Asset Management

Managing a complex network of assets can be a daunting task, especially for businesses with growing inventories and diverse equipment needs. Lucrum ERP understands this challenge and offers its Asset Management modular solution – designed to streamline your operations and maximize asset utilization. This modular solution goes beyond basic asset tracking. It provides a centralized platform to track, monitor, and manage the entire lifecycle of your assets, from acquisition and deployment to maintenance and disposal. Additionally, it helps you gain a clear picture of all your assets, including their location, condition, and usage history and automate routine tasks like preventive maintenance scheduling, warranty tracking, and asset movement tracking.

Asset Register

The Asset Register sub-module within Lucrum ERP's Asset Management solution serves as a centralized repository for complete information on every asset your business owns or manages.

Technical Features:

  • Comprehensive data capture: Record detailed information like asset type, location, serial number, purchase date, warranty details, and maintenance history.
  • Customizable fields: Tailor the register to capture specific data relevant to your industry and unique asset needs.
  • Multi-location tracking: Monitor assets across different sites and departments with ease.
  • Barcode and RFID integration: Streamline data entry and asset identification through barcode scanning and RFID tag reading.
  • Powerful filtering and search: Find specific assets quickly based on various criteria, including location, condition, and status.
  • Real-time updates: Maintain accurate and up-to-date information with automatic updates through integrations with other modules (e.g., Procurement, Work Orders).
  • Reporting and analytics: Generate insightful reports on asset utilization, depreciation, and upcoming maintenance needs.

Work Order Management

Ensure optimal asset performance and minimize downtime with our robust Work Order Management sub-module. This powerful tool empowers you to efficiently schedule, track, and manage all your maintenance activities across your entire asset portfolio.

Technical Features

  • Automated work order creation: Trigger work orders based on predefined schedules, sensor data, or asset condition monitoring.
  • Preventive maintenance: Set up recurring maintenance schedules to proactively prevent breakdowns and extend asset lifespan.
  • Corrective maintenance: Quickly assign and manage work orders for unexpected repairs or malfunctions.
  • Real-time reporting & analytics: Gain insights into work order completion rates, maintenance costs, and technician performance.
  • Integration with other modules: Seamless integration with Inventory Management for parts availability and Procurement Management for ordering spare parts.

Key Stack

The specific technologies used may vary depending on the chosen ERP platform and vendor. However, some common tools and frameworks include:

  • Databases: PostgreSQL, MySQL
  • Development frameworks: Python (Django, Flask), Java (Spring), .NET
  • Mobile development frameworks: React Native, Flutter
  • Reporting tools: JasperReports, Tableau
  • Integration platforms: APIs, middleware solutions

Inventory Management

Maintaining accurate and up-to-date asset inventory is crucial for optimizing asset utilization and minimizing costs. Lucrum ERP's Inventory Management sub-module empowers you to effectively manage your entire asset inventory, from procurement to disposal.

Technical Features

  • Real-time Tracking: Gain instant visibility into your asset inventory levels, locations, and statuses with real-time data updates.
  • Barcoding and RFID Integration: Utilize barcode scanners or RFID tags for efficient asset identification and tracking, minimizing manual data entry and errors.
  • Minimum/Maximum Level Alerts: Set stock levels for critical assets and receive automated alerts when inventory falls below or exceeds defined thresholds, ensuring optimal stock levels and preventing shortages.
  • Cycle Count Management: Conduct and manage regular cycle counts to reconcile physical inventory with system records, ensuring data accuracy and reducing discrepancies.
  • Reporting & Analytics: Generate comprehensive reports on asset usage, location, and costs, providing valuable insights for more informed and better decision-making.

Procurement Management

Lucrum ERP's Procurement Management solution seamlessly integrates with your Asset Management module and offers a range of features to simplify and automate your purchasing activities.

Technical Features

  • Automated Request for Quotation (RFQ) generation: Streamline the process of requesting quotes from vendors with pre-built templates and automatic vendor selection based on pre-defined criteria.
  • Electronic Purchase Orders (ePOs): Eliminate paper-based processes by issuing and managing purchase orders electronically, ensuring faster approvals and improved accuracy.
  • Real-time inventory visibility: Track inventory levels and identify potential shortages to initiate timely procurement actions, reducing stockouts and unnecessary costs.
  • Vendor Management System (VMS): Manage vendor information, track performance, and negotiate better contracts through centralized vendor management.
  • Invoice automation: Automate invoice processing with optical character recognition (OCR) technology and pre-defined validation rules, reducing manual effort and improving payment accuracy.
  • Integration with popular procurement platforms: Integrate with leading e-procurement platforms like Ariba, Coupa, and Ivalua for enhanced functionality and vendor access.
  • Data analytics and reporting: Generate insightful reports on procurement trends, vendor performance, and spending patterns to make data-driven decisions and optimize your purchasing strategy.

Disposal Management

Lucrum ERP's Disposal Management module simplifies this process, providing a centralized platform for tracking and managing asset retirement, sale, or scrapping.

Technical Features

  • Automated disposal workflows: Streamline the disposal process with predefined workflows based on asset type, condition, and disposal method.
  • Compliance tracking: Ensure adherence to regulations and internal policies with detailed documentation of disposal procedures and approvals.
  • Value recovery optimization: Explore various disposal options like auctions, recycling, or dismantling to maximize return on investment.
  • Environmental impact tracking: Monitor and report on the environmental impact of asset disposal, supporting sustainability initiatives.
  • Integration with other modules: Seamlessly connect with Finance, Inventory, and other modules for holistic data management.

Technology Stack

Contract Management

Get complete control over your asset-related contracts and agreements with this intuitive sub-module. Whether it's managing lease agreements for equipment, maintenance contracts for service providers, or warranty agreements with manufacturers.

Technical Features

  • Centralized repository: Securely store all asset-related contracts in one easily accessible location.
  • Automated alerts and reminders: Stay informed about upcoming renewals, expirations, and key milestones.
  • Customizable workflows: Tailor the contract approval and management process to your specific needs.
  • Performance tracking: Monitor contract performance against agreed-upon terms and service levels.
  • Reporting and analytics: Gain valuable insights into contract spend, vendor performance, and potential risks.

Tech Stack

  • Database Management Systems (DBMS): PostgreSQL, SQL Server, Oracle Database
  • Cloud platforms: Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform
  • Workflow automation tools: Camunda, BonitaSoft, ActiveVOS
  • Reporting and analytics tools: Power BI, Tableau, Looker
  • API integration capabilities: Open API, RESTful APIs

Compliance Management

Simplify compliance with industry standards and regulatory requirements through Lucrum ERP's Compliance Management sub-module within our Asset Management solution.

Technical Features

  • Centralize Compliance Data: Maintain detailed records of regulations, certifications, and asset-specific compliance requirements within a single platform.
  • Automate Compliance Tasks: Schedule and track mandatory inspections, calibrations, and maintenance activities to prevent non-compliance risks.
  • Generate Compliance Reports: Gain instant visibility into your compliance status with pre-built reports and customizable dashboards.
  • Receive Regulatory Updates: Stay informed about evolving regulations and industry standards through integrated alerts and notifications.
  • Configurable Compliance Templates: Adapt pre-defined templates to fit your specific regulatory needs and asset types.
  • Rule Engine: Automate compliance checks and generate alerts for potential violations.
  • Audit Trail & Reporting: Maintain a comprehensive audit trail of compliance activities and generate detailed reports for regulatory authorities.
  • Document Management: Securely store and manage compliance-related documents, certificates, and evidence.