How Micor Professionals Offer a Tailored Physical Asset Management Experience
Physical asset management is tracking the life cycle and use of an asset. Physical asset management focuses on:
- When you buy a product
- How you use it
- How you maintain it
- And what is was worth when you threw it away.
To elaborate, physical asset management is implementing controls on purchasing, deployment, tracking an enterprise’s physical assets, and maintaining the data for clear, up-to-date asset management. This is a huge challenge that is often treated as a menial task. Asset data needs to be both flexible enough to service the financial, corporate and technical stakeholders of the enterprise while maintaining integrity across a variety of software platforms and reporting formats.
What is Physical Asset Management?
Management guru Peter Drucker of the Harvard Business Review famously said, “If you can't measure it, you can't manage it.”
Skilled asset management professionals provide corporations with an in-depth view of the resources invested in the physical assets and the correlation between the cost of use, quality, and risk controls of these assets. Benefits
· Ease of communication between departments and stakeholders?
· Reporting and response made easier and quicker?
· Time, budget, and effort saved?
· Consulting – For years Micor has helped companies balance the data requirements of their accounting, engineering, and facilities management lines of business when it comes to fixed asset data. By reviewing current procedures and systems, Micor helps find the best solutions for your company’s fixed asset management needs.
· Industry Outlook - Core technologies direct what products and workflows will be integrated into a business. Micor follows how these technologies directly affect the manufacturing and application of equipment, expansion or disruption of their markets and the change customer expectations.
· Technology Overview – Workflows can be dramatically affected by changes in the core technology they use. A Micor overview provides a review of the technology, its history, and its potential for change in the future.
Appraisal & Valuation Services
· Desktop Valuation - An itemized report can be prepared based on equipment lists or schedules provided. This aids accounting in calculating depreciation, personal property tax, and securing financing.
· Appraisal - Following an on-site inspection of all equipment, Micor generates a detailed report including condition of equipment, serial numbers, original value, location, and other pertinent information. This is invaluable for completing documentation for your financing.
· Residual Projection - Micor can make projections to estimate future value based on information and conditions at the time of the project. These conditions include past depreciation of value based on our database of sales and auctions, new model introductions, technology, and manufacturer’s marketing strategies.
Fixed Asset Management, Auditing and Record Reconciliation
· Inventory and Auditing – Independent verification of your production and operating assets including i.d. tagging and collection of pertinent asset data for accounting, tax, and maintenance purposes.
· Reconciliation of Accounting Records to Verified Assets - Accounting ledger entries are tied to purchase documentation, asset location, and categorized to defined accounts. Several data set views can be established to satisfy IRS, Personal or Business Property Tax or Specific Accounting practices.
· Asset controls and system deployment – consulting and recommendations for developing a corporate governance of fixed assets over their entire life cycle. This includes considering ISO and other asset management standards, corporate controls and sanctions, tagging and management documentation, software and API deployment.
· Reviews and Plans - A review gives market, technology, labor, and facility considerations to help determine recovery strategies. Micor uses it experience to develop plans that account for expenses and provides analysis for decision making on recovery and decommissioning.
· Recovery – Recovering assets requires equipment knowledge to assure that all of the assets’ components, that assure their capacity, are not lost. Improper removal, or lost accessories, options and software can render an asset worthless.
· Remarketing - Micor provides timely, commercially reasonable sales procedures that maximizes recovery value. We can recognize when costs to sell are more than the asset’s value. Micor has experience with pay-per-click and email marketing as well as multi-channel eCommerce sales.