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How to create a perfect Asset Register with the help of Asset Management Software
October 12, 2022

How to create a perfect Asset Register with the help of Asset Management Software

How to create a perfect Asset Register with the help of Asset Management Software

FMCD Sector is one of India’s largest growing sectors. The rate at which it has been growing is tremendous and with that comes a different set of hurdles for the industry, if we try to summarize them it can be a low level of management and increasing competition. FMCD Sector is the one which always grows up, as the consumers for Packed foods at relatively low costs attract the consumers. They have a lot to take care of daily, a lot of assets be it their machinery or the goods in different phases of production.

With this big business infrastructure and movements of assets not all entities in FMCD sectors are using Asset Management Software which leads to mismanagement in the organization, loss of assets, risks piling up and decreased productivity and all of this happens unknowingly. It is high time for them to install Asset Management Software and understand what good it can do for your organization.  

Let’s talk about the issues faced by our FMCD Client

Our FMCD client provides high-quality, durable consumer goods which varied from low-cost appliances to high-cost appliances used in a household. This brings them to a point of maintaining an Asset Register on a very big scale. As the organization was not just expanding its footprint but also the breadth of services that it provided, they need its management game to be very strong. Without a perfect set of management in the whole organization, things can go wrong.

They deal with thousands of appliances and assets every week. Because of the huge classification and category of assets that they dealt with, they reached a point where maintaining all these records daily was becoming a huge problem for them. Manual entries require a lot of time and effort and still, no one can guarantee that the information is true to its nature (manual entries are prone to human error). Manually entering the data is time-consuming but with an optimized Asset Register, all the classification becomes very easy.  

Our client knew that to improve productivity and reduce the risk and cost they need to invest in Asset Management Software which will help them maintain an Asset Register which is real-time and backed with utmost transparency.

They were also struggling with keeping an accurate report of all its vendors, when the assets were purchased from those vendors and how much payment is due to each vendor. To keep a track of all this they knew that an optimized Asset Register is a solution.  

There is also a lot of movement of assets daily in the FMCD sector, to keep a track of this, they need to assign asset codes and they can scan the QR/Bar code to have the full information of the asset (its movement, vendor history, user history, current status and a lot more), which is real-time and that is a big plus.  

According to Fortune Business Insights, The global FMCD logistics market is projected to grow from $105.85 billion in 2021 to $131.54 billion in 2028 at a CAGR of 3.15% in the forecast period, 2021-2028.  

What problem did our client encounter while manually recording all the data

One of the most traditional ways of manually keeping a track of the data is the use of Spreadsheets. With a major change in the environment and the way organizations shifted their goals and interests while adapting to the fast pace in their respective industries, they are finding it difficult to maintain reports manually. That is because of two reasons majorly, one is a huge set of data daily and the second one is not having enough time.  

According to IBM, 88% of all spreadsheets contain at least one error.  

Because of this rapid change, they need to focus on things which are core if they would not do it. There are chances that they will lose their place (because of the heavy number of competitors).  

With a huge set of assets changing location and hands, it becomes very hard to maintain manual records, maintaining spreadsheets is anyway a traditional approach to maintaining data. With multiple users of the spreadsheet, it can become very chaotic, at the time it can lead to duplicate data which is not a good situation.  

How Asset Infinity’s Asset Management Software (Asset Registering) helped our FMCD Client

Best Track of all the assets

Our client had multiple movements of assets throughout the day, be it internal movement or be it external movement. It was necessary to keep a track of those assets, manually doing it took a lot of effort and time, Asset Register helped them to list their asset on the system once and then the movement of those assets was tracked on its own, as the whole system is optimized.

Calculation of Depreciation

Because of the heavy value of goods it was very important to keep a track of their reduction in value so that they can start keeping the fund aside before that asset turned into scarp, this is what the best management team does, thinking and calculating all the risks beforehand. Our client also used this feature and calculated monthly/yearly depreciation to have a view of the value change.  

Scrutinizing Assets

Our client dealt with multiple categories of assets, and it was hard to keep a track of all those different categories as it lead to confusion. Asset Register helped them to make different categories which made the whole process of scrutinizing different assets easily. This saved a lot of time and effort and the ultimate data that they had was true to its nature.

All about vendors

FMCD sector is dependent on a different set of assets which are purchased from a different set of vendors at different times and different intervals. It is very important to keep a track of all of this alongside the payment that is due. Our client used our Asset Register and with the help of it, they were able to keep a track of all the vendors and payments due to them. Which ultimately increased the trust that their vendors have in them.  

Other benefits that our clients from FMCD Sector can avail are

Use of Mobile Application for ease

Asset Infinity offers Asset Management Software too which keeps the flow going. Even when the employees are working in the field they need not be in front of the system to update any information in the data. They can access the software from the mobile application itself and make the required changes.

Asset Auditing

Our clients can also use our software for Asset Auditing. Physical verification of assets is very important. Our software gives the user two options for auditing, self and aided auditing. This will give a clearer picture of the status of the assets which are present in the organization, and will even help them to identify ghost assets for elimination.  

Pictorial Representation for better understanding

With the help of Asset Infinity’s Asset Management Software images can be attached to the respective asset for a better understanding of the asset, this will help in the reduction of chaos and ultimately increase productivity.  And many more…

Benefits that our FMCD Client received after implementing our Asset Management Software

  • Complete Asset Information (real-time data of asset location, condition, history, users etc)
  • Enhanced Productivity (with a reduction in chaos and reduction in risk)
  • Best set of management (with all the information in one place)
  • Best utilization of their assets (allocation became easy with the holistic picture in one place)
  • Calculation of Depreciation became easy for them (be it monthly or yearly)
  • Enough of spreadsheets (helped them by optimizing the whole process of asset management for them)

Conclusion

We saw how changing from rudimentary techniques of maintaining spreadsheets, to shifting to an Asset Register which is optimized, can change the whole scenario on a big scale. Our FMCD Client utilized our Asset Management Software (Asset Register) to keep all the information in one place for better coordination and management in the whole organization. This lead to an increase in their productivity, a reduction in risk and better management throughout the organization.

About Asset Infinity (Asset Management Software company)

Asset Infinity provides Asset Management Software which at this point is used by a large number of organizations in various industries. Our software is hosted on Microsoft Azure Cloud Services. The uptime guarantee provided in this service is up to 99.9%, which any organization would love to have. Because of this and many more brilliant features, this software is used by various verticals of different organizations throughout the world. 

Asset Infinity helps you to track all the assets of your organization that are linked to the system at any given point. It does not matter where your assets are located at the moment. And this tracking is real-time based. All the data is even stored in the cloud, which leaves no loose ends.  

Preventive Maintenance, Depreciation Calculation, Asset Tracking, Asset Auditing and a lot more are offered by this software, replacing all the traditional ways of doing this with an automated system that requires minimum human interaction.  

 

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