Asset Management & the WHY?
Physical asset verification provides the complete data at your finger tips. This includes: Identifying the fixed asset, Cost evaluation, Product life cycle cost, cost-benefit analysis, disposal value of the asset and more. This also helps to eliminate all the Ghost Assets which are appearing in books of accounts.
This is an accounting practice of managing the correct book value of the product by tracking product life cycle; emphasize on maintaining proper book of records (from procurement, depreciation, book value till the decommissioning/disposal of an asset). The availability of data from single asset system allows the “Total Cost of Ownership” to the organization.
Why Asset Management ?
Two main reasons for asset management:
1. Requirements on regulatory, accounting and reporting
2. To ensure assets are managed as per the standards, with best practices and accurate info in most acceptable way possible.
Benefits of asset management?
1. All Asset info available in one touch point (software)
2. Near to zero disparity between book value vs physical asset value
3. Seamlessly manage asset movement across different locations
4. Improve operational efficiency and track performance
5. Measure and monitor product life-cycle costs
6. Efficiently forecast the Purchase, Finance, and operational challenges
Key Elements of Asset Management
1. A policy framework in place for Asset Management
2. To let know what assets are owned
3. The current asset condition & expected life span
4. Where money is spent; maintenance, renewal & operations
5. Knowing long-term funding requirements
6. Referral documentation for future Asset Management Plans.
The Process
· Physically presence of the consultant in the client premises
· Fixed Asset Verification and Capturing the required details
· Fixed Asset Tagging… QR Code / Bar Code / RFID Tags
· Fixed Asset Data Reconciliation with Finance Asset register
· Periodical Audit of these Assets during certain interval
The Application
· Banks – Private & Public sector
· Corporate Offices
· Hospitals & Clinics
· Oil Refineries
· Schools & Universities
. Hotels & Chain of restaurants