A company can provide the list of its assets, their exact locations, utilization and condition only if it has an efficient asset inventory management system and process. Asset inventory management not only lowers the cost of asset management but also improves wholesome productivity of the business. Furthermore, it improves the ability to estimate actual asset value, coordinates maintenance tasks easily and provides information about future purchases. Computerized Maintenance Management System (CMMS) acts most effectively to track and manage valuable assets of an organization.
4 basic steps to perform a successful asset inventory management
To have the best asset inventory management system in your company you need to follow the 4 most important good management practices :
- Make a clean list of data- An effective asset inventory management is primarily based on accurate data. The primary requirement for that is to make a clear list of the assets that need to be tracked. After this clean list of Assets is available, import the asset details into the software. To track assets, first perform an asset audit and make sure that the data is accurate and up-to-date. The two main aims in this first step are:
- Making sure that no Asset is missed and there is no duplicate entry
- To define the standards of data entry like nomenclature, data formatting, including compulsory fields etc.
- Follow a set of clear and accurate Guidelines – While you interact with your assets make sure that your database contains accurate data. The guidelines to be followed for the purpose:
- Policies related to new data acquisition
- Process of taking data out of storage
- Process of updating asset inventory database
- Procedure to return the asset back again to storage
- Process to update asset logs and leave notifications or comments
- Procedure to update the system if asset undergoes exchange of hands
- Automate reports and perform periodic audits- By using CMMS, you can track significant metrics and KPIs and also check asset logs. Periodic auditing would ensure that the Asset database is accurate and updated.
- Follow best practices for asset inventory management- Have a clear idea about basic inventory principles such as lead time, reorder points, safety stocks, turnover rate etc. Apply preventive maintenance for Assets which would benefit in the following ways:
- Will prolong asset lifespan
- Lowers asset turnover
- Reduces operational costs
The Preventive maintenance schedules along with the maintenance records are stored as historical data with the Asset for a better tracking and reference.
How can CMMS be useful in asset inventory management?
CMMS serves all the important needs of asset inventory management as it possesses the following 4 features:
- Maintain and track all Asset Details – CMMS helps you to maintain and track all details for an asset. Track manuals, locations, models, Make, Serial Number, pictures, meter readings, hours run, mileage, Warranty, Maintenance schedules and several other relevant information.
- Provides real time insight by integrating QR codes & RFID– CMMS has the option to attach QR code to the assets equipment. So it is easy to track equipment just scan through mobile apps and get information about them. Also through RFID tracking asset details are easily trackable.
- Organizes assets in parent-child hierarchy manner– It Gives user a visual overview of all the assets facility wise under a single tree with multiple branches. This hierarchical structure helps the viewer to filter the equipment facility/ location wise. So it reduces search time.
- Reviews report at any level you require– Granular reporting provides you with detailed information regarding a particular or a group of assets at any level you need.
As the number of assets increases in your company, it becomes very tough to manage them. To overcome this difficult scenario, DreamzCMMS has effective asset inventory management and asset tracking solutions. To know in details, contact us today.