Fixed Asset Transfer Application for a Manufacturing Company!

Background

The client is a well-known Indian company that operates in the electrical and electronic appliances industry. It offers a diverse portfolio of products used in homes, offices, industrial settings and agricultural applications. The company primarily caters to residential and commercial markets, offering solutions to power backup, voltage regulation, water pumping, and other electrical necessities. The company has an extensive distribution network that covers various states and cities in India, alongside substantial customer base and brand recognition in the region.

Challenges

With such enormity in the backdrop, one major challenge faced by the client was the lack of a proper Fixed Asset Transfer system.

"Fixed Asset Transfer points to moving or relocating real assets of the organization from one location to another. The process may include internal transfers, inter-company transfers, location transfers, etc."

The client faced several mismatches in asset records kept in their SAP and actual physical location. The lack of a comprehensive tracking system during asset transfers was the underlying factor that led to the issue.

The client fronted:

Absence of a structured workflow while moving an asset from one location to another.
Unable to track documents such as the GST Invoice (generated) and Delivery Note to be issued for the Vendor.
No alerts or confirmation to Sender when an asset reaches the Recipient (user/vendor) end.
The manual asset transfer entry in FAR (SAP) resulted in human errors, slowed-down processes, compliance risks, reporting issues, and data integration challenges.

Solution

An integrated solution to track the transfer of fixed assets from one location to another was developed and delivered to the client on the iqxora platform.

Let us see How!

The process involved the User department or Sender raising a ticket and filling in the Asset Transfer Template to transfer the assets.
The concerned authority on the Sender end will review the template and either approve or reject it.
After approval, the Finance Team receives the notification and generates the SAP GST Invoice or Delivery Challan. The Invoice then gets manually uploaded to the workflow.
The Dispatch Team updates shipment details and transfers the asset.
Once the action gets completed, the concerned authority at the Receiver's end confirms the receipt in the flow process and accepts the physical delivery. The receipt confirmation notifications are sent to the finance team, as well as to the Sender.
All details of the Fixed Asset Transfer get automatically updated in the FAR (SAP) using the API connector. The error-handling scenarios were addressed in parallel.
Finally, any remarks regarding the transfer from the finance team were updated, and the ticket was closed.

Result

Here is what the client achieved by engaging with the iqxora platform:

Timely processing of service tickets for Fixed Asset Transfer.
Synchronized records in the Fixed Asset Register and Physical Asset Location.
Efficient tracking of specific Asset locations from any place through client systems.
Significant reduction in the time required for manually adding fixed asset transfer entries in the SAP file.
Proper alerts/notifications regarding issues and asset receipts.

Final Thoughts

In conclusion, our low-code app development product offers a transformative solution for facilitating fixed asset transfers within the manufacturing industry. By leveraging our platform, businesses can revolutionize their asset management processes, reducing manual effort and enhancing operational efficiency. With features such as automated updates in the FAR (SAP), real-time alerts and notifications, and seamless integration of data, the benefits are manifold.

We invite you to explore the immense potential of our solution and unlock greater productivity, accuracy, and cost savings in your asset transfer workflows. Contact us today to schedule a demo and discover how our platform can drive success in your organization.