Often when a proposal is submitted, it is too late to make a repair/replace rejection decision on the proposal because the issue needs to be fixed right away. Asset intelligence for invoices helps you monitor the asset condition in advance by showing you the activity history for the asset identified in the invoice. This lets you quickly assess the warranty status, condition and total spend on the asset and provides an early warning as to whether the asset needs to be replaced before another work order associated with it is submitted.
Analyzing Invoices Using the Asset Intelligence Decision Engine
When you receive invoices from service providers you may approve, reject, or place them on hold for further conversation with your team and/or provider.
Invoice Asset Intelligence includes 7 elements to help you evaluate the invoice against the asset:
- Asset information provides a link to the asset record.
- Asset condition displays the condition of the asset (broken, poor, average, good, excellent) and when that information was last updated.
- Warranty displays the warranty period and when the warranty expired or is set to expire.
- Age displays how old the asset is and the asset’s life expectancy.
- Work Orders displays the total dollar amount for all completed and in-progress work orders related to the asset, along with a link to those work orders.
- Cost History displays initial cost, total spend, and cost of current invoice.
- Invoice History displays total spend for all invoices for the asset and a link to view the individual invoices for the asset.
This data, in conjunction with Invoice Intelligence, will provide you the supporting information you need to determine the appropriate action to take on the invoice.