TRW takes best approach to managing its assets

Article Abstract:

The aerospace and automotive company TRW has made the monitoring of equipment inventories a substantially easier task through the use of advanced bar code scanners and fixed asset management software. Through these invaluable tools, an employee can track the value of different fixed assets being employed at several manufacturing sites. The fixed-asset accountant at TRW's North American air bag operations in Mesa, AZ, uses Intermec's Janus hand-held data collection terminal to scan bar code inventory labels on the fixed assets. Information about the assets is collected into a software called FASTrack, provided by Best Software Inc. This allows the online reconciliation of inventory and updating of the fixed assets database. The database is shared by FAS for Windows, a fixed assets management system also from Best Software that allows computation of depreciation and monitoring of the current value of fixed assets.

Prepackaged software, Motor vehicle parts and accessories, Motor Vehicle Parts, Motor Vehicle Parts Manufacturing, Aircraft Manufacturing, Engineering, Mfg Software Pkgs, Graphics Software Pkgs, Usage, Software, Automobile equipment and supplies industry, Automotive parts industry, Automotive parts, Aircraft, Scanning software, Inventory control, Logistics, TRW, Northrop Grumman Space & Mission Systems Corp.

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Are you really managing your corporate resources?

Article Abstract:

Asset management is often overlooked in many companies because this task tends to be time-consuming, complicated and monotonous. With assets being transferred constantly among different departments, locations and people, asset management can indeed be difficult. However, asset tracking and management is an important activity because it can save companies significant amounts of money in terms of reduced property taxes and insurance premiums. The first step to manage assets effectively is to automate the process of fixed asset management using a software system. The automated process involves tracking of assets, bar coding, and evaluating assets for mergers and acquisitions. Aside from fixed assets, companies should also manage their intangible assets, including workforce, computer-based assets, supplier-based assets, information bases and know-how. Finally, budgeting is an important aspect of asset management.

Intangible property, Intangible assets, Assets (Accounting)

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Continuous improvement through process management

Article Abstract:

LTV Aerospace and Defense Co's search for ways of achieving continuous improvement has led to the development of the Integrated Process Management Methodology (IPMM) approach. This strategy is an integration of methods and concepts that can help LTV plan, monitor, analyze and improve its performance in a systematic manner. IPMM has three components: the Roadmap which provides guidelines on process management, the Toolbox containing process management methods and concepts, and the Education System which consists of the modular employee training curriculum. LTV learned a number of important lessons from their experiences with the IPMM. The company discovered the importance of having a systematic process-oriented methodology in pursuing continuous improvement. LTV also found that top management's understanding, support and participation in the implementation of the methodoly are essential to its success.

Aircraft parts and equipment, not elsewhere classified, Methods, Quality management, Total quality management, LTV Aerospace and Defense Co. Aircraft Div.

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