When it comes to your business’s equipment, it’s important to know what you have and what it’s worth. This information is crucial to make timely choices in maintaining your equipment, understanding the value of your assets, and making well-informed business decisions. Keeping up to date with the data is especially crucial in an equipment rental business. Rental value assessments are a priority throughout the entire lifecycle of equipment. Especially during check-in and check-out it’s crucial to understand the value of your rental equipment.
This constant valuation and revaluation of your assets is the cornerstone of asset management to have a clear picture of their value and how best to use them.
Over time, the functionalities and capabilities of asset management have increased dramatically with the development of new technologies. And easy access to 360-degree asset insights makes a real difference.
For every stage in your asset’s lifespan, valuation data can enable your team to make these well-informed decisions to maximize returns. The more you and your team know about how to evaluate your equipment, the better placed you are to make the right decision about selling, preventative maintenance, parts replenishment and for example asset depreciation to calculate your asset P&L.
So how exactly can equipment / assets be assessed, and what is the best software for valuing them? Read on to discover how the FIT-Revalue App is the perfect solution for your business.
The Importance of Asset Management
Precise asset management processes can have a huge impact on your bottom line. Owning and relying on equipment in your business is a complex monetary balancing act of value, depreciation, maintenance, and perhaps rental income among other factors. As a result, maintaining up-to-date asset valuation figures can be an arduous task.
It’s not so simple as just purchasing a piece of equipment and then running it ‘into the ground’. If businesses are not careful, poor asset management may mean that they end up losing money on their assets through expensive maintenance or scrap fees, when a prior sale or a more timely maintenance expenditure would have saved money.
Regular equipment value assessments are crucial to determine the financial health of your equipment and the most timely point to take action. Despite this complexity and need, accurate and accessible asset valuation software can prove difficult to find. Asset valuation, to the level that most asset-intensive businesses need, is not an out-of-the-box feature of ERP systems. To simplify valuation, you need a holistic solution which covers all steps in the assessment process and can capture all details in just one application.
As with any business software, having a clear adoption roadmap is also fundamental. The easier the solution proves to adopt, the better returns on investment your business will see and the faster your team can benefit from its results. When looking for an asset valuation solution, these principles remain the same. It is important to search for a smooth user experience, making it simple and easy for every team member to utilize. An app is the perfect form for such a solution as it is easy accessible and delivers information in real time.
How the FIT Assessment App Works
FIT-Revalue, the app to run a professional value assessment of your equipment, was made with this in mind. The app helps your team perform detailed asset valuation processes and is a simple way to ensure your team is on top of equipment assessments.
The standalone and wizard format app is applicable for all SAP ECC or S/4HANA customers who run asset management processes. But it can also be connected to any other ERP system. It covers three equipment value assessment processes: Trade-In Assessments, Rental Assessment and the Inventory Assessment.
By leading the user through the asset valuation processes within the app, and setting scheduled reminders, businesses can be assured that their important equipment valuation data is accurate and up to date. Available on desktop or tablet, the app is ready for work wherever your team is. Plus, with our three processes, every part of the equipment value assessment model is taken care of:
- FIT Trade-in Assessment – This process is applied to pieces of equipment in two different scenarios: customer equipment that is sold by your company and customer equipment that is sold by other dealers. It ensures you have accurate equipment value figures available.
- FIT Rental Assessment – This process is applied to equipment that makes up your rental fleet. From heavy equipment like power generators, forklifts and excavators to medical equipment or event rental equipment, as long as there is a serial number.
- FIT Inventory Assessment – The Inventory Assessment process is applied to equipment that is in your inventory.
The Business Benefits of FIT-Revalue
Overall, there are numerous benefits of equipping your team with an app to enhance their asset valuation processes.
Firstly, it is important to recognize that we’re unique. There is no other holistic app available on the market to perform an equipment value assessment. This value assessment app from FIT Global manages your complex assessment processes in one place, with all the benefits of an app interface.
The app is adaptable to your asset valuation procedures. We know that businesses are unique, and all have different processes and procedures. FIT-Revalueoffers customizable processes able to be created manually. On top, the app also offers an in-built wizard functionality that is easy to use and gives a smooth user experience. From actioning equipment valuations, to running an inventory assessment and to performing rental value assessments. The value assessment app is suitable for all devices and machines in your industry.
FIT Global’s value assessment app is designed for precision and for global data. As a result of the equipment valuation, the stock values can be changed with the Automatic Price Change functionality. For rental value assessments, Net Book Value (NBV) asset revaluation can be performed throughout your ERP system. With our integrations and automatic price change functionality, your team always has the latest information available, and your ERP system has the correct data available.
Asset management is a crucial part of any business, and with new technologies and the advancement of Big Data, it’s clear there are numerous business benefits on the horizon for inventory and asset management processes. The FIT-Revalue App is one way that your business can benefit from these advancements today.
We’re passionate about seamless integrations with SAP ECC & S/4HANA and providing an incredible service to our customers. We are also proud to be making SAP + FIT Dynamic Equipment Management the global standard for our industry!
Want to learn more about our FIT-Revalue for your equipment value assessments? Reach out to our friendly team today, we would love to chat with you about how our products can revolutionize your equipment valuation and asset management processes.