Case Study - Asset Management Overhaul: Enhancing Efficiency and Compliance
A global manufacturing giant faced challenges in managing its fixed assets effectively, leading to operational inefficiencies and regulatory compliance issues.
- Client
- Multi-national Manufacturing Company
- Year
- Service
- Asset Management, Compliance Consultation
Overview
A global manufacturing company with an extensive international presence faced significant challenges in fixed asset management. Their asset register was outdated, leading to inefficiencies and non-compliance issues, which were highlighted in an audit by a Big Four firm.
Problem Statement
The company encountered multiple challenges:
- An outdated and unreliable asset register.
- Lack of a structured asset tagging system.
- Audit compliance issues with accounting standards and IFRS requirements.
Technical Solution
We addressed these challenges through:
- Comprehensive physical verification and cataloging of fixed assets.
- Implementation of a structured asset tagging system.
- Reconciliation of the asset register with verified data.
Results
The intervention led to:
- An accurate and reliable asset register.
- An efficient asset tracking system.
- Cost savings and reduced risk of asset misplacement.
- Enhanced compliance with accounting standards and regulatory requirements.
The company now enjoys a well-structured and dependable asset management system.
What we did
- Asset Verification
- Asset Tagging System Implementation
- Asset Register Reconciliation
- Asset register accuracy
- 100%
- Asset management time
- Reduced
- Audit compliance
- Compliant
- Asset management
- Cost-effective