There are lots of organizations that struggle with keeping track of the many assets they own, where they are located, and who is using them! Some organizations utilize manual methods such as spreadsheets, pen & paper methods, etc. These methods are not effective as they are not accurate. When an organization does not have this information then asset misplacement, theft, and misutilization of assets increases.

When an organization is small, they have limited assets for that purpose spreadsheet can be used. However, when the number of assets and organization grows spreadsheet becomes inaccurate as many people access it at one time. When multiple people access spreadsheets the chances of inaccuracy increase, and data can be changed unintentionally. Moreover, the chances of finding errors are not good as there is no timestamp or tracking.

‍Financial companies have lots of assets that are valuable and these assets such as laptops, mobiles etc. contain crucial information that is crucial for business continuity and for maintaining SLAs and TATs. Not too surprisingly, even financial sector entities such as banking institutions, lending services, brokerage firms face several issues due to mismanagement of assets. As a result, they suffer from asset misplacement, asset theft, decreased productivity, and unknown asset movement.

FMCD Sector is one of India’s largest growing sectors. The rate at which it has been growing is tremendous and with that comes a different set of hurdles for the industry, if we try to summarize them it can be a low level of management and increasing competition. FMCD Sector is the one which always grows up, as the consumers for Packed foods at relatively low costs attract the consumers.

Asset auditing is usually a long procedure especially when an organization has lots of assets. It becomes more hectic when you know some assets such as vehicles are in different locations and some vehicles are out making deliveries to clients. That is why it is important to plan asset audits in a way so that you have assets available at the time of audit. However, it is not simple as it seems that is why auditing is a complicated procedure!

Every enterprise needs to look at the assets to supervise and see which ones are available for allotment and which one need to be managed, all this is done for better results throughout the enterprise. Management of these assets has a direct relationship with the growth of any enterprise. It is very important to keep a good track of all the vital information of the asset.

In the past three years (post-covid-19), we have seen a major decline in manual processing. Technology is on a boom, there is a major shift in how work was previously done and the way it is done now. If we talk about Financial Institutions, there is a major shift in how the tasks are now performed. Previously they used to rely on their employees for Asset Tracking and Management as they did not have a lot to focus on.