ASAP Systems RFID-Enabled Asset Tracking System Chosen to Help Leading Bank Inventory Thousands of Fixed Assets
San Jose, CA (October 11, 2012) — Banque Libano-Francaise (BLF), a leading Middle Eastern bank with $10.2 billion in capital assets and more than 1,000 employees, is tracking 500 plus fixed assets (such as furniture, IT equipment and more) at fifty branches throughout Lebanon using ASAP Systems’ RFID-enabled asset tracking system. With the robust system, BLF is able to perform a detailed, accurate inventory of all fixed assets at each of its branches in just one day. The bank is one of three major Middle Eastern banks that have implemented ASAP Systems’ solutions within the last year to reduce labor costs, losses and thefts—and gain greater awareness of fixed assets.
Prior to working with ASAP Systems, BLF was using a barcode solution that was cumbersome and time-consuming due to the large number of fixed assets the bank’s staff was tracking at the company’s multiple locations. Employees had to go into each office or branch and scan all items individually.
“With more than 500 assets in each branch, we needed a solution that would allow our asset management team to perform a physical inventory within one day without disturbing the employee and the customers,” said Gabriel Rizk, head of General Services for Banque Libano-Francaise.
BLF is now using ASAP Systems’ asset tracking software with RFID technology and Motorola hand-held scanners. With this solution, bank personnel can simply walk into any room in a branch and scan for all items the organization is tracking. The solution also allows workers to generate an on-site discrepancy report between the previous inventory and current one—allowing staff to quickly identify missing items. Additionally, employees can easily share this information by exporting reports into common file types (e.g. PDF, Excel and Word) and emailing them to management and internal auditors.
Rizk says he expects ASAP Systems’ asset tracking solution to give BLF a return on its investment in just two years, based on the following:
- The bank can perform physical inventories in 1/10 the time they were taking prior to using ASAP Systems
- They need 1/3 the staff to perform inventories
- They expect to reach an accuracy of 95 percent in the first year and to lower fixed asset losses and thefts by 70 percent.
Moreover, all inventories are now conducted without the slightest disruption to customers and employees.
“We’ve worked with many financial institutions in the U.S. and abroad,” said Elie Jean Touma, president, and CEO of ASAP Systems. “We’ve learned that every bank is different, with its own unique tracking needs. That’s why we developed our software with a modular design — so we can quickly assess each customer’s specific challenges and then easily create an affordable, custom solution for them.”
ASAP Systems recently launched the online version of its inventory management and asset tracking software, BarCloud, and the company says it will be releasing its mobile apps for the iPhone and Droid within weeks.
About ASAP Systems
We are ASAP Systems, a market leader in inventory management and asset tracking solutions that use barcode and RFID technology with hand-held computers, barcode and RFID scanners and smartphones, including the iPhone and Droid. We help improve profitability by eliminating manual data entry, paper files, and forms and by automating records and other documents. With our client-server software, Passport, and our newly released web-based application, BarCloud, businesses know 24/7 how and where assets and inventory are received, stored, used and disposed of — in the warehouse and in the field.
About Banque Libano-Francaise
Banque Libano-Francaise (BLF) is market-leading bank headquartered in Lebanon with $10.2 billion in capital assets and more than 1,000 employees at fifty branches throughout the country. The bank offers an array of products and services in retail banking, corporate banking, and investment banking, as well as private banking and wealth management. BLF also offers specialized expat service for the Lebanese diaspora abroad, assisting them with investment and property acquisitions in their homeland.
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