Asset Management System Implementation for IMC
Overview
IMC, a global advisory firm, faced operational challenges in tracking and managing its physical assets and digital subscriptions across its offices in UAE, Singapore, and India. Xponential Digital provided a structured asset management solution with Zoho Creator that streamlined operations, eliminated duplicate costs, and improved compliance.
Key Takeaways:
- Improved organization of physical and digital assets.
- Consolidation of subscription management processes.
- Automated tools for accurate reporting and regulatory adherence.
Executive Summary
About IMC
IMC operates as a cross-border advisory firm delivering business and regulatory solutions to multinational corporations and SMEs. With a presence in UAE, Singapore, and India, IMC manages diverse physical and digital resources essential for its operations. Growing business demands exposed challenges in its existing manual management system.
- Disorganized Asset Tracking: Manual systems made it difficult to keep accurate records and locate resources when needed.
- Duplicate Subscriptions: Overlapping software subscriptions resulted in unnecessary confusion over renewals.
- Compliance Concerns: Meeting regulatory requirements was complicated by inconsistent data and limited record-keeping.
- Time-Consuming Processes: Preparing for audits or tracking subscriptions demanded significant time and effort.
Problem Statement and Key Challenges
IMC encountered several issues in managing its growing inventory of assets and software subscriptions:
- Disorganized Asset Tracking: Manual systems made it difficult to keep accurate records and locate resources when needed.
- Duplicate Subscriptions: Overlapping software subscriptions resulted in unnecessary confusion over renewals.
- Compliance Concerns: Meeting regulatory requirements was complicated by inconsistent data and limited record-keeping.
- Time-Consuming Processes: Preparing for audits or tracking subscriptions demanded significant time and effort.
Evaluation of the Problem
Xponential Digital reviewed IMC’s asset management workflows to identify the root causes of inefficiency:
- Process Deficiencies: Manual methods for tracking and managing assets were error-prone and time-intensive.
- Excessive Costs: Poor oversight led to duplication in subscriptions and underused resources.
- Audit Difficulties: Lack of a unified system for records complicated compliance reporting.
The assessment revealed the necessity of a tailored system to organize and manage both physical and digital assets effectively.
Proposed Solution
The plan was to design an asset management solution to address IMC’s challenges.
Comprehensive Asset Database:
- The idea was to create a unified system for tracking and categorizing physical assets across all locations, ensuring efficient asset management using Zoho Creator.
Subscription Management Framework:
- The approach involved integrating a system to monitor software subscriptions, complete with automated alerts for renewals and cancellations.
Automated Reporting Tools:
- The plan was to provide a simplified mechanism for generating reports to meet audit and compliance requirements effectively.
Custom Configurations:
- The solution aimed to develop workflows with Zoho Creator that align with IMC’s specific operational needs in each region, ensuring adaptability and relevance.
Implementation Plan
Implementation
The solution was implemented within four months without disrupting IMC’s ongoing operations.
Data Migration: Existing asset and subscription data were transitioned into the new system seamlessly.
Workflow Updates: Processes for asset assignment, maintenance, and retirement were refined for efficiency.
Training Programs: Comprehensive sessions equipped the team with the knowledge to operate the system effectively.
Results
The implemented solution brought measurable benefits to IMC:
- Reduced errors in tracking and managing assets.
- Simplified day-to-day management of both physical and digital resources.
- Eliminated redundant software subscriptions, cutting costs by 20%.
- Optimized the allocation and use of office equipment, reducing unnecessary procurement.
- Enabled accurate and timely preparation for audits.
- Maintained consistent records across all regions to meet regulatory expectations
- Provided real-time visibility into asset usage and subscription statuses, empowering informed decision-making.
Quote
“Xponential Digital provided asset management system using Zoho Creator. It has removed the difficulties of manual tracking. Tasks like locating equipment and maintaining records are now seamless and well-organized. This solution has introduced much-needed structure to our workflow, making daily operations smoother and more manageable.”
– Admin Manager, IMC
