Assets can be uploaded in bulk or added one by one by the user

Description

This capability enables efficient data entry and management, allowing users to integrate a large number of assets into the system at once or input single assets as needed. This can be done by a CSV (when loading existing assets) or one by one in the CPM system's interface.

Example Use Case

Scenario: A mid-market manufacturing enterprise is using CPM software to manage its vast array of capital assets including machinery, equipment, and plant facilities. Their asset portfolio is continually expanding due to the acquisition of new equipment and regular maintenance activities.

Solution: The CPM software allows the enterprise to upload a CSV file containing details of all newly acquired capital assets, facilitating bulk upload. For individual updates or additions, such as a singular machine acquisition or an isolated maintenance activity, the software allows the user to add a single asset at a time. This capability streamlines the asset management process, keeping asset portfolio data up-to-date and accurate.

Considerations

These uploads can be useful when configuring the system for the first time, as the user may have thousands of assets that need to be depreciated and loaded into the balance sheet forecast. Most tools allow the upload of general ledger data, but specific data like this (where there are line items) is not always possible, especially in the lower tier CMP systems on the market. Entering values in one by one, or pasting from a sheet, is asking for errors and omissions.

Questions to Ask a Vendor

• Asset Uploads: How easily can assets be uploaded into the Capital Asset Planning model? Does it require consulting work, or can I map and load data myself?
• Data Validation Features: What features are in place to prevent data errors during the asset upload process? For example, what happens to planned assets that we purchased?
• Asset Types: When uploading, will the system automatically associate an asset class and apply the correct depreciation methodology?