Overspending on your crucial assets, equipment and machinery in an organisation can prove to be an accountants worst nightmare. However, if you have an integrated depreciation and total cost of ownership (TCO) system you can keep a tight control on your assets and whether you should re-new or maintain certain assets.
By knowing the total cost of ownership and the relevant cost of an asset, allows procurement and finance to make better decisions.
With an integrated contract management system you will never be spending unnecessary monies on assets and/or parts that are still under warranty.
By having access to the historical data of all your assets, future decisions can be better. An example is when comparing generators, one can easily look to the historical data of equipment and decided which was easier to maintain and cheaper to run.
Make your internal audit procedures easy by having up to date information regarding the financial well being of every single assets, property and or machine within the organisation.
Having all your data within one system helps managers to understand the total cost of ownership of every single asset. Have access to information such as, the total spent on an asset, what the money was spent on (parts, internal team, external team, etc), compare asset performance.