AssetPulse’s RFID asset tracking eases auditing of assets

Yet another process where RFID asset tracking can help you with…

Usual wall to wall inventory audit process

If your fiscal year matches the calendar year, you must be in the throes of your annual asset audit. If you currently use barcodes or worse, a highly labor intensive process to do your wall-to-wall audits, we commiserate with you. Having to crawl under desks and lab benches, reach behind assets in order to read off barcodes or serial numbers is not only time consuming, but can also be injurious to your health! Often, teams of people are made to perform these audit tasks and it can take days, if not weeks. Once an audit is done of the entire company, considerable amount of time is spent reconciling the audited list with the list sent by your finance department.

Then the teams have the unenviable task of chasing down those assets that were not located the first time around. Now, equipment owners, lab managers, Principal Investigators and the like, are recruited to participate in the daunting task of having to track down the missing assets. After days of these expensive resources being deployed, the missing asset list is whittled down to a few dozen. The Finance department is then asked to write these items off. All in all, it is a costly and laborious process.

rfid asset tracking inventory management Image: https://www.flickr.com/photos/berkeleylab/3523139681/

RFID asset tracking solution for wall to wall inventory

By using RFID asset tracking solutions i.e. RFID tagging the assets, using an RFID handheld reader only or a combination of RFID handheld readers and fixed RFID readers, the organization can more efficiently and accurately complete its audits, with nearly 100% reconciliation. Our customers have not only seen at least an 80% reduction in audit times, but have also not seen a need to write off inventory due to their inability to locate them. Further, they have realized more than 100% ROI in less than 2 years.

One of our happy customers

“The AssetPulse active RFID solution meets my needs for managing the ALS vacuum equipment pool. The inventory and search capability of the active system is invaluable during the yearly wall to wall inventory of the entire lab. Having an up-to-date inventory record of all assets will cut the time and labor cost to the lab to an ultimate minimum. Previously, wall-to-wall inventory has taken multiple weeks to manually find and scan these assets.”

– Frank Zucca, Lawrence Berkeley National Laboratory

RFID’s role in Oil industry’s consolidation process

As the world oil markets continue to be in flux, consolidation within the oil and gas industry, especially in North America, is accelerating. The small to medium business sector is seeing significant activity.

Companies are being acquired, not only for their customer base, but also for their assets. Organizations that are positioning themselves as acquisition candidates need to streamline their business processes and show enhanced visibility of their assets. This makes them more attractive to prospective acquirers. Using AssetPulse’s RFID based asset tracking solutions, these savvy companies not only achieve 100% visibility of their assets, but also can leverage them to streamline their business processes – processes to accurately check-in/check-out assets to and from jobs, efficiently manage maintenance and inspections of all their equipment, tie all this into their financial systems, etc. Being able to show end-to-end visibility of their assets along with streamlined operations, makes it easier for potential suitors to do due diligence on the companies, thereby making them more attractive targets. Not only do they position themselves well in the M&A markets, they also enjoy the side benefits of reduced operational costs resulting from efficient use of their assets and resources.

Once an acquiring company has completed a merger, they have to be able to quickly incorporate the new member into their operations. In order to make the unification efficient, companies standardize on using RFID based asset tracking solutions to maximize visibility of their augmented operations and asset inventory.

Mergers lead to additional company locations, servicing an expanded list of regions and geographies. It becomes even more important to know where all the assets are and whether they are being utilized optimally. Leveraging the visibility provided by our RFID solutions, oil and gas companies are able to make decisions about re-allocation of assets amongst the locations based on each region’s business needs. Further, they are able to make informed determinations on new purchases, balancing the requirements of each location. Excess equipment is either disposed of, or is leased out in order to reduce expenses and increase revenue. The rental side of the business can also leverage the RFID based asset tracking solutions, just like the mainstream business.

And of course, our solutions can also play a significant role in tracking maintenance and inspections of equipment across the entire company. As new divisions or regions are added, it is imperative that HSE policies of the parent company continue to be enforced and adopted. Our solutions show whether preventive maintenance and safety inspections are being done routinely, and can flag alerts if and when the occasional ball is dropped.

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