Almost everyone in the world loves ice cream, which is why its market is huge. According to Grand Wire Research, “The global ice cream market size was valued at USD 79.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2022 to 2030.” Our dairy product-based client provides ice cream across India. Currently, our client is managing around seventy thousand assets. They are one of the huge ice cream brands in India.  

Our client had lots of assets, but those assets were not utilized efficiently & asset misplacement was a frequent issue. The management wanted to fix this problem once and for all. After that, they did their research and settled on Asset Infinity.

The problems they were facing:

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Manual asset tracking

‍Our client was having a difficult time in keeping track of their assets. They had crucial assets such as deep freezers, and FOW (Freezer on the wheel). They were tracking their assets manually. All the information they had was not accurate. We all know negligence of asset tracking increases the chances of asset theft & misplacement.  

No proper data management

‍ Our client wanted to manage the data of all the assets. However, data was managed manually usually in the spreadsheet. Moreover, the data was not correct and inefficient as everyone was accessing it, and data was changed unintentionally. Another issue was incomplete data as details were missing as well.  

Maintenance issue

‍Since there were so many assets & they were in different locations. There was always an issue in freezers such as cooling issues, gas leakage, and compressor issue. All these maintenance issues were managed manually. As a result, frequent asset performance was occurring, and the total cost of ownership was increasing. The productivity of the asset was affected as well.

How Asset Infinity Helped?

Asset tracking with asset tag ‍

Manual asset tracking was one of the biggest problems that needed to be resolved first. In order to resolve it the first step we took was tagging every asset. Asset tagging was important because we knew that it would be helpful in asset tracking & resolving other issues as well. It would provide accurate asset information.

Improving incident management ‍

The maintenance issue was also a major issue that must be addressed as it was impacting the top line & bottom line. It also impacted the efficiency of assets and the organization. Therefore, we ensured that every issue was addressed, for that purpose a ticket is created, and the status of every ticket is seen online. It was helpful in improving asset performance. For better ticket management there is a check-in & check-out feature which means when technicians start working on a ticket, the technician could check in and when the ticket is closed then the check-out is done. With this process, you could calculate the turnaround time (TAT) of the ticket, and it was helpful in improving performance.

Vendor adjustment & Managing Security Deposit ‍

The purpose of managing security deposit was to ensure that retailer gets the freezer or any asset equivalent to the amount deposited by the retailer. After that freezer was allotted to the retailer based on the security deposit amount. An e-challan was given (An electronic format for making payment and delivery used for depositing/remitting the contribution/statutory payment at bank/treasury). This was also a customized feature that we made for our client. Also, there was a format of challan designed as per the requirement of the client.

Integration for boosting productivity ‍

Our client wanted to integrate another application with Asset Infinity. Since integration was the process of getting together multiple software for better productivity. Integration could be done for several purposes such as recording sales, storing valuable customer data, or keeping track of vendor information. Our client wanted to fetch vendor details from another application to Asset Infinity app for better vendor management. It improved the efficiency of the organization.

Complete asset movement tracking ‍

Initially we first recorded assets in the system then as per the requirement they were sent to the corresponding warehouses and from there they were sent to the shops. Every movement that occurs was recorded in the system. Therefore, which shop had an asset and the status of the asset is checked with asset movement tracking. With our system the management can check asset movement anytime.

Several modules used by our client:

Asset management ‍

Asset management helps in extending asset life. It enables you to make the most of your assets. As it automates the process and notifies you of different scenarios. Apart from that, you get a single dashboard so that you can see all the activities. The goal of asset management is to maximize asset life so that it can be useful for the longer term. Asset management is important in all stages from asset procurement to asset disposal. It can boost asset efficiency and helps in saving maintenance expenses as well.  

Asset tracking ‍

Asset tracking is a method used for tracking assets physically. It is an important activity that lets you know asset location, asset status, who is using the asset when the last maintenance was performed & other asset-related information. Asset tracking is significant for an organization as it saves your assets from theft. It also plays an important role in the organization’s bottom line and maintaining compliance. With asset tracking, you can easily locate assets in real-time.  

Inventory tracking ‍

Inventory Management is important for every organization especially when you are a huge organization. It comes in handy for organizations.

This module is helpful in keeping track of inventory in real-time. In order to keep asset-maintained inventory must be available in stock. With our software, the client kept track of inventory. Whenever the inventory goes below the defined level the system alerts the inventory team so that they can start refilling the process. With this system one can define the re-order level for each item individually. It provides complete visibility of inventory and enables you to add or move inventory from one location to another. Not just that, one can also see inventory availability of all locations. Overall, complete inventory list and maintain it in real-time can be seen. It is helpful in avoiding stock-related issues such as overstocking and out-of-stock issues. It also record details like price and quantity to maintain inventory cost.  

Incident Management ‍

An issue occurring in an asset is not good for business. As far as asset breakdown is concerned, repairs should be done immediately to prevent business loss. Asset failure information must be given to the maintenance team as quickly as possible.  

Incident management is one of the most used modules by our client. It is helpful in resolving incidents whenever any issue occurs in an asset the manager of the location creates a ticket. When a ticket is created the help desk is notified about the same ticket manager then the manager provides a ticket to the available technician then the available technician visits the location and rectifies the issue. Once the issue is resolved, the ticket is closed. For a better understanding of the ticket, user can add images, videos, etc. The ticketing manager can decide the priority of the ticket and follow the SLA (system level agreement) accordingly reminders and escalations are done. With this module they also record the cost of repair and spare consumed.  

Reports & Analytics ‍

Our dairy product-based client gets different types of reports. For instance, Asset Infinity provides different types of reports related to the incident, inventory, asset maintenance, asset movement, asset performance, and asset transactional records with full accuracy. These reports are helpful to the management in order to make informed decisions or set future goals. Our users can get customized reports as per their requirements.  

Overall, Our Client Achieved Several Benefits with Asset Management Software:

• Accurate asset tracking & movement tracking saving assets from theft or misplacement.  
• Inventory tracking and receiving alerts whenever inventory goes below the defined level.  

• Each ticket status can be seen in real-time & record cost and spare consumed in each ticket.  
• Complete asset life cycle management in all stages from procurement to disposal.  
• Centralized asset information and complete asset visibility.  
• Detailed accurate reports & analytics related to assets & inventories.  
• Integration with their existing application for better data management.  

• Provided customized vendor adjustment for the security deposit.
• Asset auditing for depreciation calculation with full accuracy.  
• Fetch data from other applications to optimize business efficiency.
• Data maintenance of freezer, customers who are using these freezers.

Conclusion

‍Asset Infinity automated the process of asset tracking with asset management software. It not only helped our clients in keeping track of assets, but it also helped them in keeping them maintained. It was a huge challenge because all these assets were spread-out in several locations, which is why tagging every asset was essential. It helped our client in scheduling asset maintenance whenever required. Whenever an unexpected asset breakdown or performance issue occurs the ticket is created and resolved in no time.  

They wanted to integrate Asset Infinity Application with another application through which they could use data more efficiently and help them in improving business. It also assisted them in making informed business decisions.  

Our software can be useful for dairy products & ice cream-based organizations. It can improve return on investment and eliminates manual processes. Undoubtedly, it can improve business productivity and a better service level are achieved.