As a facilities manager, keeping track of your business assets is one of your most important tasks. From equipment and machinery to furniture and technology, your assets represent a significant investment in your company’s success. But without proper tracking and management, those assets can quickly become a liability.
In this blog post, you’ll explore the best practices and tools for keeping track of your business assets so you can optimize their performance and maximize their value.
Business Assets and the Challenges Businesses Face in Keeping Track of Them
Business assets are essential tools that help you run your operation effectively and efficiently. They drive productivity, increase revenue, and keep your organization running smoothly.
However, keeping track of them can be a daunting task. From organizing data to storing and updating information, it can be challenging to ensure that everything is where it should be.
This problem can cause major issues if it is not addressed in time, leading to asset loss, theft, or duplication.
The digital age and the geographical dispersion of businesses pose new challenges to asset management. In a digitized world, assets are no longer just physical; they include digital elements such as software, data, and cloud storage. These intangible assets require unique tracking methods and tools.
Additionally, as businesses become more spread out across multiple locations, the task of tracking assets becomes exponentially more complex. Assets can move between departments, facilities, and even continents, making it very easy for their location and status to be miscommunicated or lost in translation.
This increased complexity and higher risk of mismanagement requires facilities managers to employ more sophisticated asset-tracking methods and technologies. Now, let’s see some best practices that can help you to effectively keep track of both your tangible and intangible assets.
Best Practices to Help Facilities Managers Keep Track of Business Assets
#1: Conduct Asset Audits Regularly
Conducting asset audits regularly is vital to know the current status of your assets. An asset audit is a systematic process of checking the current value, location, and maintenance status of your assets.
By conducting these audits, it will be easy to identify missing, damaged, or broken assets. When conducting these audits, you can also check for any non-functional or outdated assets that need replacement or repair.
This will help you to keep a detailed record of your assets, which will help you to plan better for future asset purchases, dispose of obsolete assets, and ensure your assets are up-to-date and functioning efficiently.
#2: Use Asset Management Software
Asset management software is a powerful tool that can automate many asset management processes, such as cataloging, scanning, tracking, and updating data. By using this software, facilities managers can create a detailed database of assets, track their location and usage, and monitor their performance.
With a centralized asset management system, facilities managers can easily access and manage their assets, as well as perform inventory checks and audits.
#3: Employ an Asset Lifecycle Management Approach
Another best practice for keeping track of business assets is to employ an asset lifecycle management strategy. This approach involves tracking and managing an asset throughout its entire lifecycle, from acquisition to disposal.
It includes planning, purchasing, maintenance, and replacement processes. By employing this method, facilities managers can ensure that their assets are used optimally and replaced at the right time, reducing costs associated with equipment failure and unexpected downtime.
#4: Implement an Asset Tagging System
Asset tagging is a process of labeling assets using unique identifiers such as barcodes, QR codes, or RFID tags. Asset tagging not only makes it easy to identify assets but also helps facilities managers to track their location, status, and movements in real time.
When an asset is tagged, it can be scanned and logged into the asset management system, making it easy to track its movements and status.
#5: Set Up a Maintenance Schedule
Regular maintenance is crucial to ensure that your assets are functioning efficiently and avoid costly repairs or replacements. Facilities managers should set up a preventive maintenance schedule, which should include regular checks and servicing, to keep assets functioning at top efficiency. With these schedules, facilities managers can anticipate potential problems before they arise, saving them valuable time and money.
#6: Conduct Regular Training for Staff
It is important to train staff on how to use and maintain assets correctly. Regular training sessions can prevent accidental damage, vandalism, improper usage, or theft of assets.
Regular training for employees can also help to maintain their productivity and ensure that assets are not misused or improperly handled. Training sessions can also help to create awareness among employees of the importance of tracking and maintaining assets.
Final Note
Keeping track of your business assets is an essential task that can save you time, money, and resources in the long run. By following these best practices, facilities managers can keep an accurate record of their assets and efficiently manage them to ensure maximum value.
With the right tools, practices, and procedures in place, it will be much easier for facilities managers to improve the performance of their assets, drive productivity, and succeed in today’s competitive business environment.
