The scope of work includes the following;

• Review FAR and EAM assets records of WOQOD and its subsidiaries, as well as perform the required site visits to verify and reconcile FAR records with the physical inventory of FA.
• Categorization of Assets in-line with FAR
• Create parent and child relationship of each asset by linking the asset numbers
• Add missing info in the FAR

The initial stage encompasses a thorough Site Survey and Asset Tagging, adhering to the established Asset tagging philosophy. Specialized teams were dispatched to 188 designated locations with the purpose of physically pinpointing and affixing tags to individual assets. The asset tagging ensured a unique identification for each asset. Once data is gathered through physical verifications, a thorough comparison is performed between the tagged assets and the Fixed Asset Register (FAR) and Enterprise Asset Management (EAM) records.

During the second phase, 180,000 assets were categorized based on asset type and integrated with respective fixed asset registers (FAR) and EAM records.

Velosi successfully implemented the identification of missing and additional assets across all locations, fostering data accuracy. The rigorous cleansing and reconciliation efforts applied to the FAR have resulted in refined records and strengthened data integrity. Through meticulously executed adjustments, the financial impacts of these reconciliations have been quantified. Additionally, assets have been systematically classified, categorized, and quantified, optimizing management strategies. The establishment of a seamless linkage between Fixed Assets and Enterprise Asset Management assets further enhanced operational coherence. Lastly, the development and update of Policy and Procedures reflect the industry standards, ensuring a comprehensive approach to asset management excellence.