2023-138_WP_Benefits Of Fixed Asset Management Software

White Paper BENEFITS OF FIXED ASSET MANAGEMENT SOFTWARE

2 BENEFITS OF FIXED ASSET MANAGEMENT SOFTWARE Innovapptive.com INTRODUCTION Maintaining an accurate inventory of fixed assets is paramount to your financial team’s accounting activities. However, tracking the location, quality, condition, and depreciation of fixed assets is a significant pain point for most managers, especially those who oversee multiple locations. In such situations, asset management strategy is key in effectively managing and maintaining enterprise fixed assets. While legacy asset management strategies rely on manual, paper-based solutions, modern strategy leverages technology. Digitization of asset management through mobile solutions has helped enterprises increase overall equipment effectiveness and return on investment. This white paper explores how digitization is helping reinvent the asset management strategy for enterprises. It delves deeper into ways in which asset managers can conduct multiple inventories and reconciliations across various sites using a single, easy-to-use mobile platform. You’ll learn how mobile asset management strategy helps: Gain better control over your assets with higher levels of visibility Improve life cycle planning for your fixed assets Have better regulatory obligations and corporate governance compliance Reduce overpayments on property taxes & insurance of ghost assets

3 BENEFITS OF FIXED ASSET MANAGEMENT SOFTWARE Innovapptive.com MOVING FROM REACTIVE TO PROACTIVE FIXED ASSET MANAGEMENT STRATEGY Asset-intensive organizations are tasked with managing equipment and maintenance needs across various geographies, including expansive plants, hazardous sites, and remote locations with limited connectivity. When mission-critical equipment fails and field technicians don’t have access to the information or support they need, your bottom line suffers. The most effective way to conquer these challenges is to prevent equipment failures from happening in the first place. Mobile asset management software provides field- ready mobile applications you need to monitor asset performance, take remedial action, and transform your reactive workforce into an efficient, agile task force. It helps eliminate manual, paper-dependent processes and automate operations.

4 BENEFITS OF FIXED ASSET MANAGEMENT SOFTWARE Innovapptive.com GETTING RID OF GHOST ASSETS Maintaining an accurate inventory of fixed assets is vital for financial success. For an asset-intensive industry like mining or utilities, fixed assets are the largest investments an organization makes. These assets must be carefully tracked and maintained. And tracking assets in a timely fashion is not an easy task, considering you probably have hundreds or even thousands of assets. Shockingly, 12 to 25 percent of assets recorded in a fixed asset ledger don’t exist. These assets show up on paper but physically can’t be found. Where have these assets gone? Have they mysteriously disappeared? These questions could come back to spook your business. These shadowy assets are called ‘ghost assets’ because they haunt many organizations. They exist in the accounting ledger but are physically unavailable, meaning they can’t be registered or recorded. Ghost assets pose one of the biggest challenges in asset management compliance. Tracking and properly reporting every asset are herculean tasks, involving huge expenses in time, money, and labor. Mobile asset management solutions provide an easy-to- use platform to accelerate and simplify accurate accounting throughout the asset management lifecycle. Leveraging native mobile device features such as GPS, camera, and barcode readers, the software automates the collection of fixed asset data to capture, tag, scan, and update records; complete timely audits of all your assets and ensure legal compliance. Driving away the ‘ghost’ in your asset becomes a lot easier with digital asset management.

5 BENEFITS OF FIXED ASSET MANAGEMENT SOFTWARE Innovapptive.com RESOLVING FINANCIAL REPORTING WOES For asset-intensive industries to generate accurate financial reports and asset valuations, companies must regularly track the change in the value of their assets. That said, companies using manual paper-based processes for asset management struggle to keep the list of assets and their valuation. Manual asset management comes with many challenges, the biggest being poor data and inaccurate accounting. On the financial side, the risks associated with bad data include overpaying taxes, erroneous depreciation, penalties, and fines. Inaccurate financial statements can also harm the company’s reputation with lenders and investors, stunting future company growth. In the regulatory arena, risks involve compliance fines and sanctions. Safety threats can also arise from poor asset management data and practices. The Harvard Business Review has reported: • Knowledge workers waste 50 percent of their time hunting for data, finding and correcting errors, and trying to confirm information they don’t trust. • Record keepers spend 60 percent of their time organizing and cleaning up bad data. Asset inventory management involves the complete transactional data of fixed assets, which is too complex to capture manually. Enterprise mobility solutions help businesses realize a mobile assets management strategy. Connected fixed asset solutions utilize smartphones and rugged handheld devices to replace paper and spreadsheets. They leverage some of the advanced features and technologies to connect the last-mile front- line workers with the back-office system of records to increase data reliability. A mobile asset management platform enables front-line workers to put accurate, reliable information into the ERP systems from the field itself. By providing real-time insights into your fixed assets, saving workers’ time, and improving data accuracy.

