When the next geopolitical crisis hits, will your portfolio be a shock absorber or collateral damage? How many “safe assets” will you have left?
Neglecting asset management is a costly mistake, and financial portfolios are just one small part of it. Let’s dive into knowing what exactly asset management consulting services do for your business to see how you can maximise your operational efficiency and profitability with their help.
What are “assets”?
Assets are things that are owned by a company, which ensure profitability, financial well-being and resilience. Assets can be tangible, such as physical properties like land and infrastructure and equipment like vehicles and machinery, as well as IT hardware. They can also be intangible in the form of digital assets like licences and databases, or intellectual property like patents and copyrights, or financial assets like bonds, securities, shares, etc. They also encompass cybersecurity software, thereby playing a crucial role in ensuring a company’s foundational security against all kinds of threats.
What do Asset Management Consulting Services Entail?
The foremost thing an asset management service will do is to ensure end-to-end visibility and control of physical assets. Fixed asset verification, geotagging, BOQ audits, HSE compliance, and temporary resourcing are some of the core courtesies to establish operational security and compliance for better financial planning. Whether you are a multi-location enterprise or a company that has a straightforward operating structure, you need your assets to be accounted for to maximise performance in each project.
In simple words, Asset Managent is an amalgamation of real-time insight into a company’s various assets, including their vulnerabilities, location and compliance status, besides a thorough report of cost-effectiveness enabled through tech-driven solutions. Here is a brief overview of each service:
Fixed Assets Register Reconstruction
Keeping track of the location, purchase date, cost, and current value of equipment is imperative for any business. Thus, Asset Management consultants create fixed asset registers that are tailored to your industry and business needs for asset identification, valuation, depreciation, and seamless integration with your financial systems.
Asset Verification
As the name suggests, under this, the accuracy and authenticity of asset data are established. Through physical verification, the data is reconciled in the fixed asset register to enable efficient functioning. This is also a major compliance requirement from the perspective of CARO.
Asset Tagging
A label or unique identifier is added to every asset to enhance visibility in asset tagging services. From identifying discrepancies and investigating variances to reconciling records, it’s a time-consuming but crucial process for compliance and long-term growth.
Automation Tool
This service incorporates management of the asset lifecycle that gives first-hand insight into the company’s financial health. It is pivotal for asset acquisition as well as disposal and is enabled with the help of a centralised high-tech digital platform, offering speed, accuracy and reliability in decision-making.
BOQ Audit
A highly crucial process for budget control and financial integrity, BOQ or Bills of Quantities auditing, examines pricing and specifications of projects to mitigate any potential vulnerabilities and smooth the procurement process while ensuring project delivery without financial burdens.
Permit to Work Compliance
Asset management consulting services also provide comprehensive support for gaining PPTW compliance that guarantees workplace safety. From hazard identification to risk assessment to authorisation, it protects your business from legal entanglements.
Temporary Resourcing
Flexible resourcing for sudden projects is an economical and practical solution. Businesses can avail themselves of the reliable expertise of experienced professionals for the duration of the project and reduce their workload seamlessly without having to commit to permanent employment.
Getting started with Asset Management
Asset management consulting services are becoming increasingly popular, especially in this growing economy, where India gears up to reach the milestone of a 5 trillion dollar GDP. Moreover, the landscape is evolving with advancements in machine learning and data analytics, and Asset Management Services are at the forefront of this evolution. We are known for understanding our clients not just as organisations but also as individual human beings, so you can count on us for a true partnership based on understanding and industry knowledge.
