Asset Trending Interface for Reconciliation Discrepancy Management
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Large organizations face challenges in tracking and reconciling physical and financial asset information, leading to discrepancies that are difficult to manage and visualize, especially due to the lack of real-time data on asset usage, disposal, and theft, which complicates compliance with financial regulations.
Innovation Solution
A system that provides a graphical user interface for trending analysis, allowing users to view and manage reconciliation discrepancies, calculate averages, and forecast financial impacts, enabling the aggregation and visualization of asset exceptions, and facilitating the retirement of assets through a workflow routing mechanism.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If manual queries and spreadsheet applications are used to determine discrepancies between physical and financial asset information, then the process can be performed with existing tools, but the process becomes extremely time-consuming and labor-intensive
Solution Approach 1:
The patent replaces manual mechanical processes (spreadsheets, manual queries) with an automated computer-based system that performs asset reconciliation through electronic data processing, graphical interface interactions, and automated discrepancy detection algorithms
Solution Approach 2:
The patent introduces an intermediary computer-based asset management system that acts as a mediator between physical asset tracking data and financial asset records, automatically reconciling discrepancies without requiring direct manual comparison by users
2Loss of information
If comprehensive asset tracking is implemented across the entire enterprise, then complete visibility of asset discrepancies is achieved, but the complexity of managing and visualizing this data increases significantly
Solution Approach 1:
The patent segments the complex asset discrepancy data into organized categories and groups, allowing comprehensive tracking while managing complexity through structured data organization and hierarchical presentation in the graphical interface
Solution Approach 2:
The patent adds visual dimensions through graphical representations (charts, graphs, visual indicators) that transform complex tabular data into intuitive visual formats, enabling users to comprehend comprehensive asset discrepancy information more easily
3Measurement precision
If real-time asset discovery mechanisms are deployed throughout the organization, then accurate physical asset information is obtained, but the effort and resources required to reconcile this data with financial systems increase
Solution Approach 1:
The patent enables the asset management system to automatically perform reconciliation operations without requiring manual intervention, with the system self-service capabilities including automated data comparison, discrepancy identification, and financial impact calculation
Data Source
AI summary
Systems, methods, and computer-readable media in accordance with various embodiments of the present invention facilitate storing and displaying, in a trending analysis graphical user interface, of data for each execution of the underlying metric data alongside the date for which the metric was run. As the metrics are run, calculations may also take into account user setup (role access) for the assets for which they have control to view. Additional run control parameters could be set, for example for managing reconciliation discrepancies, to control whether or not to include exceptions that have been ignored by the user.