A Unified Solution for ERP and Fixed Asset Management (FAM) with ERP

Integrating Fixed Asset Management with an organisation’s existing ERP can provide significant benefits. It significantly enhances the company’s value, leaving one utterly amazed. 

 

Benefits of using ERP and Fixed Asset Management (FAM) 

Below is a compilation of the advantages that a firm can gain by efficiently integrating ERP with fixed asset management.

1. Increased Security:  

Security is unequivocally the foremost concern for all businesses in today’s digital world, where theft is very common. A piece of classified information, if obtained by unauthorised individuals, might potentially lead to the complete collapse of a firm.
This is where Fixed Asset Management plays a crucial role. They enhanced the security measures and consolidated all of your vital information in a centralised location, hence increasing the difficulty for unauthorised individuals to get access to or manipulate any data.
Consequently, all of your data is safeguarded and securely protected from any accidental deletion, corruption, fraudulent activities, or damage.
Furthermore, asset monitoring solutions facilitate the accurate recording and efficient management of many types of information. In essence, FAM enables the effortless recording of all user behaviors, while role-based access rules ensure that only authorised personnel can access critical information.
Integrating Fixed Asset Management software with your present systems helps enhance the security and effectiveness of your asset data. 

2. Increase your level of Visibility:  

Large and medium-sized firms possess greater resources. Therefore, it is vital to possess a comprehensive understanding of these assets. Therefore, you can observe them at any required moment. By integrating FAM with existing ERP, the level of asset visibility experiences a substantial increase.
Consequently, this enables managers to comprehensively view all assets and make informed decisions regarding asset lifecycles, maintenance, and other related matters. In addition, automating an operation can prolong the lives of your assets, hence enhancing their productivity and performance.
Deep visibility guarantees constant awareness of the whereabouts of your assets through comprehensive tracking. Furthermore, it will be advantageous in enhancing client happiness and service quality.
For example, if you have a team functioning in a specific geographical area and you receive a complaint from a customer living in the same location. Subsequently, you inform the staff of the complaint, enabling them to promptly proceed to the client’s location and rectify the issue. 

3. Enhance the Accuracy and Reliability of Data:  

Utilising FAM software alongside the ERP system undeniably enhances data accuracy, which is a significant benefit.
Keeping track of data and ensuring its accuracy may be quite difficult, especially when fixed asset information is stored in various locations.
Integration of two systems enables the transfer of data from one table to another. Consequently, it decreases the probability of human errors while also minimising human involvement. Depreciation and tax deductions can be advantageous when errors are minimised and financial records are accurate. Furthermore, the utilisation of paper diminishes as the procedure is mechanised and computerised.
In addition, the process of tracking data can be streamlined by integrating this fixed asset information with the ERP information. Indeed, the absence of precise data renders the execution of any commercial activity unattainable.

4. Mitigate Overall Business Risks and Threats:  

Finally, integrating an ERP system with Fixed Asset Management software can help reduce risk. For example, organisations that maintain records of their fixed assets in multiple places face the danger of losing vital data in the event of a failure in any of the storage areas.
Nevertheless, organisations can mitigate this risk by storing a backup file within the ERP system, which allows for the integration of fixed asset information with Enterprise Resource Planning. 

5. Streamlines the Procedures for Maintaining and Repairing Assets:  

ERP provides a centralised repository for all corporate information, including asset information. This facilitates the process of monitoring and managing since all the information about an asset is centralised in a single spot.
Workflow capabilities are another feature that ERP systems can utilise to optimise repair and replacement operations. By doing so, you can ensure that the task is completed expeditiously and efficiently.
By integrating FAM software with ERP systems, organisations can improve their maintenance and repair procedures. 

6. Enhance the level of Adaptability:  

By integrating this FAM software with your existing systems, you may enhance your ability to manage your resources and enjoy greater flexibility. You may efficiently modify your data visualisation and management by consolidating it in a centralised location.
In addition, it can be quite advantageous if you wish to experiment with alternative asset management strategies or make modifications to your existing asset management approach. 

7. Enhance Efficiency:  

Integrating Fixed Asset Management software with existing systems enhances productivity. This is because workers will only need to use a single streamlined system, which can improve productivity and save time.
Automatic data modification across all platforms can reduce errors and enhance precision. 

8. Minimise Total Expenses:  

Utilising the Fixed Asset Management software in conjunction with the existing system is highly efficient in minimising costs. The reason for this is the potential to eliminate the need to purchase and maintain separate systems for each type of resource.
Moreover, it can help reduce the time and cost allocated to training staff on the utilisation and administration of both systems. 

9. Asset Register with Audit Trail: 

By integrating FAM software into your ERP system, you may minimise errors and inaccuracies in your asset data, enabling you to create a reliable audit trail.
Moreover, these software applications for fixed assets can aid you in effectively controlling and monitoring the schedules of depreciation for your resources. To ensure your organisation is fully audit-proof, it is essential to provide a comprehensive inventory detailing the value of all your assets throughout time. 

Conclusion: 

By integrating Fixed Asset Management software with their existing ERP systems, companies can get a range of significant benefits. Enterprise resource planning focuses on the management of reports, financial records, and data analysis for future planning. In contrast, Fixed Asset Management focuses on directly managing assets.
Furthermore, it facilitates the optimisation of routine activities. Thus, it is imperative for every company with the primary objective of expansion to incorporate this type of Fixed Asset Management software. What are you currently delaying? Maximise the efficiency of your firm by combining fixed asset management software with ERP by calling CherryBerry ERP.