Learn to set up an asset management system by defining objectives, creating a plan and utilizing today’s technology
Published February 20th, 2021
An asset management system is a process used by companies and organizations to monitor and manage their assets. It consists of tools, techniques, and, sometimes, software that assist in achieving asset management policies and objectives.
Managing assets allows businesses to maximize their return on investment and minimize losses. Assets are items of value that a company or an organization benefits from. Through asset management, stakeholders are able to track the overall performance and condition of their assets and ensure that they’re being utilized efficiently throughout their useful life.
An asset management system’s objectives vary depending on what industry or type of business an organization is in. Regardless of industry, however, they can be achieved through careful and strategic planning. Here are the common goals achieved using an asset management system:
Other goals that can be achieved with asset management fall under the following categories:
A strategic asset management plan describes the specific activities, resources, and scheduling required to meet the asset management objectives of the company. Below are the steps that will help you develop your own strategic asset management plan for your business:
There is a lot that goes on in asset management, so much that the traditional manual workflow becomes tedious and inefficient. An organization that owns a large number of assets will surely find it difficult to monitor and utilize their assets. Fortunately, we live in the digital age, where most business processes can be automated to help organizations be agile.
Checklists have always been a great tool for organizing tasks and getting things done. But ultimately, it can also be used for collecting accurate data. Digital checklists are greatly being used by businesses in different industries for various uses such as audits and inspections. This enables them to easily collect accurate data from teams across multiple sites as opposed to the paper checklists and forms that most often just get lost.
Digital checklists can also be a great tool for asset management. It can log and monitor an organization’s assets across multiple sites. As an example, here are a two checklists that can support asset management activities:
This fixed asset audit template can be used in keeping records of fixed assets. This template can help organizations empower their staff in gathering detailed and accurate asset information.
Fixed Assets Audit Template | iAuditor
This general inventory checklist can be used to record various types of assets owned by an organization. It can collect asset information such as condition, quantity, and net value.
Available on Android, iOS, and the web, iAuditor by SafetyCulture is a versatile mobile inspection app mainly used to raise safety and quality standards across an organization.
iAuditor offers a number of ready-to-use asset audit templates that can be used by various industries as part of their asset management system to efficiently gather accurate data and consistently monitor asset performance and condition across multiple sites.
SafetyCulture staff writer
Jai is a content writer for SafetyCulture based in Manila. She has been writing well-researched articles about health and safety topics since 2018. She is passionate about empowering businesses to utilize technology in building a culture of safety and quality.
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