A Complete Guide How Fixed Asset Management Works

A Complete Guide How Fixed Asset Management Works

A Complete Guide How Fixed Asset Management Works 

Every business, regardless of size, relies on a foundation of fixed assets – the tangible tools and equipment that keep things running smoothly. From office furniture to factory machinery, these long-term investments play a crucial role in day-to- day operations. But how do you ensure these valuable assets are managed effectively throughout their lifecycle? 

What is Fixed Asset Management?

Fixed Asset Management FAM is a comprehensive process that encompasses the acquisition, tracking, maintenance, and disposal of fixed assets. It ensures you have a clear picture of your assets, their condition, and their financial value. In this article we will delve deeper into how FAM works, using a step-by-step approach to understand its key components: 

Study: Analyzing Your Current State

The Fixed Asset Management(FAM) journey begins with understanding your existing asset management practices. Asset management facility such as Eagle-IoT would typically visit your offices to conduct a thorough study. This involves: 

Assessing Your Current Scheme: 

We will analyze your current fixed asset management system, how you track assets, and the information you capture. This initial assessment helps identify any gaps or inefficiencies. 

Benchmarking Against Best Practices:

The team will compare your practices against industry best practices for fixed asset management. This gap analysis helps pinpoint areas for improvement and ensures your FAM strategy is aligned with leading standards. 

Designing a New Operating Procedure:

Based on the study’s findings, we will design a new operating procedure tailored to your specific needs. This procedure outlines a more streamlined and efficient way to manage your fixed assets. 

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AI fleet management

Design: Building a Structure for Tracking 

Once the current state is analyzed, it’s time to design a robust structure for tracking your assets. This design phase involves: 

Hierarchical Classification: 

For a better insight of the asset a hierarchical classification system will be created for your assets. This system categorizes assets based on type, location, and other relevant criteria. This structure allows for easier tracking and reporting. 

Asset Catalogue Development:

A comprehensive asset catalogue will be developed. This catalogue details the different types of assets you own, their specifications, and any unique identifiers. This detailed listing ensures you have a clear picture of your entire asset inventory. 

Implement: Putting the Plan into Action

With the study and design phases complete, it’s time to implement the FAM solution. This phase focuses on: 

Fixed Asset Solution Implementation:

Eagle-IoT will implement a solution that meets your specific business requirements. This solution could involve software specifically designed for fixed asset management or integrate with your existing accounting system. 

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Counting, Maintaining & Tagging: 

The team will physically count your assets, ensuring accuracy and completeness. They will also implement a tagging system using barcodes or RFID tags. These tags will store key information about each asset, such as location, type, and condition. 

Tracking Depreciation: 

The FAM solution will also track the depreciation of your assets. Depreciation is the gradual decrease in an asset’s value over time. Tracking depreciation is crucial for accurate financial reporting. 

Reconciliation: Ensuring Data Accuracy 

The final step involves ensuring the accuracy and consistency of your asset data. This reconciliation phase includes: 

Barcode and Asset Tag Reconciliation: 

All assets will be tagged using barcodes or RFID tags. The information captured on these tags will be compared with your financial database to ensure everything matches. 

Physical Asset Register vs. Financial Database: 

A critical step is cross-matching your physical asset register, which details all your physical assets, with your financial database, which tracks the financial value of those assets. This reconciliation ensures both databases are aligned and provide a single, accurate view of your fixed assets. 

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Benefits of a Robust Fixed Asset Management System 

Implementing a well-designed FAM system offers numerous advantages: 

  • Improved Financial Reporting: Accurate data of your assets leads to more reliable financial statements. This is crucial for investors, creditors, and other stakeholders. 
  • Enhanced Operational Efficiency: Knowing where your assets are and their condition allows for better planning and resource allocation. This can streamline maintenance processes and minimize downtime. 
  • Reduced Costs: Proper asset tracking can help you identify underutilized assets and optimize asset utilization. This can lead to cost savings and improved profitability. 
  • Compliance with Regulations: Many industries have regulations regarding fixed asset management. A robust FAM system helps ensure you comply with these regulations. 
  • Theft Prevention: Asset tagging makes it easier to track and locate assets, deterring theft and loss. 

Fixed Asset Management is not a one-time activity; it’s an ongoing process that ensures the optimal utilization of your valuable assets. By following a structured approach like the one outlined above, you can achieve a comprehensive FAM system that benefits your organization in numerous ways. From improved financial reporting to reduced costs, a well-designed FAM system can be a powerful tool for driving long.  

