A common set of benchmarks are used to plot the maturity of an organization’s asset management program. Using benchmarks provides a means to determine the current state of your program based upon the experience of others.
Benchmarks also help to set reasonable expectations as to what improvements are required to reach the desired end state. In order to gain an objective view of your program, it is advisable to consult with an unbiased third party.
Consulting with a knowledgeable, experienced third party can save time and money in both the short term as well as over the long term.
In the short term, immediate improvements can be realized producing savings that outweigh the initial cost. Many organizations find that they are overpaying taxes and insurance based upon inflated values.
Long term savings are realized through a variety of areas, such as improved productivity achieved by eliminating redundant activities. Maximizing asset utilization represents low-hanging fruit as idle assets cost money.
Finance executives rely on reporting to plan for outlays of cash needed for asset maintenance, upgrades and eventual replacement. Consequently, accurate fixed asset reporting is critical.
Verasset utilizes a five step program that is designed to provide a graduated systemic approach towards achieving a desired end state.
We begin by utilizing benchmarks to determine the current state of the organization. We then compile a base of accurate information by performing an end-to-end physical inventory and reconciliation of financial asset records.
Once the information is reliable, we suggest methods to sustain the availability of real-time accurate data by automating data capture activities.
A critical step is to educate the stakeholders and gatekeepers who manage and administer the asset life cycle. Lastly, we compile a plan complete with milestones and schedules whereby the organization is able to migrate towards the desired state as time, money, and resources permit.