How can you effectively track assets with ERP software?

Enterprise Resource Planning (ERP) software is a category of integrated business management solutions that help organizations streamline their operations, improve efficiency, and make data-driven decisions. Overall, ERP software can be highly beneficial for businesses, but its effectiveness depends on various factors, including the specific needs of the organization and how well the software is implemented. Some key points to consider when thinking about ERP software and its implementation. 1) Integration 2) Efficiency 3) Data Visibility 4) Scalability 5) Customisation 6) Challenges ERP softwares has the potential to greatly benefit organisations.

Lot of jargons can be mentioned for ERPs. But to put it in simplest of words then ERP means "Make Life easy for Humans to deal with Resources (Human and Non-Human), Machines/Equipment , Finances for better, proactive and logical decisions".

Effective asset tracking with Enterprise Resource Planning (ERP) software involves implementing a comprehensive system that allows you to monitor and manage your assets efficiently. Here are the key steps and strategies for tracking assets effectively using ERP software: 1-Define Your Asset Management Goals 2-Select the Right ERP Software 3-Create an Asset Register 4-Barcode or RFID Tagging 5-Implement Regular Audits and Physical Counts 6-Monitor Asset Movements,Usage and Maintenance 7-Generate Reports and Analytics 8-Ensure Data Security and Compliance 9-Train Staff 10-Integration with Financial Modules and Continuous improvements.

ERP software in the context of "Asset Tracking" provides the benefit of a holistic integration of different functions to procure, install, operate, maintain, move, and account for assets in one single system. The "by-the-minute" tracking of the whereabouts of an asset, typically exceeds the inherent capabilities of an ERP and requires the integration of additional technology.

To effectively track assets with an ERP software, one should do the following : - Use a dedicated asset management module. - Integrate barcoding or RFID technology for easy scanning. - Register assets upon acquisition. - Track their lifecycle. - Schedule maintenance. - Integrate with procurement. - Use role-based access control. - Leverage reporting and analytics. - Provide mobile access. - Integrate with financial systems. - Conduct regular audits to reconcile physical counts with data in the system. This helps organizations manage assets efficiently, reduce costs, and ensure compliance.

Early 2000s, ERP used to care about two things in managing assets, location and financial attributes. In summary, who has it & how much it is depreciated. Nowadays, with extensive remote-work, pay as you go models, and others, the need for a specialised asset management tool is needed. ERP cannot be part of assets discovery and data collection, and ERP cannot be be part of IOT devices pushing meta data about utilization and consumption. That requires a standalone tool that is functional towards asset type, interacts with assets to collect data and finally, have AI engines that provides additional insights about asset spending control, optimization and allocation. ERP should care about assets impact on P&L of a company and nothing more.

If we define "tracking" of an asset as creating visibility of where an asset is at any given time, additional technology in form of software and hardware is typically required to create an efficient tracking system. Consider expensive tooling that travels around the world to be used on different sites for limited time periods. GPS Tagging may be used to track the exact geo-location. This is not an inherent function of an ERP. An integration with a third-party solution will be needed. While the ERP can manage the demand for the asset and supports the process of initiating and confirming the movement of the asset, the actual physical tracking will require the additional technology.

Using ERP for asset tracking is like using Excel for word processing. Yes; it can (sort of ) do it, but it's totally the wrong solution.

Ensure that your ERP system has a dedicated asset management module or integrates seamlessly with specialized asset tracking software. This module should be capable of handling different types of assets, such as equipment, vehicles, IT assets, and more. Enter detailed information about each asset into the ERP. This includes asset name, serial number, purchase date, cost, location etc. Some ERP systems also support barcode or RFID tag scanning for quick data entry. Categorize assets based on various criteria, such as department, location, depreciation schedule, or asset type. Implement barcode or RFID scanning technology to streamline asset tracking. This allows for efficient tracking of asset movement, usage, and maintenance.