To know more about Fixed Asset Management,  

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How Fixed Asset Tracking (FAM) Can Revolutionize Your Inventory Management?

How Fixed Asset Tracking (FAM) Can Revolutionize Your Inventory Management?

How Fixed Asset Tracking (FAM) Can Revolutionize Your Inventory Management? 

For businesses with vast inventories, misplaced or poorly maintained equipment can translate into millions of dollars lost. Imagine the wasted time searching for missing tools, the unnecessary repairs due to unidentified wear and tear, or the hefty fines incurred from regulatory non-compliance. These issues not only affect your bottom line but can also jeopardize the quality of your products or services, ultimately damaging customer satisfaction and your hard-earned reputation. 

Unleash the Power of Real-Time Visibility

Eagle-IoT Fixed Asset Tracking (FAM) is a comprehensive solution designed to empower businesses with a powerful and user-friendly system for managing their fixed assets. It goes beyond traditional spreadsheets and manual checks. It utilizes cutting-edge technology to provide real-time location data on your entire inventory, offering complete transparency into your asset ecosystem.  

Here’s how FAM can revolutionize your business: 

Track and Monitor Fixed Assets:  

Say goodbye to wasted time searching for missing equipment. FAM allows you to pinpoint the exact location of your assets, whether it’s a critical tool on a vast construction site or a specific medical device within a hospital. 

  • Oversee Equipment and Machinery Across Multiple Locations:  

Managing assets spread across various locations can be a logistical nightmare. FAM eliminates this hurdle by providing a centralized platform for monitoring your entire inventory, regardless of geographical boundaries. 

Fixed Asset Tracking

 

  • Lower Maintenance Costs:  

By proactively tracking equipment usage and condition, FAM empowers you to implement preventive maintenance schedules. This not only reduces the risk of unexpected breakdowns but also extends the lifespan of your assets, saving you money on costly repairs and replacements. 

  • Improve Operational Efficiency:  

Streamline your workflows and optimize resource allocation with the help of FAM. Real-time data on asset availability allows you to assign equipment efficiently and ensure critical tasks are completed without delays. 

  • Maintain a Record of Retired, Sold, Stolen or Lost Assets:  

FAM provides a comprehensive audit trail of your fixed assets, keeping track of their status throughout their lifecycle. This ensures you have a clear record of retired, sold, stolen, or lost assets, aiding in regulatory compliance and financial reporting. 

Beyond Visibility: The Power of Data-Driven Decisions

Eagle-IoT’s Fixed Asset Tracking (FAM) isn’t just about location tracking; it’s about harnessing the power of data. The system collects valuable insights into asset usage patterns, helping you identify areas for improvement and make data-driven decisions. Imagine being able to: 

  • Analyze utilization rates:

Identify underutilized assets and optimize their allocation, maximizing your return on investment. 

  • Predict maintenance needs:

Shift from reactive repairs to preventive maintenance, minimizing downtime and ensuring optimal equipment performance. 

Fixed Asset Tracking

The Eagle-IoT Advantage 

Eagle-IoT offers a user-friendly and scalable solution that integrates seamlessly with your existing systems. Our suite of features includes: 

  • Mobile App:  

Access asset data and perform key actions from anywhere, anytime, with our convenient mobile app. 

  • Barcode Scanning and RFID Integration:  

Utilize barcode scanners or RFID tags for effortless asset tracking and data collection. 

  • Customizable Reports:  

Generate comprehensive reports tailored to your specific needs, providing valuable insights into your asset management practices. 

Invest in Your Future with Eagle-IoT 

In today’s competitive business landscape, efficient fixed asset management is no longer a luxury, it’s a necessity. Eagle-IoT FAM empowers you to take control of your inventory, optimize operations, and unlock significant cost savings. 

Don’t let misplaced or poorly maintained equipment hinder your success. Contact Eagle-IoT today and see how FAM can revolutionize your fixed asset management. 

Fixed Asset Tracking
5 Reasons Why You Need RTLS Asset Management

5 Reasons Why You Need RTLS Asset Management

5 Reasons Why You Need RTLS Asset Management 

Harnessing RTLS for Operational Excellence and Industry 4.0 Readiness 

In dynamic environments like industrial warehouses and hospitals, where mobile assets are critical, Real-Time Location Systems (RTLS) offer a transformative solution for asset management. By providing real-time visibility into asset location and utilization, RTLS empowers data-driven decision-making that streamlines operations and enhances efficiency.  

