What is an Asset Management System?

asset management system

Everything You Need to Know About Asset Management

All businesses have assets. Assets include tools, equipment, plant and machinery, software, IT assets, anything. Having an asset management system helps businesses manage all of their assets.

Any assets that are valuable to a business, whether they’re used internally or hired out, need to be tracked and monitored effectively. Without an asset management system, this becomes a very big task, very quickly.

What is an asset management system?

An asset management system is the way companies track and manage all of their assets, whether physical or intangible.

When talking about an asset management system, it’ll be most likely that software is being referred to. Technically, spreadsheets can be used as an asset management system, but spreadsheets become out of date very quickly and are tedious to manage, not to mention dull.

What is an asset?

Usually, an asset will be a physical, tangible thing. It could be tools, equipment, machinery, Personal Protective Equipment (PPE), but assets can also be intangible, such as data on the cloud or software.

Fixed assets are the tangible or intangible assets that are used to generate revenue within a business. Even a sole trader with just a laptop at home has a set of fixed assets. Their laptop is making them money, and they can get tax breaks on rent as their place of work is their home.

An office, on the other hand, will have more fixed assets and companies that work in the field will have many more, as each tool down to the smallest screw is classed as an asset to the business. In this case, asset management is still required.

So, fixed physical assets are defined as any type of physical item that a business owns that has economic, exchange, or commercial value — physical assets usually property, inventory, or equipment.

Intangible fixed assets are the same, only not physical items. They are, therefore, data, software, Operating Systems, websites, and so on.

The Role of an Asset Management System in your Business

If you’re in an office, I’m going to help you out. Posture is important, as is exercising your neck.

So, look around you. How many physical items can you see that people use for your business? If you’re an app company, there may be tester phones littered around. How many laptops are around you (can you hear Claire typing? I think she’s just had her nails done). How many telephones there are, how many envelopes, how much paper, printers, photocopiers, and so on.

That’s the role of an asset management system in your business. Imagine if everything in your office was unaccounted for or if the data surrounding it was constantly out of date.

With an effective asset management solution, you’ll be able to increase the accountability and transparency that owning multiple assets requires. Tracking assets means that you’ll be able to assign assets to users and add relevant information to see the effectivity each asset is running at.

What to look for when you want to manage your assets

A great asset management system comes with the ability to set up barcodes, QR codes, or RFID asset tags on the physical items that a business uses. These can then be scanned into the software and then categorised based on the specific asset. A digital profile is then linked to the physical asset through the use of these tags.

Other features that asset management software will help a business with include:

  • Tracking the warranties and additional financial information associated with assets
  • The ability to attach documentation to assets on a digital system
  • Custom defined fields, such as funding sources and specific accounts the asset should is linked to
  • The ability to manage issues such as damage or asset downtime
  • The ability to minimise physical asset loss by increasing accountability
  • The ability to better predict profits by closely tracking how well assets are working as well as ensuring necessary tax breaks are received

These systems allow a business to track where assets are at any given moment. Employees can check assets out and back in. Reports can then be generated to help management understand which assets are currently with which employees.

Furthermore, asset management systems are also useful for scheduling maintenance on equipment that has been purchased. The system will also assist with tracking any repairs that are needed should the worst happen, minimising asset downtime.

With itemit, you’ll be able to track and manage all of your assets with the use of our bespoke asset tags and powerful functionality. Contact us today to find out more about how you can use itemit as your asset management system.

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New to Asset Tracking? A quick guide to everything you need to know.

new to asset tracking?

Everything you Need to Know if you’re New to Asset Tracking

Finding out more about asset tracking? There’s a lot to take in, from which assets to track to how you can use asset tracking to save as much time and money as possible.

So, where to begin?

Not to worry. If you’re new to asset tracking we’ve written a handy guide to asset tracking to help out.

First things first…

What are my assets?

Assets can be broken up into different categories. They may be fixed assets, or they may be more general. They might be IT assets, they may be tangible or intangible.

