Sunflower Systems to track all accountable assets department-wide for government agency
San Ramon, CA, and Washington December 1, 2004 The U.S. Department of Education announced this week that it has awarded a contract to Sunflower Systems for its Sunflower Assets to track and manage all of its accountable assets department-wide.
The provider said its product, Sunflower Assets, is designed to improve users' asset management processes and tighten fiscal accountability. It offers a complete view of each asset throughout its lifecycle, and has a system of record to substantiate financial reporting.
Lifecycle Asset Management, Sunflower said, is the process of monitoring, controlling and accounting for all enterprise assets throughout their lifecycle from the time that funds are obligated for an asset through transfers of accountability, inventories, financial accounting, capture of maintenance events, calculation of the total cost of ownership, excess and retirement. This includes fixed assets, intellectual property, hazardous materials, sensitive data, IT assets and accountable property.
According to Robert Kaehler, vice president and general manager, Sunflower Systems, his company is seeing an increased demand from organizations to fully track and manage the location, usage and performance of all their enterprise assets. "Lifecycle Asset Management has risen to the forefront of many organizations' strategic efforts, namely due to recent regulations and initiatives such as the Joint Financial Management Improvement Program (JFMIP), Sarbanes-Oxley Act of 2002, Health Protection and Information Accountability Act (HIPAA) and the Unique Identifier (UID), as well as next generation technology such as Radio Frequency Identification (RFID) and the single version of the truth through Web services," he said.
The JFMIP is a joint and cooperative undertaking of the U.S. Department of the Treasury, the General Accounting Office, the Office of Management and Budget, and the Office of Personnel Management working in cooperation with each other and various agencies to improve financial management practices in government.