RAM is LME's latest ally

London Metal Exchange (LME), the world's premier non-ferrous metals market, has selected RAM’s leading fixed asset management solution to manage and track its range of fixed assets and inventory items.

The LME, which has been established for over 125 years, is a major contributor to the UK's invisible income, responsible for more than £250 million in overseas earnings each year. It deals in more than 460 brands of metal from 66 countries and its services include price dissemination, registration of brands, warehouse inspection and clearing.

As a capital-intensive company, the LME had used a dedicated solution to manage its fixed assets. However, following a review of accounting procedures, the finance team identified some major limitations within its current system and was concerned that requirements for controlling assets were not being met. This factor, along with the need to include more details on inventory items on the register, prompted the team to assess alternative solutions.

“In order to meet our newly identified specifications, we needed a different system that could offer us a greater range of modules and improved functionality,” explained Linda Hemsley, company accountant at LME.

“On seeing the RAM system it was clear that it could offer us a completely fresh approach,” recalled Hemsley. “I was particularly pleased with the ease with which I could access reports covering historical data and just how simple it was to create bespoke reports which I could email directly to colleagues. These two aspects alone were going to save me a significant amount of time.”

“With such a large proportion of items on our asset register being IT equipment, RAM’s Inventory4000 module was a key requirement for us. It provides access to a company-wide repository of data and caters for both the finance and IT departments' specific requirements.”

“There are numerous benefits from an IT perspective. My colleagues in the IT department will now have a complete checklist of inventory items and will be able to store detailed analyses against each one, even assigning stock items, such as software licences, to individual pieces of equipment. They will also be able to detect whether an item is linked to an asset and create new assets from several inventory items.”

The LME will also utilise RAM’s asset tracking module which uses the latest Pocket PC technology to carry out physical audits.

Real Asset Management is the UK's leading supplier of Fixed Asset Management software and has been implemented in more than 3000 organisations in over 50 countries. Its recent clients include Bankhall Investments, Killick & Co, Viacom Outdoor Ltd, Police Complaints Authority, Plymouth Co-operative Society and Marks & Clerks.

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