India's central bank and regulatory body who is responsible for the issue and supply of the Indian rupee and the regulation of the Indian banking system, also manages the country's main payment systems and works to promote its economic development has offices in every state of India intends to implement RFID technology based asset management solution for physical verification and reconciliation of fixed assets in cost‐effective manner.
1. Accuracy and efficiency of bank asset inventories 2. The high cost of manual audit processes 3. Inability to locate bank assets quickly and efficiently
4. Potential security risk resulting from lost or misplaced assets / data
5. Multiple branches within Orgs
6. Difficulty in Asset wise Depreciation calculation and Fixed Asset Register maintenance for internal and statutory purposes.
1. Initial tagging of fixed assets and reconciliation 2.First reconciliation of tagged assets with latest asset master list.
3. Addition/ Replacement of RFID tags
4. Reconciliation of tagged assets with latest asset master list.
5. Reconciliation of tagged assets with latest asset master list.
6. Sharing reconciliation report and certificate with the Bank’s team.
1. The firm knows the assets it has and where they are located
2. Significant reduction in manual business processes through automating inventory collection and management.
3. Cost savings in the tens of millions of dollars over the next 5‐10 years 4 .Automated audit trail for assets without touch labor
5. Automated receipt notification of purchased equipment for improved supply chain and workflow management.
