Asset Management

Financial System Integration to Asset Management Systems

  • 1.  Financial System Integration to Asset Management Systems

    Posted 22 April 2020 20:33
    Hi everyone,

     

    I understand that good systems integration is key to managing assets effectively.

     

    A common requirement of an asset management system that I have come across is seamless integration to [insert company or organisation name here]'s corporate financial system.

     

    I can understand how this integration would be useful as asset register detail is often not contained in financial systems.

     

    I was hoping someone would be able to help me understand what exactly is being linked in this integration between an asset management system and a financial system.

     

    Thanking you in advance.

    Kind regards,

    Monique Dunning
    Water and Sewerage Services Graduate Engineer
    Bega Valley Shire Council
    Mobile: 0439 657 412
    E-mail: MDunning@begavalley.nsw.gov.au

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  • 2.  RE: Financial System Integration to Asset Management Systems

    Posted 30 days ago
    Kia ora Monique,
    What we do for flood protection/drainage assets are match the Financial Cost code with the Asset ID. i.e. if our FS has job codes with 6 digits, our asset id will have 6 digits. this way we track how much we spend on individual assets, then we use the Sub Job Code to differentiate Capex vs Opex (we have a 3 digit sub-job code, and we have different 3 digit numbers for Renewals, New assets, Flood repair (for insurance purposes), Maintenance, Operational, Upgrades etc.).

    when we cannot link an asset id to the Financial job code, we separate them manually from a spreadsheet and record the costs against the asset in the AMS.

    hope this helps?

    Ngā mihi

     

    HINEWAI POUWHARE-ANDERSON | River Management Analyst
    Horizons Regional Council
    Palmerston North
    New Zealand

    DDI 06 9522940 | 027 856 2958 | 0508 800 800

     

    Tiakina tōu ake – Look after yourself and your whanau.


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  • 3.  RE: Financial System Integration to Asset Management Systems

    Posted 30 days ago
    Hi Monique,
    Integration is of benefit as it then ensures that everyone within an organisation is reporting on the same asset type, asset class or business unit.

    By having integration you ensure you have a 'one to one' or 'one to many' relationship based on your organisations business rules. Staff using the Asset System can then get accurate and up to date financial information on financial assets while staff using the Finance System can then get accurate asset information such as the asset attributes required for asset measurement during asset class revaluations. Integration has the potential to improve asst data integrity and accuracy.

    I have tried to keep my explanation simple and to the point. I hope it makes sense, if not I'm sure there are others on this forum with a greater understanding of the benefits of integration that will be able to contribute.

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    Steven Pirlo
    Australian Maritime Safety Authority
    Project Manager - Asset Management
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  • 4.  RE: Financial System Integration to Asset Management Systems

    Posted 30 days ago
    Following
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  • 5.  RE: Financial System Integration to Asset Management Systems

    Posted 23 days ago
    ​Hi Monique, I am going through the same thoughts with finance asset integration. Experience tells me tat as long as the financial management system can record the asset id you should be able to link the two together, either via a direct link or through a third party application.

    But I think the first thing you need to decide is what is the expected outcome? what reporting are you going to do?  This will ensure you don't waste time creating something that doesn't achieve what everyone wants.

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    Ashley Bishop
    Asset Management Coordinator
    Benalla Rural City Council
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  • 6.  RE: Financial System Integration to Asset Management Systems

    Posted 22 days ago

    Hi Monique,

    Following on from Ashley's point about finance-asset integration, you would need to consider the following points:


    • What is the end result of the finance and asset management system integration?  (i.e. are you trying to link the work order/purchase order/invoicing process between the finance system and the asset management system, are you simply looking to link the two systems through a common identifier such as AssetID)

    • Is the proposed integration between the two systems worth the cost?  (i.e. if two separate vendors are involved, will they let you 'modify' their system for a specified fee? or can a third party application provide you with a similar solution?)

    • If you decide to go with an internal integration process using existing resources, you need to consider how much time key internal personnel can allocate to the integration project (i.e. the financial system subject matter expert, the asset management system subject matter expert and the Information Technology subject matter expert)

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  • 7.  RE: Financial System Integration to Asset Management Systems

    Posted 22 days ago
    Monique,
    The trend we are seeing is to use data analytics tools to bring disparate data sets together for enhanced insights.
    This has become pretty easy to do as technology as emerged. We often bring financial, asset data, maintenance spends, types of maintenance analysis into simple dashboards for clients. As Ashley Bishop mentioned having something in common with the various data sets (like asset ID) is how the data model comes together.

    You can then interrogate why the same activity costs more on one work order, vs another. Cost blow outs vs budgets etc...

    Lots of fun.
    Rgs
    Claire
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  • 8.  RE: Financial System Integration to Asset Management Systems

    Posted 17 days ago
    Hi Monique,

    A good question

    The core objective of the linkage is to ensure one source of truth for asset data. The aim is to have all asset attribute data in the Asset Management system with integration or linkages through a unique asset id no, to share the same asset database. If this is not achieved, organisations open them selves up to multiple sources of asset data storage causing asset fragmentation and duplication.

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    StephenHegedus
    Partner/Director Asset Services
    SHEPHERD
    stephen@shepherdservices.com.au
    0417076345
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