RAM Goes With The Flow

Software to automate depreciation calculations on properties significantly cuts valuable administration time

Flowserve Pumps Ltd, a global leader in the design and manufacture of pumps, has selected RAM’s suite of Fixed Asset Management modules following a complete upgrade to its financial systems.

Flowserve Corporation, which has manufacturing operations in the Americas, Europe and Asia, is the world's premier single-source provider of flow management products and related repair and replacement services. The group consists of three divisions - Pump, Flow Control and Flow Solutions. Flowserve Pumps produces products for many industrial market sectors, including the oil & gas, chemical, power, hydrocarbon processing and water resources industries.

The centralisation of Flowserve's European financial operations and an upgrade to its ERP system prompted a full review of other complementary IT systems, including its Fixed Asset Management solution. A cost/benefit evaluation was undertaken to decide between the ERP's fixed asset module and an alternative specialist product.

“We decided that specialist software was the most practical approach,” recalled Tim Harkins, the operations accountant at Flowserve Pumps. “This was confirmed once we had seen RAM’s presentation. The software was extremely user-friendly, it would take a fraction of the time to implement and it could be very simply integrated with our Oracle ERP system. In conclusion, we were getting a function-rich system and real value for money.”

“The decision to move to RAM was also supported by the range of modules it offered,” added Harkins. “The Lessee Asset Accounting module was of particular interest to us because a proportion of our assets are leased. It has proved to be a very useful tool in managing all of our lease obligations and contracts. We also plan to utilise the Asset Budgeting module.”

Flowserve Pumps UK, which has a turnover of £30 million, is using the suite of software to manage over 1000 assets which mainly consist of plant and machinery. As part of a large corporation, there is also a significant reporting requirement.

“It is crucial that we can produce reports quickly to comply with our statutory requirements and those of our US headquarters,” explained Harkins. “RAM’s system allows us to configure the reports using corporate headings. It is so easy to use and it now takes a fraction of the time to analyse the data we need. The planning of future spend is also vital in our industry, so the ability to forecast capital spend by cost centre for the next financial year is a huge assistance to the reporting process.”

"It can often be very time consuming when a new system is installed,” concluded Harkins. “The RAM system, however, has been implemented quickly and efficiently. I am particularly impressed by the speed and quality of the service."

Real Asset Management is the UK's leading supplier of Fixed Asset Management Software. Its clients in the manufacturing sector include Servomex Ltd, Nice Pak International, C-Mac Microcircuits Ltd, Solectron Europe and Unilever.

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