on a regular basis.

Rashein Samuel

FAM Consultant

With the development of technology drastic changes have taken place within the past few years and with the use of the latest software and technologies, the ability to conduct precise and accurate audits has increased. The process and consistency have undergone great improvement with the introduction of the latest technology. Asset audits are a crucial part of a company as it provides the company with precise knowledge about their fixed assets. Now there will be no more unreliable and inconsistent data with the latest asset audit software. The data of asset audit management can be captured in a consistent format with fewer difficulties. Asset tracking software helps in fixed asset reconciliation as it is a great investment for a company. It helps an organization keep a check on whether business assets are in good shape and are where they are meant to be. The software is amazing for the entire asset management and helps optimize the workflows.

Fixed asset inventory and reconciliation services are a great way to double check the data and receive all the up to date information with more ease. Conducting audits in a company ensures that the employees of the company remain accountable about the items that are placed under their care. With the asset audit management software, strategic plans can be done by the company in an efficient manner with the availability of accurate data. Audits make it easier to determine the tasks that need to be carried out by the company at certain intervals. The data provided by fixed asset reconciliation services provide you with valuable insights into the company’s requirements. The asset catalog is streamlined and the companies will know about under-performing assets which can be disposed off.

Audits executed through the asset management software help you with the maintenance of items so that servicing can be done timely. With these audits, you can make sure that your reputation remains top notch with no more faulty assets. With the automation of asset audits, the human error is eliminated and it speeds up the process and quality of the audit data.

Rashein Samuel

FAM Consultant

Every business needs to manage their inventory with immense care and they have to face challenges in doing so. These challenges may lead to losses and problems within the firm. Inventory audit is the most crucial manner to keep a track of all the assets and manage them with efficiency. Almost all the firms require asset inventory and tagging services so that they get the precise data of their inventory, which can be thus managed with intense care and expertise.

Here are four indications that make you think about adopting the inventory management software for the more effectual upkeep of your assets:

1. If you are facing bad outcomes of inaccurate inventory: If a company has inaccurate inventory and is facing issues like improper stock levels and outdated stocks, then the company must consider an automated system to tag all the assets and manage them with perfection. This is why it is crucial to implement the inventory management system for getting accurate results during the process.

2. You have to repeat the process several times: If your company is using the traditional ways of auditing, then the asset might need handling and auditing repeatedly, which adds to the labor costs and accuracy is very less. The inventory management system helps in easy management of inventory and eliminates the repetition of actions.

3. If you are under-stocking or overstocking: In case your company is facing the troubles of under-stocking or overstocking due to bad planning then, it might affect your sales and lead to losses. If you implement the inventory management system then you will get precise information about the stock levels and quantities which can help you with the determination of order quantities.

4. If you are facing problems in keeping track of the location of inventory: If you are not able to locate a product in your warehouse then it might create numerous problems. The process of management might slow down and the expenses might shoot up. With the use of IT asset inventory services and barcode technology, you can prevent the problem as the scanners indicate the item location along with the number of such items present in the inventory.

If you are noticing these problems then you will require an efficient inventory management system that is an instant solution for inventory management.

Rashein Samuel

FAM Consultant

The use of technology and especially software products in different careers is getting popular with the passing of time. From e-learning video games in educational institutes to rocket control systems in NASA, these software systems are able to make our life easier by doing complex calculations and management in an efficient fashion. In the same way, the modern market is also making use of technological innovation for getting optimum results in company viewpoint. Inventory software programs are an example of such software products which are being used by today’s sell for tracking inventory levels, purchases, product sales, and supply of their products. By maintaining an eye on the current stock of an organization, these software systems help the corresponding organization in avoiding product overstock and outages. This IT Inventory Management Software has provided the benefit to arrange data in a smart way that was usually held in excel spreadsheets earlier.

What is an Inventory Audit?

Inventory audit also referred to as a stock audit, represents an accounting procedure which considers a company’s total stock of actual products. This is especially needed in manufacturers where raw components need to be changed into finished products and is a perfect procedure of maintaining a healthy company and for it to succeed. Inventory audit is considered compulsory to keep consideration of the quantity and quality of raw materials remaining in stock. This is because anything more than 70% of product price involves material price. Additionally, inventory audit is absolutely necessary for organizations with multiple divisions as they tend to have a massive stock of actual products. Audit of essential physical inventories is usually performed at or near the end of the season.

