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Asset Management |
Asset Management is a fundamental business discipline that allows your corporation to manage the life cycle and service levels of critical information assets which impact corporate revenue, productivity and ultimately profitability. Bardess will help you build comprehensive asset tracking and management processes to ensure quality data for use in Business Intelligence initiatives.
What is Asset Management?
Asset Management is a systematic process for identifying, cataloging, monitoring, maintaining, operating, upgrading and replacing the physical assets of a business on a cost-effective basis. It encompasses management, financial, customer, engineering and other business processes. True asset management is not only a system you can buy, but is instead a business discipline enabled by people, process, data, and technology.
Asset Management is comprised of the following five key components:
- An enabler to generate and maintain critical management data for use internally by the company and with its customers and suppliers (such as Installed Base or Maintenance Entitlement data)
- A comprehensive process to acquire, validate and assimilate data into corporate information systems
- A flexible system allowing for manual acquisition or electronic capture and reconciliation of data
- A program with accurate and intelligent reporting of critical business and operational information
- A closed-loop system that ensures the quality of data on an ongoing basis
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The Race for Data Quality - PETRO
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Why Asset Management for Your Business?
Asset Management processes help businesses decrease operating costs and improve productivity. Asset management is an enabler for effective Portfolio Management, Procurement Management, Financial Management, Compliance & Security Management, Contract Management, and Business Intelligence.
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Signs of Poor Asset Management
Poor Asset Management leads to poor data quality … negatively impacting the business over time
Causes |
Symptoms in Business |
Effects on Business |
- Lack of Business Controls for Managing and/or Changing Asset Data
- No Ownership for Asset Data Quality
- Out-of-Balanced Investment in people, process, data, and technology
- Not considered a critical function within the business (i.e. audit only)
- Asset Data is not considered Intellectual Property of the business
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- Numerous Compliance & Security Issues
- Capital and Expense budgets are difficult to control
- Excessive Network down time / poor performance
- Assets are under or over utilized
- Software Applications are incompatible
- Increasing Operational Costs & Headcount
- Asset Data from different organizations /business systems does not match
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- Increase in Asset Total Cost of Ownership
- Decrease in Workforce Productivity
- Increase in Non-Compliance Issues (i.e. SOx)
- Decrease in Customer Satisfaction
- Lower ROI on Capital Investments
- Decrease in Network / Business Performance
- Increase in number of Internal and External Audits
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Key Benefits of Asset Management
For Your Company |
For Your Customers |
- Increases knowledge and trust of Asset Data and Asset Locations
- Reduces Network Compliance & Security Issues
- Improves accuracy of Asset Accounting / Depreciation
- Improves Asset Life Cycle Management
- Increases Business Control for Asset ownership, usage, and procurement
- Reduces Number of Audits
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- Increases Customer Satisfaction
- Increases Service Delivery Performance and Contract Accuracy
- Reduces risk of unknown equipment in a customer’s network
- Improves Entitlement verification and speed
- Improves Depot Sparing Accuracy to support Customers
- Creates a Move-Add-Change process with Customers
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Our Approach
Bardess professionals will guide your organization to an asset management solution that meets your needs. Whether it is a better tool or a revised process, we evaluate your situation and customize the solution. Our professionals have significant experience developing processes and applications to implement asset management activities ranging from data extraction to data assimilation, as well as associated systems development. We can focus on specific areas for analysis, development or reporting or assist in a complete solution and implementation.
Offerings |
Components |
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Process and Tool Evaluations
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- Conduct Asset Management tool assessment
- Evaluate “as-is” asset data collection sources and methods
- Define improvement areas and data validation requirements & solutions
- Serve as SME for implementations
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Data Collection & Validation
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- Develop process and standards for collecting inventory data (Electronic or Manual)
- Perform automated or semi-automated process to validate results
- Coordinate or perform physical or network inventories at company or customer locations (Installed base, entitled base, stock equipment)
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Data Reconciliation
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- Perform automated or semi-automated process to translate and reconcile results
- Define asset data quality requirements and business rules for reconciliation
- Develop process and tools to semi-automate reconciliation of asset data
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Process, Policy and Procedure Development
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- Conduct Asset Management. Process Analyses and Evaluations
- Design and develop processes and capabilities to support PETRO implementation
- Define policy and procedures required for asset management process in both near-term and long-term
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Requirements / Systems Development
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- Develop functional and systems requirements; coordinate and engage IT in development of automated
system to analyze, extract, translate, reconcile and assimilate data
- Develop working models and systems as needed to support Asset Management process
- Analyze client's asset data management, storage and access requirements
- Develop asset data modeling and warehousing requirements
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Data Maintenance |
- Develop processes to support asset management process for the long-term implementation including ongoing data maintenance and integrity
- Develop Asset Performance Monitoring and Control processes
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EDM Process Development |
- Assessment of Ongoing Data Management Processes
- Development/Remediation of EDM processes
- EDM System Development/Implementation
- EDM Outsourcing
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Training & Education |
- Create training and education packages that will increase the knowledge and speed in deploying asset management best practices
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