Transformation Stories
BACK

For one of the largest manufacturers of diamond & mining in the world

Challenge

  • Fixed assets register(FAR) was maintained in traditional spreadsheets leading to inaccurate data
  • Assets were spread across various geographical locations with an inefficient tracking system
  • Lack of asset visibility as they moved from one location to another
  • Numerous audit queries surrounded around poor internal control

Solution

  • We automated the complete asset lifecycle from procurement to maintenance to disposal
  • Provided a solution which would help them to have better and complete control over asset movement
  • With a comprehensive system in place physical verification of assets is being conducted which ensures the correct value being reflected in the financial statements
  • The auditor's burden is reduced due to use of system generated reports
  • Asset verification is streamlined for the auditor thus enhancing productivity and also providing the required level of assurance

Result

  • Shift from reactive to predictive asset management
  • Monitoring and maintianing assets with a systematic approach
  • Error-free system with real-time asset tracking capabilities
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