There are numerous challenges to the effective management, control and use of physical assets in the world today and Organizations are still required to provide accountability in environments that challenge them daily with dynamics of regulations, acquisition methods, technology, demand variables, business unit reorganizations as well as the transfer and deployment of large quantities of assets to the field. At ABS, we simplify this through various solutions geared at enabling organizations to achieve asset management excellence, which is an organization’s ability to demonstrate that it employs the leading practices, and achieves maximum value from the management of its assets, in line with the organization’s objectives and operating context. ISO 55000 series, a standard on proper Asset Management is a key consideration on the journey to Asset Management Excellence.In this series,
Asset management is the systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems, their associated performance, risks, [opportunities] and expenditures over their life cycles for the purpose of achieving its strategic organizational plan.”-International Standard (ISO 55000) in March 2014.
Some of Our Physical Assets Solutions Include the Following:
- Design and Supply of Asset Tags
- Data Capture & Asset Register Creation
- Asset Verification and Data Reconciliation
- Supply of Mobile hand-held Scanners
- Provision of Asset Management Systems
- Asset Management Outsourcing
- Asset Management - Strategy and Policies' Manual Development
- Asset Management Training, Health Checks and Advisory
- Asset Tagging
Our solutions towards Physical Assets are summarised below;
“Physical assets are the core of any organization. These assets include buildings, furniture, vehicles, computers, plant and equipment, etc. Remove the assets and your organization can no longer function and therefore ceases to exist.”-Dan Drum, Managing Director, Hardcat Pty Ltd.
“Research has it that 15% – 25% of assets that appear on the balance sheet of organizations that don’t have asset management systems don’t exist (some even go up to 40%)” – Dandrum Hardcat Pty Australia.
- Asset tags are labels made from metal, polyester or plastic, they can have unique barcodes and can be customized with your company logo or just your company information. They are durable, weatherproof, and can be made to prevent clean removal so that no one can take a tag off one piece of equipment and put it on another. On each tag, a number and/or barcode is printed. When the asset tag is read by an individual or barcode scanner, the stored information can be retrieved or new data can be recorded. Properly used, asset tags can help prevent employee theft, can simplify equipment records and processes, and can make it very easy to file a claim with your insurance company, should something happen at your business. Your bank may even require them to verify your assets for loan purposes.
- An asset register on the other hand is a list of the assets owned by a business. It contains pertinent details about each fixed asset to track their value and physical location. The register shows the quantity and value of things like office equipment, motor vehicles, furniture, computers, communications systems and equipment.
Some of the notable clients whom we have supplied include Bank of Uganda, Vivo Energy Ltd (Shell Uganda), Lutheran World Federation Uganda (LWF), Umeme Ltd, Tata Uganda Limited, International Fertilizer Development Centre and International HIV/AIDS Alliance in Uganda.
- This helps in the process of managing the lifecycles of physical assets to maximize their use, save money, improve quality and efficiency, safeguard health and the environment. Our Software packages include Hardcat integrated Asset Management Software and Arc Asset Management Software. While Enterprise Asset Management can be handled on paper or on desktop software, such as with spreadsheets, it is more effectively and efficiently done with specialized Asset Management Software thus eliminating human errors.
Asset management Software helps you know the type of assets you have, where they are, who uses them, how they are configured and how much they cost. It also automates your asset lifecycles with workflows, tracks the financial and the inventory details of the plant, equipment and spares throughout their lifecycles. Once an asset is deployed, Asset Management Software helps you record all maintenance activity and enables you to perform regular audits, right up until asset retirement. Some of the notable clients whom we have supplied include; Vivo Energy Ltd (Shell Uganda) and Lutheran World Federation Uganda (LWF).
- Verification means 'Proving the truth' or 'Confirmation'. Verification is an auditing process in which auditor satisfy himself with the actual existence of assets appearing in both registers.
Reconciliation is an accounting process that uses two sets of records to ensure figures are correct and in agreement. Verification is usually conducted through examination of existence, ownership, title, possession, proper valuation and presence of any charge of lien over assets. Some of the notable clients whom we have supplied include; Bank of Uganda, Vivo Energy Ltd (Shell Uganda), Tata Uganda and Luthern World Federation Uganda (LWF)