The ERP can track the costs, but it should also capture usage, and other areas of proactive and reactive maintenance. This gives a full history of the asset and allows you to maintain according to manufacturers specifications or best practice. Most good ERP solutions include strong Asset solutions that give this functionality. It is critically important that the data has integrity though. It needs to have accurate costs, and good condition data or else the type of scenario modelling will be difficult.

Asset tracking is essential for organizations to effectively manage their fixed assets, monitor depreciation, and comply with accounting regulations.Apart from the configuring of the depreciation rules for each asset and preserve financial accurancy, one major need is to perform periodic inventory for assets to optimize asset utilization and preventing asset loss and theft.Dynamics 365 Finance and Operations , provides the tools to capture the locations of our fixed assets and limit down costs and streamline the process of making insurance claims.

Choose an ERP system with robust asset tracking and management capabilities. .Classify your assets into categories e.g IT equipment, machinery and enter detailed information for each asset.Implement a barcode or RFID tagging system for assets. Attach unique identifiers to each asset,Use the ERP system to track asset movements and changes in real time. This includes acquisitions, disposals, transfers, and maintenance activities, centralised database,Asset Lifecycle Management,Maintenance Scheduling,Depreciation Calculations,Integration with Other Modules,Conduct regular physical asset audits to reconcile the data in the ERP system with the actual assets in organization,Ensure ERP system is scalable to accommodate the growing number of assets

This is a loaded topic, which cannot be answered in a post. ERP systems have several processes around Asset Management, which one needs to be trained for. This is part of an ERP implementation (or your onboarding in a new job). The Asset tracking/management features cover all aspects related to your Assets: Sourcing, Accounting, Inventory, Maintenance, Service, etc. Your best bet is to hire an experienced consultant who guide your through the maze of Asset Management.

Leveraging asset tracking features in ERP+GIS software is a game-changer. You can effortlessly view and edit asset details accessing their precise geographic locations. Instantly updating their information in both ERP and GIS databases when assets are relocated, serviced, or retired. Track maintenance schedules with spatial context, ensuring timely inspections and repairs. Calculate and report asset depreciation with GIS-enriched data, enabling more accurate asset accounting. Analyze asset performance with spatial KPIs, improving resource allocation. Generate comprehensive reports and dashboards that blend ERP and GIS data for informed decision-making. This fusion of ERP and GIS empowers you to harness the full potential of your assets.

There are few features available in good ERP system. At the beginning it need to be identified as per plant layout and pfd drawings. Initial phase was to identify the fixed assets and rotable. Then drop down to share parts level and consumables. The equipment tracking in the erp can be customised in the report section. Many ERP systems has that capability to track asset life cycle. In micro level asset cycle can be manged by MM and PM modules. Identification can be manged by unique identification code,RF id, QR code etc.

The integration of asset tracking in an ERP environment can provide visibility of the current location and utilization of the asset for all ERP users. The tracking may be confined to a specific software and hardware. Integrating the resulting data with the ERP will allow ERP users w/o access to the specific tracking system access to the essential information. Certain tracking events can also be triggers for automation in an ERP. E.g. the "arrival" of an asset in a certain spatial location, can trigger a confirmation post to finalize the movement in an ERP.

Tracking assets in ERP provide a centralized & real time tracking of all company assets. This enhanced visibility helps organizations make informed decisions about asset utilization and maintenance.

There are multiple benefits for asset tracking with ERP. Some I am mentioning here. 1) Improved Asset Visibility. 2) Enhanced Accountability. 3)Reduced Asset Loss. 4)Optimized Asset Utilization. 5)Streamlined Maintenance Management. 6)Cost Reduction. 7)Accurate Depreciation Tracking. 8)Compliance and Reporting. 9)Better Decision-Making. 10)Inventory Management Integration. 11)Efficient Procurement. 12)Reduction in Paperwork. 13)Scalability. 14)Data Accuracy. 15)Enhanced Security. 16)Audit Preparedness. 17)Customer Satisfaction. 18)Sustainability. 19)Risk Mitigation.

