Leading University selects FMIS Fixed Assets to ensure compliance with FRS102 standard on a tight schedule.
Essex Fire Authority use FMIS Fixed Assets to ensure compliance with IFRS, Component Accounting and additional standards.
FMIS now offers Enterprise Asset Management for Sage 200 users including seamless integration.
Having the right tools for fixed assets forecasts could save thousands of pounds, improve accuracy and free up time for your staff.
Simple, quick and affordable – cloud hosting offers an attractive alternative to going on-premise, but is it right for you? Here is what you need to know.
Ghost assets increase expenses, reduce productivity and exist in almost every company. Here is how to identify them, remove them and prevent them recurring.
Quickly understand the pro’s and con’s of using Barcode and RFID technology for asset tracking & management. Compare the costs, hardware and applications.
Why lean asset management in manufacturing works back to front and how it cuts out the seven types of waste in the production process.
Successful software integrations can cut costs and save time. Find out how to manage your project effectively from start to finish.
How to avoid the most common mistakes that will derail your project
Sam was enthusiastic and friendly as she told me about her project to look for a new asset management system. Her company had built the current system in-house, but as they grew they realised they needed something a bit more comprehensive. It sounded like a great project, but being new to asset management software I didn’t see the warning signs.
Fast-forward 9 months and Sam sounded a lot less enthusiastic and I felt the same. Despite all the initial enthusiasm, and a lot of work, we were still no closer to deciding if the project would go ahead. Where did it all go so wrong?
Looking back, we made three simple mistakes that can derail any asset management project before it even gets going:
Sam’s title should have been a red flag – “Project Support”. It was not her fault, but she did not have the experience or authority to drive through a project this big. When a project does not have an internal project sponsor or ‘champion’ with the authority to agree or veto changes, they usually just get passed on to the potential supplier as an additional feature request.
The lack of a clear, well thought through and targeted project specification increases the risk of an overly complex solution that is delivered late and over budget. The worst case scenario is that the project gets bogged down through a lack of direction and multiple layers of complexity. It eventually gets shelved without ever being delivered, but still at a significant cost to the client.
George Harrison’s lyrics to ‘Any Road‘ could have been the theme for this project – “If you don’t know where you’re going, any road will take you there”. Asset management systems can cover anything from purchasing through production and sales orders, as well as depreciation, tracking and maintenance.
Typically, asset management projects will involve finance, operations and IT as a minimum, so the potential for scope creep is a big risk. Sam’s task was to find the best system, except no one really knew what that looked like.
When I asked Sam which finance package her company used, she sounded a bit surprised and asked why I needed to know. It had not occurred to her that any asset she managed would need to be loaded from somewhere and its value posted back.
A recent survey by the Access Group estimates that almost half of employees in the UK waste 3 hours a day or more on inefficient systems. A lack of integration can wipe out the savings that your new system is intended to deliver.
For more information on getting asset management systems right, have a read of the 10 Steps Guide to Asset Management.