There are a few different types of assets, but the main ones are:

  • Tangible/Physical assets: Physical or tangible assets can be anything that you can pick up and use, from a mug, to tools, to equipment, to tables, chairs, even vehicles. If it’s physical, it’s a physical asset.
  • Intangible assets: Intangible assets can be data, software, anything that isn’t physical but still has use or value.
  • Fixed assets: Fixed assets have a currency in your business. What this means is they’ll make you money and you’ll use them to make a profit. Your fixed assets may depreciate in value over time meaning that an asset management software is needed for Asset Lifecycle Management (ALM).
  • IT assets: IT assets can be physical or they can be intangible. IT assets hold data or interact with data, and are therefore anything from phones to USB sticks to laptops. IT assets will require an IT Asset Management (ITAM) system. Luckily, most asset tracking software is flexible enough to integrate ITAM with ALM and assist with your Enterprise Asset Management (EAM).

What is asset tracking?

Asset tracking is how you track these assets as they move and as they update. Asset management is how you keep track of the changes in data that these updates cause.

At its most basic level, asset tracking is monitoring who has what and where assets are in order to increase accountability and transparency.

Why do I need to track my assets?

A higher level of transparency and accountability means that audit trails and information can be added and updated in real-time.

This necessary information helps you keep a closer eye on your finances.. The ability to run reports and see specifically where everything has been, any losses, and what you own on a fixed asset register means that you’ll have a much greater level of accountability.

Having this information means that you can predict quarterly profit margins more accurately, know exactly what you own, and minimise any physical asset losses.

How can I track my assets?

By using QR code asset tags or RFID tags. Attaching these to a physical asset and then linking them to a digital asset profile means that you’ll have full tracking capabilities.

Whenever an asset changes hands or moves location, all it’ll take is a user to scan the asset tag for this information to update in real-time.

The data will then be stored in the cloud, ready for more information to be added, edited, and managed. This system greatly surpasses the abilities of a spreadsheet as all updates will happen remotely, in real-time, for everyone.

With itemit, you’ll also be able to set the permissions of your employees. Scan-only users will only be able to scan assets and see a limited amount of information, keeping sensitive data hidden. Admin users, on the other hand, will be able to implement ALM, maintain full control of ITAM capabilities, and use financial data to help keep your company running as it should be: at full steam.

Contact us to find out more about how itemit can help you with your asset tracking and asset management needs.

Need Asset Tags?

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5 tips for choosing the best IT asset management (ITAM) software to fit your needs

best ITAM software

5 Tips to Finding the Best IT Asset Tracking and Management Software

IT asset management, otherwise known as ITAM, is critical for your business as it covers the management of some of your company’s most valuable assets. And we don’t just mean valuable in terms of the item’s purchase price tag.

What is IT asset management or ITAM?

IT asset management is a set of business processes and practices that manage the inventory and lifecycle of an organisation’s IT assets and support strategic decision making.

What are IT assets?

IT assets include all IT related hardware and software within your business. Your IT assets can be either tangible or intangible. Tangible, or physical assets, are those which have a finite monetary value should the company choose to sell the asset. Tangible assets, therefore, include laptops, desktops, tablets, even USB sticks. Intangible assets, on the other hand, are assets that do not have a physical nature and include software, licences and even patents and copyright.

5 tips for choosing the best IT asset management software for your business

Fortunately, there are plenty of options when it comes to choosing the right IT asset management software for your company. With lots of choices available though, it’s essential to assess your options beforehand, so you find the perfect ITAM software for your requirements. To help you, have a read through our top 5 tips for choosing the perfect ITAM solution.

1. Consider why you want to implement an ITAM solution

As your business is unique, you will have your own pressures and reasons for rolling out an IT asset management system. Here are some of the most common causes.

Increased visibility

If you’re struggling to answer questions like “What software licences does the business use, and can we cut down on spend?” or “When do the company’s laptops need replacing?” Then IT asset management software is about to change your life. If you have a complete list of software licences, you can avoid unnecessary purchases and make the best use of current resources.

Increased accountability

It’s a common struggle for businesses to keep track of all their assets and who has them. With the right IT asset management system, you can have full visibility over where your assets are and who has them thanks to asset tracking using QR code tags and RFID tags.

Cost savings

When it comes to IT asset management, the recipe for wasting money is not knowing what the business owns and pays for. You know how it is, you’ve got a bunch of different departments all purchasing licences and solutions and no central responsibility for ensuring there isn’t any duplication, unnecessary spend or any opportunities to cut costs by merging licences or accounts. ITAM gives you the transparency and control you need to avoid unnecessary spend.