The value added part of asset tracking will come down to tracking usage. For vehicles that will be kms or for machinery it can be hours. It you add IOT sensors to infrastructure assets you can capture usage. For water infrastructure it is litres or kilolitres. For roads it can be vehicle usage. In addition to these areas you can create requests for action based on issues detected by IOT devices. These include pressure, smell, vibration, heat, and noise for water networks. Vibration for roads to identify potholes, or moisture etc for parks. All of these devices can trigger action requests against the asset which means they don't need to be physically inspected as often as they currently are, and ensure there is less risk to the community.

Implementing barcodes / RFID tags to track assets while using the ERP software to generate ID number for said assets. Assets value & depreciation can also be set for proper identification and tracking. Also, maintenance schedule can be managed effectively. Finally, ERP software can provide relevant reports such as asset utilization or maintenance cost.

If your process around Asset Management are not "industry standard" then custom fitting the out-of-the-box ERP features might be challenging. Also, the complexity of ERP applications might be a steep learning curve for first-timers.

Asset tracking with ERP+GIS software offers numerous benefits, but it also presents some challenges. Integration complexity can be a hurdle, as merging ERP and GIS systems requires careful planning and technical expertise. Data accuracy and consistency must be maintained across both platforms, which can be demanding. Additionally, user training is essential to ensure staff can effectively utilize the integrated system. Privacy and security concerns must also be addressed when dealing with location data. Finally, staying current with evolving GIS technologies and ERP updates is crucial to maximizing the advantages of this integration while mitigating potential challenges.

I agree with above comments. 1st we need Skill Manpower, training and knowledge. 2nd Adaptability of the customised report 3rd. Strategy and the mission 4th Objectives and monitoring the benefits. 5th commercial viability and profitable

The ERP needs to integrate to other solutions that are relevant within the ecosystem of the user. For asset solutions this will include financials, GIS solutions (Spatial), CRM, inventory, asset tracking solutions including IoT devices, vehicle tracking devices and work order solutions. Some organisations want human resource solutions to track accreditations to use certain assets and some require pay rates to change if staff are using plant. All these integrations need to be constructed based on the demands of good business processes. Many of the integrations will be part of the ERP suite they have, but many will be integrations to other vendors. This means that the availability of good APIs and documentation is important.

It is important to follow up the processes holistically, starting from the purchase of assets to their disposal. This issue should be evaluated and monitored by taking into account all legal practices in the sector, in-house financial issues and efficiency.

Let’s face it we all have known of poor asset management in ERP systems. Properly managed cycle and physical counts certainly help. However, if you can leverage ERP to track the incoming on order materials and use the power of the system to contrast supply with your internal build plan you can minimize the cost of quality in production process as well as make customers happy and have margins fall to bottom line.

In the dynamic tech landscape, I recommend a dual strategy for asset management. Firstly, employ ERP systems to maintain essential asset data, enabling financial clarity, streamlined inventory control, and regulatory compliance. ERPs excel in centralizing asset functions, from tracking to maintenance and procurement, ensuring accessible data for compliance and reporting. Adapting to evolving asset management needs with emerging technologies can be challenging while managed within ERP. So, I recommend adopting specialized solutions leveraging IoT, AI, and real-time analytics for advanced asset management. These solutions offer flexibility, enabling organizations to effectively address the ever-changing demands of modern asset management.

One story to share,back in 2006.when I started with a greenfield project, there was one task to carefully select an ERP system, which is reliable, cost effective and user friendly. In my earlier experience I have no particular preference but encountered lot of difficulties to integrate safety,hr,project, administration, audit etc. In the new project our team discussed the past shortfalls and newly outcome. Then we have decided to add some extra rooms for improvement. Such as FMEA,Hazop,incident investigation report etc. It was great experience and I was proud, it works to implement Asset management system within short span of time.