Get ready to discover the top 5 benefits of integrating RTLS into your asset management strategy. We’ll explore how this cutting-edge technology delivers real-time visibility, eliminates frustrating searches, and provides an exceptional return on investment. Whether you’re a seasoned expert or new to asset management, this is a journey you won’t want to miss! 

Enhanced Asset Visibility and Tracking

Effortlessly track and locate your physical assets with Eagle-IoT’s Real-Time Asset Location System (RTLS). With the ability to monitor high-value equipment or manage valuable inventory in real-time, businesses gain unprecedented visibility into their asset landscape. Whether it’s tracking tools in a manufacturing facility or monitoring medical equipment in a hospital, RTLS enables organizations to pinpoint the exact location of assets at any given moment, minimizing loss and optimizing resource allocation. 

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Automated Triggers and Alerts 

One of the standout features of Eagle-IoT’s RTLS Asset Management solution is its automated triggers and alerts functionality. By creating unlimited virtual zones corresponding to different production stages or designated areas, businesses can receive automatic trigger alerts when assets enter or leave these zones. Besides this, the real-time asset data is vital for advanced applications like:

  • Predictive Maintenance: Anticipate equipment needs, preventing downtime and optimizing asset lifecycles. 
  • Intelligent Automation: Enable context-aware, responsive automation for increased productivity.  

 

This capability of RTLS streamlines tasks such as material booking and inventory management, improving operational efficiency and reducing manual intervention. 

Digital Work Orders for Enhanced Audits 

Say goodbye to cumbersome paperwork and manual record-keeping with digital work orders powered by RTLS Asset Management. By leveraging real-time asset location data, businesses can track and trace the exact whereabouts of assets within their facilities. This not only enhances audit capabilities but also enables proactive maintenance and asset utilization optimization. With a digital paper trail at their fingertips, organizations can ensure compliance, minimize downtime, and maximize asset lifespan. 

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Remote Control and Monitoring 

In an era where remote operations are increasingly prevalent, Eagle-IoT’s RTLS Asset Management solution provides unparalleled remote control and monitoring capabilities. Track key performance indicators (KPIs), overall equipment effectiveness (OEE), and critical data in real-time, regardless of your location. This empowers businesses to provide long-distance service support, optimize asset performance, and reduce the need for on-site maintenance personnel, ultimately driving cost savings and operational excellence. 

Environmental Conditions Monitoring 

Maintaining optimal environmental conditions during asset transport or storage is essential across various industries, from pharmaceuticals to food and beverage. With Eagle-IoT’s RTLS Asset Management solution, businesses can stay informed about asset conditions in real-time. Receive automatic notifications if specific environmental conditions, such as temperature or humidity, are breached, ensuring compliance with storage and transportation requirements. By proactively addressing environmental risks, organizations can safeguard asset integrity and minimize losses due to damage or spoilage. 

 

 

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The benefits of adopting RTLS Asset Management are manifold, ranging from enhanced asset visibility and tracking to streamlined operations and proactive maintenance. With Eagle-IoT’s innovative solution, businesses can unlock new levels of efficiency, productivity, and competitiveness in today’s dynamic marketplace. Embrace the future of asset management with RTLS, and experience the transformative power of real-time insights and actionable intelligence. 

How DMS based Video Telematics empowers driver?

How DMS based Video Telematics empowers driver?

How DMS based Video Telematics empowers driver? 

The Growing Need for Enhanced Fleet Safety 

Being a fleet manager there comes a constant worry and uncertainty to manage and protect your fleet.  The increasing recognition of driver distraction has prompted a significant uptick in commercial fleet managers embracing video telematics alongside driver monitoring systems (DMS), positioning them as essential components of their fleet safety initiatives. Fleet managers can not only gain visibility by utilizing the Driver Monitoring System (DMS) algorithm, in-cab alerts, driver coaching; but can also effectively prevent accidents, increase driver accountability, and lower fleet insurance costs. 

Get ready to discover Eagle-IoT Video Telematics solution that will reshape the way you view vehicle tracking forever. 

What is DMS and why is it becoming so popular? 

As a crucial technology for preventing accidents and optimizing driver safety, Driver Monitoring Systems (DMS) are experiencing growing prominence within the automotive industry.  It’s AI-based algorithm uses advanced technology to monitor the rapid eye movement, head position, and alertness levels of the driver in real-time to detect signs of fatigue, distraction, and other risky behaviours. In-cab alerts are sent to drivers when they engage in unsafe driving practices 

Video Telematics

A typical DMS algorithm generates alert for the following risky behaviour: 

Smoking: An alert is triggered when the driver is seen smoking while driving a vehicle.    

