SoloTruth, a provider of evidence-based asset management solutions for enterprises, announced the launch of its Asset Relationship Management (ARM) platform. SoloTruth’s AI-powered ARM platform verifies the existence, location and condition of physical assets, enabling businesses to streamline enterprise accounting, reporting, and compliance requirements. The launch represents the industry’s first evidence-based solution that automatically collects, reconciles, and integrates data with an organization’s ERP system.
The SoloTruth ARM platform provides businesses with real-time visibility into the state of their assets, allowing them to optimize maintenance, financial and operational needs. In addition, the platform is ideal for highly regulated and asset-intensive industries where evidence and auditability are crucial, such as manufacturing, retail, financial services, healthcare, transportation, and logistics. The SoloTruth solution is available to businesses on a subscription basis.
Solving the “Ghost Asset” Problem
Use of a business’ fixed asset register (FAR) — the accounting system that memorializes the location, value, and depreciation of physical assets — is typically based on a static ledger with incomplete or out-of-date data from which to calculate asset valuation. Over time, assets are frequently relocated, taken offline, cannibalized for parts, or retired without ever being removed from the books. These “ghost assets” are erroneously reported in insurance and financial audits, creating reporting inconsistencies and compliance failures.
According to market research firm Kroll Advisory, up to 30% of items listed on a FAR are ghost assets, and nearly 65% of their associated records contain errors.
“For years, there has been a misconception in the industry that traditional accounting systems like an ERP’s FAR deliver an adequate basis from which to determine fixed asset valuations and depreciation schedules. This has unfortunately resulted in all sorts of downstream accounting, reporting, and budgeting issues for businesses including the problematic existence of ghost assets. We built SoloTruth specifically to solve this problem,” explained Tim Harris, SoloTruth’s chief executive officer and co-founder.
“By creating a highly flexible and scalable platform to automate the evidential proof of the existence, condition, and location of physical assets,” he continued, “we help our customers substantially improve operating efficiency. SoloTruth lowers expenses, improves financial planning, and satisfies audit and other compliance mandates. Accurate asset data also reduces overspending on equipment and spare parts. Our solution injects confidence and accuracy into what has been a static and error-filled process.”
SoloTruth’s platform ingests evidential data from RFID and GPS smart tags and mobile virtual inspections to verify asset attributes. It leverages intelligent document processing to extract data from bills of materials, invoices, and other sources. The platform schedules, assigns, and tracks all inspection and verification tasks across the asset base without the need for manual coordination. Data can then be integrated into the organization’s ERP platform for further analysis.
