How to eliminate redundant purchases, waste, and fraud – Interview with Jami Oster
How to eliminate redundant purchases, waste, and fraud? Fulcrum Technologies has solved this problem for two decades for some top brands throughout Communications, Utilities, Data Centers, ISPs, Renewables, Oil & Gas, and more.
Jami Oster, Fulcrum Technologies CEO, discusses the “secret sauce” for optimizing operations and supply chain.
“The inability to track existing assets for efficient allocation all too often causes organizations to make unnecessary, duplicate purchases of assets already purchased which can no longer be found in inventory because those assets have become invisible to reporting spreadsheets or back-office systems.
Some of the root causes are:
- Assets improperly documented during initial receiving or movement later in the asset lifecycle (transfers, installs, returns/ repairs, retirement/disposals, etc.)
- Departments ‘hoarding’ spare equipment
- Unintentional waste or human error
- Outright theft or fraud
Regardless of the cause, the result is the same – the organization is faced with purchasing duplicate assets which in turn inflate the budget, delay projects, increase storage costs, etc.
Successful companies stop redundant purchases, waste and fraud by tracking and redeploying stranded assets by using Asset Lifecycle Management (ALM), which was designed from the ground up to track high-value assets as they move across the organization.
ALM establishes high levels of responsibility, transparency and trust within the organization. It begins with unique labeling of an asset upon its initial receipt – typically with an association to a Purchase Order. It ends with retirement and disposal. Everywhere in between is Asset Lifecycle Management, which gives Supply Chain, Finance, and Operations complete visibility, insight, and control.
This level of transparency and accountability gives the organization confidence in the asset data (and database) and helps managers steer away from bad behaviors (such as hiding or hoarding spares) that arise when employees don’t trust that they will get timely spares tomorrow if they relinquish unused inventory today. It also lets potential thieves know that assets are accountable in real-time, so movement will be tracked immediately.
Fulcrum Technologies has solved this problem for two decades for some top brands throughout Communications, Utilities, Data Centers, ISPs, Renewables, Oil & Gas, and more.
The secret sauce, ALM, starts with www.Fulcrum.net”