RFID Tracking System | World’s Largest RFID Deployment for Tracking Assets in the Banking Sector

As the largest banking institution in Latin America, CPCON’s client has approximately 90,000 employees across 4,220 branches and main offices. The company struggled with their fixed asset management and tagging every five years for internal accounting control and policy compliance purposes. For instance, a single branch completed their asset inventory and data collection procedures between 7 and 10 days – depending on the store size. Not to mention that all data entry into their ERP accounting system – SAP R3 Module AA – was manually made, which resulted in reporting downtimes.

CPCON’s Asset Management Advisory team was engaged to review the banking institution’s inventory methodologies, fixed asset records, and tracking technology. We evaluated the implementation of dynamic RFID inventory and tagging for automation and streamlining the company’s fixed asset management, regulatory compliance, and financial reporting.

We assisted the client with the following:

  • Conducting a physical inventory, tagging and reconciliation across 4,220 locations
  • Designing and implementing a tailored RFID tagging solution and RFID inventory software for real-time tracking
  • Tagging over 1,800,000 assets with RFID smart tags
  • Utilization of Handheld Data Reader with RFID inventory software for data collection
  • Cleansing and fortifying the fixed asset ledger with the Line-by-Line reconciliation approach of the physical inventory to the fixed asset accounting records
  • Advising for subsequent asset retirements and additions from financial reconciliation, as well ungrouping assets and identifying ghost assets (not found during the physical inventory)
  • Rollout and delivering data in the layout required to populate the SAP R3 Module AA
  • Creating a governance model and best practices approaches to fixed asset managementCPCON’s Asset Management Advisory and RFID Asset Tracking solution have allowed the company to complete the fixed asset inventory procedures of a single branch in less than 1 day, while achieving over 99% data accuracy during reinventories. By tagging those assets with RFIDs, the company also increased management efficiencies with automated data entry and reconciliation to financial reporting. This helped the company to comply with financial and accounting standards (IFRS) and corporate governance.

CPCON’s Asset Management Advisory and RFID Asset Tracking solution have allowed the company to complete the fixed asset inventory procedures of a single branch in less than 1 day, while achieving over 99% data accuracy during reinventories. By tagging those assets with RFIDs, the company also increased management efficiencies with automated data entry and reconciliation to financial reporting. This helped the company to comply with financial and accounting standards (IFRS) and corporate governance.

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