In today’s uber-busy, caffeine-fueled society, it’s hard to find time to manage all the material “stuff” that keeps our lives running smoothly and efficiently. Homes need to be maintained and renovated. Cars and appliances need to be serviced and repaired. Computers, tablets, and cell phones need to be constantly upgraded – then retired and replaced when new technology makes them obsolete. And it all needs to happen without breaking our budgets.
Fortunately, managing everything we use to run our households can fit on a single Excel spreadsheet. But managing the “stuff” of a global enterprise is a far more daunting exercise. This is especially true in asset-heavy industries like energy, manufacturing, telecommunications, and transportation.
The “Stuff” That Enterprises Are Made Of
Today’s enterprises must track the full lifecycle cost of thousands – sometimes even millions – of fixed assets, including the buildings, infrastructure, heavy equipment, vehicles, machinery, and tools used to run the business. What’s more, they must ensure that the process they use for asset lifecycle accounting complies with established standards, accounting rules, and reporting requirements, such as those mandated by the Federal Energy Regulatory Commission (FERC).
How does your company stack up when it comes to managing the cost of fixed assets throughout their entire lifecycle – from initial purchase or construction, to final retirement? According to an SAP solution brief, today’s best-run enterprises rely on automated asset management solutions to streamline the accounting process and ensure compliance.
Best Practices in Choosing the Best Solution
When you set out to find the asset management solution that’s right for your business, it’s important to keep several critical objectives in mind. Look for a solution that enables you to:
- Track and automate the complete financial lifecycle of assets
- Leverage process automation to manage asset construction, acquisitions, and retirements
- Access reports that provide visibility into asset costs and reserves
- Improve transparency and insight with real-time financial data
- Comply more effectively and cost-efficiently with regulations for asset accounting
- Lower operating costs with a fully integrated solution
The right solution can help you drive down costs and redirect resources to core competencies. It can make your life easier – and your business more efficient. And it can enable you to reduce compliance cost while minimizing the risk of compliance-related errors.
Want to Learn More?
For more insights into choosing the optimal solution for automating asset accounting and compliance, read the SAP solution brief called “Streamline Capital Work and Asset Management” (http://www.slideshare.net/SAPServices/streamline-capital-work-and-asset-management-en) or log on to http://www.sap.com/services.