Capture all of the spending associated with assets, including repair costs like parts and labor, by integrating asset management with your procurement software solution. Tap into life cycle cost information to buy smarter in the future with this important extension of purchasing.
Verian’s asset management solution:
- Automates asset receipt records
- Ties work order costs to specific assets
- Tracks warranty or service contracts
- Identifies asset location and condition
- Tracks depreciation and salvage value
- Helps forecast replacement costs
Collecting all of this information in your procurement software solution allows you to assess spending beyond purchase prices, to understand total cost of ownership, and to simplify asset management processes by:
- Tracking maintenance spending and depreciation across the entire lifetime of assets
- Buying smarter by conducting value comparisons when purchasing new assets
- Managing service contracts, warranties, repair histories, and location/ownership of assets in the eProcurement system
- Charging accurate amounts to proper GL codes when assets are transferred between cost centers or from inventory
- Planning future budgets by knowing when assets will be retired
- Seeing availability of unused assets instead of buying new ones
Asset Lifecycle Management: Knowing exactly how much it costs to own.
By tracking every dime you spend to keep assets running effectively using purchasing management software, you know exactly how much it costs beyond the purchase price to own particular pieces of equipment. This helps you know the true value of each asset, as well as the best warranties and service contracts. When you make new purchases you know what gave you the most bang for your buck.