Eliminate waste

A lean business is a successful business. With so much technology, software and tools available to us now, we’re all trying to ensure our operations run with minimal waste. Your approach to IT asset management should be the same.

Compliance

Not only must your IT assets be handled effectively in terms of accounting and audits, but there is an additional need to monitor IT assets in particular due to the sensitive data held by this type of asset. In particular, to ensure your company is GDPR compliant, you must know what sensitive data is held by which asset and who has access to it.

2. Know your IT assets

Get to grips with what your IT asset management system needs to cover. It’s always worth discussing this with other key stakeholders, departments and management so that the solution you implement helps the wider business too – it’s a sure-fire way to increase the chance of a successful rollout.

Here are some suggestions for what to include:

  • Identify tangible assets (e.g. computers)
  • Identify intangible assets (e.g. software licences)
  • Gather feedback on asset attributes to be logged
  • Gather financial asset attributes, including value, purchase cost, replacement dates, warranties etc.

3. Choose a system that allows for growth

The size of your business now will dictate the budget you have for an ITAM solution, but you must ensure that the system you select also allows for affordable growth in the future. Some IT asset management software is charged by the number of assets logged, whereas others are priced according to the number of licences you need for staff to access the system. Either way, we would always recommend running the numbers to make sure that your predicted growth over the next five years does not make your solution unaffordable. After all, once you’ve chosen your solution and got the whole team on board, you don’t want to have to change it in the near future (if ever!)

4. Define your processes

Similar to knowing all assets a business needs to track, it’s vital you also uncover all the processes the company wants to be covered by this new system. Different systems provide different tracking and monitoring capabilities. We recommend that you purchase an IT asset management system that not only allows for quick and easy logging of assets to produce an IT asset register but one that provides flexible tracking of assets too. Not all assets will need to be tracked via the same method, so having options will help you get the most out of the software.

5. Schedule dedicated time to roll out the new system

From our experience working with clients across different industries, to ensure a successful rollout of a new ITAM system, it’s crucial to allow time for staff members to get used to the new processes and system and also to build in the necessary time for the logging of assets in the system and the tagging of assets if you are opting for a solution that includes asset tracking via QR codes or RFID.

Using itemit to Track Your IT Assets

itemit is a flexible, powerful and secure IT asset management solution, ideal for growing companies. itemit is comprised of a web portal, iOS and Android app to ensure your whole team have access to the data they need, whenever they need it.

Our impressive asset tracking app gives you the flexibility you need to track both tangible and intangible IT assets using one system. The intelligent itemit reporting functionality means you’ll always have the answers at the touch of a button.

Contact us today to find out more about how itemit can fulfil all your ITAM needs.

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5 reasons why the itemit tool tracker app should replace your existing construction tools tracking software

tools tracking app

5 Reasons Why you should Use itemit as your Tool Tracker

If you work in the construction industry, you don’t need us to tell you how critical tools tracking is for your business.

As you know, without a useful tool tracking system, your equipment and tools are at risk of being lost, stolen or damaged. In terms of accountability within your team and across your sites, it can be reasonably limited.

You may already be using some form of tools tracking software to manage your asset register, even if it’s just an Excel spreadsheet. From experience, we know that if you are relying on Excel, you’re likely to be running into some unnecessary pitfalls.

Why do I need tools tracking software?

Accountability in your workforce is vital. If you don’t have accountability over assets and tools and machinery, your business is exposed to higher risks of these assets being misused, misplaced, or stolen. No accountability means that the company does not have transparency as to where assets are and who has them. As a result, it’s impossible to know who had a piece of equipment last before it went missing or got damaged. This limits your asset management capabilities and can have a hugely detrimental effect on the productivity of the organisation.

Why You Should Use itemit As Your Tools Tracking Software

itemit is an easy to use, yet powerful tool tracking app and web portal. The ease of use gives you peace of mind that your team will be able to start using the app with little to no training. Meanwhile, you’ll benefit from generating useful and complete reports on asset whereabouts and who has them, in addition to maintenance schedules and planning.

Using a simple asset tracking system like itemit will result in fewer lost and damaged assets. With your tools tracking under control, your construction projects will run like clockwork.

