Can the ERP system adequately support the life cycle management of physical Assets? — 4 Questions to ask
We just published a new white paper, “Rethinking Using ERP for Asset Management”. We have seen many organizations using excel sheets managing physical assets, but thinking they can one day use their ERP system to automate the asset management process.
One of the myths is that the ERP system can track the life cycle information of physical assets, what they are, where they are, and who has custody of them. The reality is it doesn’t.
Questions to ask:
Does the ERP system allow you to have a multi-layered location structure tracking the city, building, room, shelf and bin information of assets? In ERP systems, these information is usually bundled in one line, but it doesn’t allow a tiered search for assets, for example, pull up all assets in one building.
Does the ERP system allow you to track custody of assets, assign assets to people, check out and check in assets?
Does the ERP system provide asset history, including asset record updates, asset moves, asset assignment, and disposal?
Does the ERP system have a mobile app that audit assets and generate audit reports?