Here is how blockchain helps in Asset management for a manufacturing enterprises.
Asset management for a manufacturing enterprises is essential for their success in the market and profitability of the business. Our client, an information technology company, manufactures and sells softwares and hardwares and was looking for an assestmanagement system that would create a transparent environment for asset tracking and address other challenges that they were facing with their current procedure.
Asset tracking can be an error prone and a resource blackhole one if the processes involved are done manually and there is no transparency between departments. The challenges our blockchain tool had to address where to create a transparent environment for sharing data about the goods and the related department (such as shipping department, finance department, inventory, and so on), implementing smart contracts while maintaining data privacy, and more.
The following is the outcomes that we have observed after implementing it for our clients:
- Reduced irregularities in asset lifecycle events with proofs of transactions
- Eliminated redundancies with automated proactive checks integrating all partners
- Improved asset utilization with real-time and accurate monitoring of asset & software usage