If you’re looking for a tools tracking solution, here are five reasons why you should switch to using the itemit tool tracker app today.

1. More Features for Easy Tools Tracking

Your construction company needs an asset tracking system that offers all of the functionality you need to manage tools and equipment efficiently. This will include the following, all of which is possible using the itemit tool tracker app:

With the right asset tracking solution, not only will you be able to track your tools from location to location effectively, but you’ll also be able to track any relevant and necessary financial and user information to give you an even greater level of accountability. Essentially, more features means more knowledge regarding your assets.

2. Company-wide accountability for assets

itemit’s asset management software gives you a higher level of accountability over your tools and equipment for these reasons:

  • Assets are identified and tagged – With the itemit asset labels and tags, all your tools and pieces of kit are logged in your asset register and tracked and monitored by the software. The tags themselves act not only as a theft deterrent but are a reminder to your employees that these assets are being monitored and must, therefore, be treated with respect
  • Audit trails and powerful reports – Now, from the comfort of your desk, you can observe in real-time where your assets are and who has them as well as monitoring where they have been recent. This allows you to track down any missing tools without wasting as much time, money, or resources from your workforce

3. Track More Than just Tools

Once your tools and equipment are being tracked daily, you will then find that you think of a long list of other assets that also need tracking. Thanks to itemit’s bespoke QR code asset tags, you’ll be able to track anything using the same system. For example, you can track your IT assets and ensure GDPR compliance and digital effectiveness with our vinyl QR stickers, or track your heavy machinery with our more durable anodised aluminium QR tags. No matter what the asset, all you have to do is scan the QR code with a smartphone, and the last seen location and user will update automatically.

itemit has some great features that allow you to keep your construction equipment separate from your office equipment or IT assets and you can even share your different types of assets with different members of staff.

4. Simple Check In/ Check Out and Booking Feature

Using itemit’s new Bookings feature, you can reserve tools and equipment for jobs in advance. This gives you peace of mind that the equipment you need will be available to you when you are relying on it.

When it’s time to take your assets onsite, simply scan them and check them out.

5. A More Connected Workforce

itemit’s asset management software allows for more effective tools tracking because you can add all your assets and share the system with your whole team – this way, everyone is on the same page, literally!

Share different collections or locations with users or share the entirety of your asset register and set permissions for different users. This means that if you want one worker only to be able to scan QR codes and not change any asset information, you can set this permission very easily.

Now, with our new pricing model, you can add any amount of extra users for free!

itemit: the Future of Tools Tracking

itemit is an excellent tools tracking software because of its integrated social and business capabilities. You’ll get the essential visibility you need and your team get a simple asset tracker app to scan tools and equipment.

You’re so close to knowing where all your critical business assets are.

To find out more, contact the team today and try itemit for yourself, for free!

Find out more about what itemit can do!

You can also, check out some tips on how to get started.

Start your free 14-day trial now

Start your free 14-day trial now

No strings attached! You choose whether to continue using itemit after your 14-day trial.

or, download the itemit app to get started

Using a Fixed Asset Register to Reduce Loss

work life balance

Using a Fixed Asset Register to Reduce Your Business’ Losses

What is a fixed asset register? A fixed asset register is a list of assets owned by a business that are used to generate income for that business. An up to date register, therefore can help when it comes to losing less assets.

What this means is that a fixed asset register helps companies lose less money to lost, misplaced, or damaged assets. Millions of pounds are lost every year in every industry because of lost or stolen assets. If avoidable asset downtime is also added to this, then millions more are added to this.

The insurance company Allianz Cornhill estimates that theft of tools alone costs the construction industry over £800m a year. A fixed asset register improves asset tracking and management. This, in turn, helps asset monitoring and security.

To use an asset register as effectively as possible. Therefore, it’s helpful to supplement it with a great asset management system. The use of QR code asset tags can also speed up the process and act as a deterrent against thieves.

Businesses and Fixed Asset Registers

With both an effective asset management system and a fixed asset register, you can add relevant and helpful information. Knowing the value of an asset, how damaged it is, and how usable it is reduces costly downtime and helps with balance sheets, meaning your company keeps more money.