6 BENEFITS OF FIXED ASSET MANAGEMENT SOFTWARE Innovapptive.com UPGRADE YOUR FIXED ASSET MANAGEMENT STRATEGY WITH INNOVAPPTIVE Innovapptive’s mAssetTag is a highly configurable, SAP® Certified fixed asset tracking solution that enables asset managers to conduct multiple inventories and reconciliations across various sites using a single, easy-to-use mobile solution. mAssetTag is an intuitive mobile solution that centralizes and simplifies the arduous task of data entry related to inventory and reconciliation processes. This fixed asset tracking tool uses native mobile device capabilities such as GPS, camera, and barcode readers to automate the collection of fixed asset data. By replacing paper-based processes with software that works on any mobile platform, you can capture, tag, scan, and update records without human errors or redundancies to ensure that the data you capture is high quality. Innovapptive’s fixed asset management and tracking system includes built-in integrations that allow mAssetTag to share information directly with your back-office SAP or ERP systems. This single repository simplifies data analysis and provides leadership teams with the visibility they need to identify lost or stolen assets, eliminate overpayments to insurance or tax entities, and calibrate business activities to align with real-time inventory levels.

7 BENEFITS OF FIXED ASSET MANAGEMENT SOFTWARE Innovapptive.com WHAT DIFFERENTIATES mAssetTag FROM ITS COMPETITORS mAssetTag is an advanced application that tightly integrates with your SAP Finance (FI), SAP Controlling (CO), and asset management modules to create total visibility between crucial business activities and the state of your organization’s financial well-being. mAssetTag is BYOD compliant and built on cross-platform UI technologies for complete compatibility with all tablet or smartphone devices and platforms, including Apple iOS, Google Android, or Windows. It tracks real-time fixed asset inventory and asset spending and capitalization. It merges with EAM and supply chain processes to optimize fixed asset management and view asset summary reports, asset master changes, and capitalization - all in one place. Features • Eliminate error-prone paper count sheets and Excel spreadsheets •  Supports Android, iOS, and Windows applications •  Runs on tablet devices, mobiles, and desktops • Utilizes native mobile device capabilities, such as GPS, camera, and barcode readers •  Easy configuration and customization using no-code/low-code technology •  Intuitive, easy-to-follow workflows with touchscreens •  Works in Offline and Online modes •  Role-based mobile screens •  Integrates with industry-standard barcode/QR code scanners, OCR, and printers •  Compatible with Bluetooth devices

8 BENEFITS OF FIXED ASSET MANAGEMENT SOFTWARE Innovapptive.com FUNCTIONALITIES Scan barcodes or Real-time Conduct multiple OCR to tag, asset monitoring inventory inspections add or retire assets and reconciliations Auto identification and Batch or lot Automated asset location capture using GPS management check-in and check-out Receive and Update for ghost KPI monitoring Send and receive assign assets, assets and push notifications and track transfers not-found status mAssetTag’s anticipated user results (based on a best-case scenario): 15%Up to a 17%Up to a 100%Up to reduction in overpayment drop in insurance global fixed assets of federal, state, and premiums reconciled to meet audit and property taxes regulatory requirements (Note: These are not actual results, but what Innovapptive believes a customer can achieve using mInventory)

9 BENEFITS OF FIXED ASSET MANAGEMENT SOFTWARE Innovapptive.com TAKE A PRODUCT TOUR Introduction Video WANT TO LEARN MORE? CALL US FOR A DEMO Our experts are standing by to offer a free demonstration of our solution, answer your questions and understand your unique needs. Click here or give us a call today at 844-464-6668.

10 BENEFITS OF FIXED ASSET MANAGEMENT SOFTWARE Innovapptive.com Innovapptive Inc. 24 Greenway Plaza, Suite 1501 Houston, TX 77046 USA Produced in the United States of America. 2023-138 © Copyright Innovapptive Inc. 2023 All rights reserved. The word and design marks set forth herein are trademarks and/or registered trademarks of Innovapptive and/or related affiliates and subsidiaries. All other trademarks listed herein are the property of their respective owners. This document is provided for informational purposes only and does not constitute a commitment to you in any way. The information, products and services described herein are subject to change at any time without notice. www.innovapptive.com.