This paper will outline the advantages of employing automated asset management within organisations to manage their assets. With the global supply chain becoming intricate & complex, the need to track & schedule goods are paramount. However, modern business entities increasingly find it difficult to attain perfect accuracy and visibility in tracking and following their goods. This leads to under-utilisation of the assets and their low maintenance, resulting in a loss for the company. This paper will consider the case of Fragomen Immigration Company in Kerala, India. It will highlight the issue that the organisation faced in its asset tracking & management. Thereupon, the study will document how Technowave successfully eliminated these flaws with their automated technology solutions in asset management.
About the company
Fragomen Immigration Services, based in Kochi, Kerala, India, is an immigration consulate. The company’s head office is in the US with branches in Europe and other destinations in the Asia Pacific. With the turn of the century, immigration-related functions have increased exponentially in India. This has been due to a sharp elevation within employment & industrialisation across sectors. Notwithstanding the country’s complex and strict immigration policies, most enterprises today concentrate on cost & volumes.
Fragomen works in unison with the state authorities. The objectives of the company are:
- Entrenching appropriate contracts & agreements with a majority of foreign consulates in the country.
- Rendering immigration support resolution to its clients with unique solutions on complex immigration matters.
- Making their immigration services as simple for the customers.
- Diversifying with their operations in the subcontinent.
Over the years, Fragomen has successfully extended best practices, procedures and processes in immigration solutions. Till some time ago, the company used to regulate, schedule and track all its assets manually.
With a full-fledged and expansive network of IT system frameworks, Fragomen possessed many office assets. This also included their transport vehicles and utility office furniture. They were scattered across the office areas. Fragomen’s missions required dexterous use of its assets and resources. Gradually, the company started feeling the pinch of its poorly managed asset tracking & maintenance methods that existed. The issues at hand were:
- The company used to employ a purely manual process to track and follow its assets. This started becoming time-consuming and cumbersome besides eating away the utility of its labour force.
- The asset management operations consisted of lengthy & avoidable paperwork. Besides wasting time, it often induced human errors leading to service issues and apparent losses.
- The poor tracking of the resources resulted in a loss for the company due to damages and defects.
- The productivity of the company workforce was dwindling due to overindulgence in labour-intensive operations. These operations could otherwise be automated.
Fragomen urgently required a reasonable approach to arrest the downslide within its asset management processes. Moreover, to optimally utilise their assets, they needed an efficient system to regulate them. At this juncture, Technowave intervened with its automated and seamlessly operating asset management solutions. The objective was to:
- Assimilate all the assets of Fragomen in a centralised regulatory framework for better supervision.
- Relieve the existing burden on the management. This pertained to the tracking, scheduling and maintenance of the company assets.
- Completing the mission of coding & uploading the assets to bring them under an effective regulatory mechanism.
- Enable asset tracking and real-time reporting
- Reduce the effort and time incurred to generate numerous financial and supplementary reports on the assets.
- Implement an accountability system for the assets of Fragomen.
The bottom line for Technowave was to facilitate processes at Fragomen to make the best use of its resources while keeping accurate records.
Technowave implemented a stepwise inclusive approach to deal with the issues at hand in Fragomen. It consisted of the following:
- Its cloud tracking management software unified the tracking mechanism of Fragomen’s assets. This included every physical object in their office area and also covered their vehicles. This led to an optimum asset deployment and operation.
- The fixed asset management framework of Technowave facilitated a coordinated reporting of the essentials of inventory management. This incorporated details about the acquisition, maintenance, depreciation, disposal, reporting & auditing.
- It implemented the system of maintaining the asset maintenance history and a work breakdown structure (WBS).
- The IT systems of Fragomen were bonded in a centralised workstation with system checks. This induced accountability of the assets in the company.
- It floated asset registry software to record the transactions of the assets. This eased the auditing procedures as well as the inventory control in Fragomen.
The novel introduction of the automated asset management system by Technowave had an immediate bearing on Fragomen’s operations. They were now dexterous in their operations with the optimisation of their assets. The centralised data facilitated precise tracking, utilisation and inventory records. Moreover, it further strengthened the protocols of asset management at Fragomen. Besides saving time and money, it made the workforce more productive. In turn, this bolstered the innovative environment of the company.
Fragomen has benefitted from all its operational paradigms since adopting automation:
- Technowave maintains an inclusive perspective. This implies that the company customises its asset management solutions to integrate the total assets in a solitary platform.
- Technowave optimally structures the asset maintenance framework with its RFID, barcode printers and a range of customisable asset management software. These products can induce better decision making so companies can align their infrastructure management with their strategic policies.
- The devices of Technowave minimise customer relations issues, expensive lawsuits and unanticipated failures.
- Technowave stresses a “sustainable infrastructure” concept that orients on gaining more visibility, tracking and maintenance. As a result, organisations can become more reliant on their capabilities to enhance the output.
- By reducing maintenance and operating costs, companies will decrease the products’ life cycle costs.
- It must be noted that smart asset management contributes significantly to attaining the organisational vision.