Fixed asset registers can also be used in this way for effective asset lifecycle management and tracking. The moment an asset is uneconomical, it can be removed from the roster of assets in use. The moment an asset is damaged, the right people can be contacted, and downtime can be reduced. The moment an asset is lost, it can be replaced.

Knowing exactly what you have, who has access to it, and what you can use will also always be helpful.

Small, Medium, and Large Businesses

Fixed asset registers provide transparency and accountability to all sizes of business.

Different businesses will encounter different problems when it comes to loss, accountability, or theft. For example, if a small company loses an asset, it might be more of a financial problem. If a large company, however, loses an asset, it might be more of a PR problem. Large companies may also be using bespoke, more expensive assets where their lifecycle must be tracked and managed.

A fixed asset register can reduce losses and ensure damages don’t go unnoticed and become more significant as a result. In essence, it can provide any business with more clarity and transparency regarding the things that are helping their business run.

Fixed asset registers also assist with reporting and balance sheets. With the clarity one provides, adding and managing any financial information is much simpler than using a spreadsheet.

Office Use of Fixed Asset Registers

A fixed asset register is more critical in an office environment than one might expect. The thought of business-critical assets might instantly bring tools, equipment, or machinery to mind, but IT assets do also run a business.

IT asset management is crucial for compliance and security reasons for a start. Without precise knowledge of who has access to what and what data is being collected, your company cannot achieve GDPR compliant status.

IT asset management is also essential because IT assets cost money to run and maintain. IT assets need to be upgraded, updated and continuously maintained so that employees can do their jobs properly.

Sometimes, having the latest IT assets is crucial for a company, also. If you’re a games developer, for example, your hardware and IT assets need to be continuously updated to run the latest engines and compete in the market.

Using a fixed asset register to improve IT asset management can also reduce losses. Losing assets is never easy, especially if there’s no accountability. With IT assets, it can be a much worse situation. It’s an annoyance if a spanner is taken off-site and lost, but there are fewer consequences. If an IT asset is lost, however, a lot more could be at stake. IT assets containing sensitive data need to be secured and reported as soon as possible.

With a fixed asset register and closer IT asset monitoring losses are reduced. Also, any assets that are lost will be reported faster, meaning that a breach is less likely.

Construction Companies

Similar principles apply to construction companies. Fixed asset registers can still improve asset clarity and transparency. Adding financial and maintenance information can also help within this industry.

Construction companies need to track and manage their tools with a fixed asset register for another reason. Tools tracking is a must to reduce losses, accidents, and theft.

Without effective tool tracking, assets moving between sites or being used by multiple workers are much more likely to be misplaced or stolen. Knowing exactly where your tools are and who’s using them not only increases accountability but also decreases the risk of loss.

Transparency about who has what and where it is can also reduce downtime and increase productivity. The less time somebody has to look for a tool to use it, the more time spent building.

Creative, Charities, and NGO tracking

In fact, any business will benefit from a fixed asset register. Not only does IT asset management help you run the financial side of your business in terms of data, physical asset management also reduces losses and downtime.

So, asset tracking, management, and the use of fixed asset registers for Museums, Churches, NGOs & Charities, Musicians, Artists, and Bakeries can help. Whether it’s managing IT assets to reduce costly administrative downtime and ensure GDPR compliance, or tracking physical assets to maintain and assist profits.

Build a Fixed Asset Register Today

To conclude, a fixed asset register will help you manage your assets, help minimise the theft of your assets, increase accountability, reduce downtime, and, in all, save you time and money.

Investing in itemit ensures a high ROI because of the money you’ll save and the profits you’ll grow. Building a fixed asset register is automatic with our asset management system software, simply add your assets and their information, and a fixed asset register will be constructed simultaneously.

Using QR code asset tags can also speed up the process. All you’ll need to do is scan a label and not only will all of the asset’s information be retrieved, but the user, last seen location, and date and time will be automatically recorded in real-time and even offline thanks to the cloud-based system.

Find out more about what itemit can do!

You can also, check out some tips on how to get started.

Start your free 14-day trial now

Start your free 14-day trial now

No strings attached! You choose whether to continue using itemit after your 14-day trial.

or, download the itemit app to get started

Enterprise Asset Management: A Nightmare on EAM Street

A Nightmare on EAM Street

A Nightmare on EAM Street

Enterprise Asset Management (EAM) doesn’t have to be scary. It can be implemented quickly, and you’ll start to see an ROI in no time at all once you’ve moved to a better system to track your plant, machinery, tools and equipment.

