How can I eliminate redundant purchases, waste and fraud?

ASSETS MISSING IN THE SYSTEM

The inability to track existing assets for efficient allocation all too often causes organizations to make unnecessary, duplicate purchases of assets already purchased which can no longer be found in inventory because those assets have become invisible to reporting spreadsheets or back-office systems.

HOARDING, STOLEN OR LOST?

Whether the root cause is due to:

»  Assets improperly documented during initial receiving or movement later in the asset lifecycle (transfers, installs, returns/ repairs, retirement/disposals, etc.)

»  Departments ‘hoarding’ spare equipment

»  Unintentional waste or human error

»  Outright theft or fraud

the result is the same – the organization is faced with purchasing duplicate assets which in turn inflate the budget, delay projects, increase storage costs, etc. 

TAKE CONTROL OF THE SITUATION

Successful companies stop redundant purchases, waste and fraud by tracking and redeploying stranded assets by using Fulcrum’s CATS, which was designed from the ground up to track high-value assets as they move across the organization. 

CATS establishes high levels of responsibility, transparency and trust within the organization. It begins with unique labeling of an asset upon its initial receipt – typically with an association to a Purchase Order.

Personnel quickly learn that workflow becomes more efficient when assets are tagged into the system at the beginning.

They also find that the quality of their work can be independently verified and graded either by a separate CATS asset inventory team and/or by CATS built-in ability to perform remote inventories by querying equipment connected to the network.

This two pronged ‘check the checker’ approach provides a level of transparency and accountability that gives the organization confidence in the CATS data and helps managers steer away from bad behaviors (such as hiding or hoarding spares) that arise when employees don’t trust that they will get timely spares tomorrow if they relinquish unused inventory today. 

We can solve this problem.  Contact www.Fulcrum.net today to learn about a solution that works for you.