Transforming Asset Management for a Global Retailer
Accurate asset management is critical in retail for operational efficiency and cost control. Poor tracking can lead and unnecessary capital expenditures and incorrect asset allocation. By implementing a centralized, well-governed asset management system, organizations can ensure accountability, support strategic planning, and avoid costly errors.
Challenge
A global retailer was grappling with inconsistent asset tracking across store locations, leading to inventory discrepancies, compliance risks, and operational inefficiencies. Forum Solutions partnered with the client to enhance data quality and standardize asset information. The retailer relied on asset data for reporting and strategic decision making, but the information was plagued by inconsistencies and inaccuracies – many records contained missing or incorrect values due to data entry errors. These gaps undermined the reliability of key reports and processes, making the data untrustworthy for business decisions.
Solution
Forum Solutions addressed these issues through a structured, collaborative approach:
1. Assess the Scope: Analyzed the asset dataset to determine the extent of records requiring updates.
2. Develop a Solution Strategy: Worked closely with key stakeholders to design a logical, efficient update process.
3. Execute Updates: Applied the agreed-upon approach to correct and standardize the data.
4. Measure Success: Evaluated improvements by comparing post-update data quality to baseline metrics.
This methodical approach rapidly increased data quality, making assets more reliable and actionable.
Results
The initiative achieved a 95% improvement rate, correcting over 3,000 records and delivering a clear blueprint for future clean-up efforts. The implemented framework is replicable across all key equipment categories, ensuring accurate, reliable data to drive better business decisions. To sustain progress, we recommended a real-time dashboard for ongoing monitoring, enabling proactive identification and resolution of data issues. This effort improved asset visibility, enabled smarter decision-making, reduced costs, and established scalable governance across the enterprise.