Having a modern asset management system can help companies track their assets and prevent unnecessary costing caused by unaccounted and ghost assets.
Unfortunately, some companies think that shifting from the traditional tracking to digital would take a lot of effort. The truth is, yes, a lot of effort should be done for the digital asset management shift. But with the help of trusted personnel and by following this process, the task might get a little easier
- Identify the assets that you need to track
The first order of business is that you need to identify the assets that you need to be tracked and recorded. This may be quite a tedious task so ask your whole team to list down all the company assets they are managing from the quantity, model, down to the specs and condition. If you have paper trail and records of these assets, it would be best to backtrack.
Once all assets have been identified, you need to categorize them based on their asset type (liquid asset, fixed asset, etc.). Categorizing them would make it easier to know what method should be used for the asset system. Be as systematic and detailed on your asset inventory as it will be used as a groundwork on setting up the system.
- Use the best tools for asset tracking
Once you have all the details you need for the tracking system, it is now time to set up the system. Based on the company assets that you have and methods you preferred, pick an asset management system that would meet both requirement. The fixed asset tracking system that you will pick should be easy to use and easy to set up. Most importantly, it should be able to provide the data and reports you need when you need to check the condition of your assets and the depreciation level.
- Brief the personnel in charge of the tracking system
The asset tracking system will not run on its own. It still need a human element to operate. Usually, this job falls under the Procurement department, but it would be best to have a separate personnel that would keep track of all the assets that you have and would alert the procurement personnel if there are assets need replacement or repair. Having some dedicated personnel assigned to this job help with monitoring and running the system that you set up.
- Do a test run and tweak the process
A test run is imperative whenever you set up something new. The test run would indicate how efficient the system is and what are the things that you need to improve to ensure that the tracking is correct. Expect that during the first run, there will be changes and tweaks. Once all personnel involved gets the hang of it, the system is work as smoothly as you expected.
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