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When it comes to ERP implementations or digital transformation for asset-heavy organizations, asset management is perhaps the most complex area and one of the hardest to implement. The assets could be internal or external for one of your customers. The external assets follow a very different lifecycle with several stakeholders involved with how they are managed, leased, and serviced. The internal assets are equally trickier to manage with the cross-functional collaboration required in maintaining them and making sure that they are serviced proactively before causing operational shutdowns or disruptions. Also, due to their expensive nature, the regulations around fixed assets are always changing in how their value needs to be carried on the financial statements and how they are reported. So what do asset-intensive companies need to know about the cradle-to-grave asset management process?

In today's episode, we invited a panel of cross-functional experts for a live interview on LinkedIn who brings significant expertise to discuss cradle-to-grave business processes and best practices. We covered many grounds, including the scope, process boundaries, definition of assets, internal vs. external, and the importance of finance value while referring to the assets and differentiating them with other inventory items. Finally, we discussed leased vs. owned assets and their financial treatment how the priority of finance and ops may differ when it comes to their need for serialization of assets.

For more information on growth strategies for SMBs using ERP and digital transformation, visit our community at wbs.rocks or elevatiq.com. To ensure that you never miss an episode of the WBS podcast, subscribe on your favorite podcasting platform.