However, it is Halloween. We’ve previously shared with you the terrifying truths of when fixed assets go bad and the resulting fears of ghost assets and zombie assets. Now, we’ve got for you the scariest story of all.

Why is it so scary? Because it’s about you.

A Nightmare on EAM Street

By all accounts, Mr Carpenter was a successful businessman. He went to work and got the job done. In charge of a small business, his colleagues looked up to him. At the weekend he went to the pub with his friends.

He couldn’t shake a feeling, though. A fear crept its way up the back of his neck. He felt as if his business wasn’t making as much money as it should. Every quarter he’d write reports and look at his fixed asset register. Sifting through a spreadsheet, he’d project losses of equipment into his profit margins.

Expenses for lost and unaccounted for assets seemed to pile up.

Ghost-White Spreadsheets

At night, Mr Carpenter would wake up in a cold sweat. Nightmares of tax losses and unaccountability plaguing him.

Something was calling to him, some sort of escape. He opened slack and scrolled down to his asset management channel. He put his best colleague on the job, searching for an EAM solution.

Lightly, he fell back to sleep and dreamt of a more effective and efficient work-force – a future, free from spreadsheets.

The search for EAM

The final quarter approached. Creeping up on Mr Carpenter as time always does, inexorably. Every day, EAM solutions were tested out. Every day, they were ditched.

“We only need spreadsheets.” His colleagues would say. “They’ve worked for years.”

Mr Carpenter sighed as he opened up the spreadsheets. Deadened by years of misuse, the spreadsheets mocked him, showing no new information. No updates.

Mr Carpenter was human, and humans make mistakes.
But spreadsheets were fine, right? A fixed asset register is a fixed asset register?

Mr Carpenter halted the search for an EAM app.

The Loss on Salem’s Building Lot

It was the end of the quarter. No EAM solution had been found.

Everything had piled up. The misinformation spreadsheets provided had left Mr Carpenter unarmed against investigations and quality checks.

Four suited, hard-hatted heavies arrived on his building lot holding clipboards. The sweat built on Mr Carpenter’s brow as they approached.

“We’re from the government. We’re here to check your health and safety procedures.”

Mr Carpenter had done everything right. All of his employees were dressed suitably; all of his gear was being tracked.

“When was this last serviced?” A heavy asked.

Mr Carpenter froze in fear. He searched the asset. He looked at the spreadsheet, blank. No EAM solution meant no information.

“I’d have to get back to you on that.” Whimpered Mr Carpenter.

“Has anyone seen the drill?” An employee yelled across the yard.

Where was the drill last seen? Who had it last?” Another heavy asked.

Mr Carpenter looked at his limited fixed asset register.

“I’d have to get back to you on that too.” Whimpered Mr Carpenter.

The heavies descended on a fire extinguisher and analysed it.

“Is this compliant? Where’s the information? Where are the finances, the receipt, the warranty?”

Mr Carpenter scanned his spreadsheet. He swallowed, hard.

“I’m afraid I’d also have to get back to you on that.” Whispered a terrified Mr Carpenter.

Enterprise Asset Management Could’ve Saved You

That night, Mr Carpenter heard a voice in the wind.

“EAM could’ve saved you.” He heard, fearful of those heavies. He refreshed his emails to no avail. Silence beckoned him to bed.

No sleep manifested.

Like a curse, Mr Carpenter sat up in bed and looked at enterprise asset management solutions. He browsed the internet and found what they could do. Warranty information, asset tracking to increase accountability, health and safety details, planned and preventative maintenance records – everything he had needed.

But it was too late. The email came in.

His company was under review. No accountability, too many losses, no transparency with his assets or asset use or asset lifecycle.

It would’ve taken days to implement an EAM solution. Instead, the company put their faith in spreadsheets and spreadsheets betrayed them. Mr. Carpenterwas left at the mercy of higher tax returns, no accountability, and multiple asset losses.

He read the rest of the email and fell into deep despair.

Nevermore

Trick or Treat?

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Start your free 14-day trial now

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