Identifying Issues Promptly

An accurate records inventory enables a company to identify problems impacting its performance, such as product loss through damage, robbery or unknown causes. Keeping an eye on the inventory records allows a company to reduce costs by finding issues as soon as they appear rather than at the end of the season during annual stocktaking. Whether they are mistakes by the salesmen or procedures missed in the factory or the field, an accurate records inventory allows to recognizing these issues by using constraints to reunite sales.

Rashein Samuel

FAM Consultant

Asset Management and increase the return on investments are top priority goals for every company. Organizations endeavor hard to meet up with their dreams via developing and applying wiser techniques and strategies that lead to lower working expenses, improved asset usage and maintenance, and managing capital expenses. Enterprise Asset Management solution are an excellent way to incorporate policies and techniques that improve efficiency and decreases down the overall expenses.

It is a mixed strategy that includes investment planning, design, requirements, construction, functions, and maintenance to the disposal of resources. This specific remedy combines a business via assisting asset exposure, bringing global compliance, and reducing the cost of asset possession. That is why enterprise asset management solutions are in huge demand these days. Organizations can select to get flip, scalable and off-the-shelf solutions to meet their particular requirements. By applying a user-friendly and particular solution into the company's operating system, companies getting better inventory control and functional quality without any hassle. In addition, companies are experiencing a better rate of growth along with an increase in the company's serviceability.

This Enterprise Asset Management Software makes life easier of the supervisors because the information that is presented by the program is prepared. Hence, the managers do not have to go through all the minute details and then arrive at decisions.

Most significantly, these programs provide the managers with frameworks that they can use to determine how to adapt to changes in the production design of the company. For example, if the client base of a company increases, the compilation of the data by the software will enable the control to select the most possible method of expansion to ensure that too much is not spent.

The software also helps the pressure of the workers by performing the routine projects like preparing schedules, maintaining inventory records, assigning material, and providing alerts when new materials are required.

EAM software enables you to cut down on expenses, to boost return on your investment and to enhance your efficiency. It helps to increase the lifetime value of your complicated resources -- from their purchase to their disposal -- and align them closely with your business techniques and goals.

Rashein Samuel

FAM Consultant

1. Integrating Procurement System with FAMS
Integrating Asset Management with Procurement Software like Ariba or ERP like SAP or Oracle, can bring significant value to the enterprise through Cost Savings and Service Improvements.

a. Cost Savings
A list of unused assets, whether in stores or with employees (assets that may have been issued as standby or for an earlier project), can be made available in real-time. This results in optimal utilization of available asserts and avoiding procurement of extra assets.

Ghost assets (Assets in FAR but not available in PAR) if any can be removed while budgeting for maintenance contracts, license and insurance renewals.

Assets are quality checked before acceptance at the stores, and the health and quantity of received assets can be made available to procurement system in real time. This helps the enterprise spend cash in-time.

b. Service Improvement
Status of asset requests from FAMS can be updated in real time helping employees requesting assets know the status of their requests.

2. Asset Control Policy based Asset Classification

Asset classifications can be based on the following:
a. Product Type
b. Value
c. Age

Procurement, maintenance, movement and retirement of assets should take place through different levels of authorizations. Approval levels and stake holding designations shall be configured in FAMS based on prior policy laid down by the Enterprise.

The purpose of this process is to achieve and maintain appropriate protection of organizational assets (tangible and intangible) and to document those assets to ensure knowledge and understanding of their value, purpose, risk and location.

The following asset movements also will be governed by the ACP
a. Inter-UT Transfer
b. Intra-UT Transfer
c. Repair

Asset retirement, whether scrap, disposal or donation, shall also be governed by ACP.

3. Integration of HR System with FAMS

Integration Asset Management with HR System will establish asset ownership or custodianship in FAMS. Responsibilities of owners and custodians can be defined by a policy.

While an employee completes his assignment, he can formally surrender the assets back. In the event of missing assets, actions can be initiated based on Ownership / Custodianship Policy.

4. Asset Audit policy based on periodicity and methodology

Auditing fixed assets is extremely important to ensure that accounting for capital assets and depreciation is in compliance with management's objectives. This policy governs the methodology and periodicity of asset audits. It also states the process to be followed in case of differences between FAR and PAR.

Sandipan Das

FAM Consultant

Asset Verification and Tagging (VTR)

Why companies are adopting Enterprise Asset Management Systems?

How asset management software can Improve Asset Audits

Four Indications that You Should Invest in the Inventory Management System

IT Inventory Management Software and Inventory Audit

Enterprise Asset Management solution

Best Practices in Fixed Assets Management

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