With large volumes of assets across 9 BMW sites across the UK, the company approached Assettrac to support them on a project to reconcile head office asset data with information held across their UK sites. In addition, a management tool was required to help identify and manage BMW equipment, as well as differentiate third-party contractors’ own equipment.
Historically, BMW had conducted time-intensive, periodical audits which were laborious and difficult due to the constantly changing asset picture on
the ground. This process meant it was a challenge to get a true picture of the company’s assets. BMW needed a more comprehensive system and an accurate inventory that included updated images of assets, their details and location and would give them a quick and digital way to keep ever-changing asset data up-to-date. The system needed to clearly define BMW assets versus assets owned and operated by third parties and be able to easily reconcile that asset inventory against their financial systems.
Assettrac conducted the project in two phases. Phase One focused on the identification, classification and tagging of assets in all 9 locations. Phase Two was the implementation of a customised cloud asset management portal and asset tracking system. This system was designed to enable BMW to continuously monitor its asset position, improve accuracy and thereby save time on periodical audits and reporting.
Assettrac’s team of professional and experienced auditors project managed the audit both on-site and remotely in a short project time period. To help the client maintain productivity, it was important to conduct the audit quickly and with minimal disruption on-site and to item usage. Using android handheld devices (with laser scanners) for efficient data collection, the audit team rapidly identified, tagged and logged asset information across the 9 sites. With items ranging from furniture to specialist diagnostic equipment, all assets had detailed information collected including pictures. All audit data was sent automatically to the BMW’s dedicated portal via the handheld devices, giving BMW and Assettrac an up-to-date view of the asset details being recorded from different locations at every stage of the audit and implementation process.
Following scoping meetings with BMW Finance to understand their on-going reporting needs, Assettrac developed a customised, central online portal for all BMW asset information with reporting functionality. The data collection stage was completed over a few months for all the sites. Once completed, Assettrac provided BMW with its customised online portal, populated by the data collected and designed around their specific information requirements, including: text, numerical, dates, specific data-sets as well as attaching and filing documentation.
Detailed reporting functionality provided the Finance Team with up-to-the-minute management oversight of the asset
register for each of the designated sites. Assettrac provided training for BMW personnel to enable them to manage their assets (both current and future) in real-time, on an on-going basis. Training included how to use the tagging and handheld devices, as well as updating and interrogating data and creating reports on the central asset management portal.
BMW Finance now has full visibility over the current asset situation for all sites nationwide, so they can be confident that the information they are using is up-to-date and applicable. Assettrac continues to fully support BMW’s asset management system requirements on a continuous basis.
- Digital Asset System & Transparent Reporting: the customised online asset management portal enables BMW to remove long-winded admin processes and gain real-time oversight across all sites.
- Information Accessibility: handheld devices are employed so that changes to asset information can be updated easily and is immediately sent to the cloud asset portal for reference and audit trail purposes.
- Significant Time Savings: BMW’s historical, labour-intensive, periodical audits are now a thing of the past. Updating item information and creating reports now takes just minutes.
- Asset Lifecycle Management: from delivery to ultimate disposal, Assettrac records a full history of every item including every location,
interaction, movement, inspection, or loan of items to departments or personnel.
- BMW Company Equipment Identified: asset tagging and logging has made it easy for the company to identify, manage and maintain its
own equipment versus those owned by third parties.
- Maintenance & Compliance Made Easier: identifying assets for inspection and maintenance is made easier as teams can run reports for the scheduled inspections demanded for compliance standards.