In our previous blog we talked about Asset Management and its benefits. In this blog, let us understand some of the issues in managing Assets.

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Some of the biggest issues facing asset management is the problem with monitoring and managing the assets manually. When the assets exist for long term there might be a chance that the asset is not registered.

Manual asset management has several other complications:

  • Manual data entry, error-ridden processes, and inaccurate data
  • The unstructured asset management process
  • Lack of authority to enforce asset management policies
  • Little to no tracking and reporting of real-time asset value and location
  • Inability to assess the potential data risk or prevent it

Key components of an effective asset management process include:

  • Preparing an asset register: An inventory list of available assets
  • Identify asset conditions and rating system
  • Track asset depreciation accurately at timely intervals
  • Determine the value of assets
  • Move away from reactive to predictive asset maintenance
  • Focus more on change management to ensure database integrity
  • Eliminate paperwork and automate tasks like data collection, asset reporting, and more

How to improve the entire process of asset management

1. Understand the reason behind asset’s existence
2. Gain knowledge about the asset’s condition
3. See how effectively the asset is being utilized
4. Identify future demands
5. Assess the existing maintenance program
6. Predict depreciation rate and associated risks
7. Forecast asset disposal

Author: Etta Howard

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