Distracted driving: If a driver is not staring directly in front, an event of distracted driving is generated.  

Mobile Usage:  Driver-facing, in-cab AI dashcam generates an alert if the driver is using phone while driving.   

Drowsiness: An event is triggered to discourage the practice of driving while fatigued.   

    Enhancing Safety Measures: Proactive Policy Formulation 

    These insights actually put your drivers on a scale from best to worst driving behavior helping fleet managers to identify the risks and generate policies accordingly. These policies usually include trainings, incentives, penalties and even terminations. They can also utilize these insights to take proactive measures to prevent accidents. These features offer a comprehensive picture to provide insight about what happens in-cabin and serves as in-depth evidence in case of an incident or collision. 

    Video Telematics
    Video Telematics

    The Future of Fleet Safety: Integrating AI-Based Analytics

    As the automotive industry continues to evolve and awareness of driver distraction grows, DMS is likely to become an even more important and valuable tool for improving driver safety and reducing accidents. By integrating Eagle-IoT video telematics with existing solutions and workflows, fleets can harness the power of AI-based analytics to further bolster their safety measures.   

    Stay tuned to learn more about this game-changing solution that will redefine your understanding of fleet safety and efficiency. 

    How School Bus Tracking Ensures the Safety of Students on School Buses?

    How School Bus Tracking Ensures the Safety of Students on School Buses?

    How School Bus Tracking Ensures the Safety of Students on School Buses?  

    Ensuring Student Safety: Beyond Convenience  

    While school bus vehicles are a convenient and essential mode of transportation, they also come with their fair share of risks. From accidents to incidents of bullying, it’s crucial to prioritize student safety during these journeys. School bus drivers are accountable for the safety and well-being of the students in their charge and must always inspect their buses before parking so that school bus-related tragedies do not occur again.  

    Proactive Measures: Utilizing Technology for Enhanced Safety:

    By utilizing cutting-edge technology such as GPS tracking, real-time video surveillance, and driver behavior analysis, schools can proactively prevent bus incidents and ensure a secure environment for every child on board. Now you can keep track of your children on bus with Eagle-IoT School Bus Tracking Solution.  

    GPS-Fleet-Management

    Eagle-IoT offers GPS based School Bus Tracking Solution to ensure the safety of children while also streamlining operations for schools and reducing liability exposure. School Bus Tracking Solution provides you the access of detailed map view of trip, helps you to keep an eye on driver’s behaviour. The solution is provided through the Parents App, Drivers App, and Management App   

    Eagle-IoT school bus tracking solution provides you the access of 

    • Real-Time Tracking 
    • Complete list of history trips 
    • Real-time status of On trip – Off trip buses 
    • Time on which the bus reached / depart from the pickup/drop point 

    Manager app 

    To ease the monitoring of school buses for School Manager, Manager app is designed to manage trips, buses and students. 

    • Camera integrated in the bus, takes pictures of the activity inside the school bus with the choice of manual or automatic capturing 
    • The driver’s behaviours like reckless driving, violations of the safety gears and abusing with the students can be monitored 
    • Number of missed and unwanted stops during the trip 
    • Daily reports on Trip attendance, student 
    School Bus Tracking
    School Bus Tracking

    Parent App 

    Eagle-IoT keeps you updated with your child’s traveling in school bus with Eagle-IoT school bus tracking solution 

    • Set a reminder about the bus reaching stop 
    • Choose the pickup and drop off stops 
    • Attendance report of the child 
    • Real-time tracking of the bus 
    • Event notifications of the bus and the child 
    • Parents or Guardian of the child can have three different accounts for the same child 

    Driver App 

    • Eagle-IoT has developed the Driver App to minimize the workload of the driver. 
    • Provides information of the students and their stops. 
    • RFID integration for student’s attendance 
    • QR code scanning and manual attendance 
    • Indicates the shortest route as per stops. 
    School Bus Tracking

    Driver Behavior Analysis: 

    Apart from that, driver behavior analysis is one of the many features of an Eagle-IoT school bus monitoring solution. Each driver can be assigned a safety-based score utilizing driver behavior analysis. The score is determined by incidents of harsh acceleration, braking, cornering, and excessive speeding.  

     

    If the school buses are equipped with school bus monitoring solutions most of the accidents caused due to the negligent of driver can be averted. It is high time that every school should implement a multi-layered approach School Bus Monitoring Solution to ensure the safety of their students.  

    Let us all take the crucial first step. 

     

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