9 Ridiculous Rules About Asset Professionals
There are actually obvious benefits from implementing and maintaining a record and control over assets. Savings may be obtained from having the ability to both see current asset deployment and thereby maximizing their use. Monitoring assets will reduce unauthorized use or misappropriation and insure employees leaving a firm return assets under their control. In some cases a system is mandated by government regulations, terms of lending, public grant terms, insurance terms etc. An individual can maintain and manage all fixed assets of a business whenever they have software to assist them. Computer systems and software available reduce complexity, save time and stop mistakes. Why use an asset management software program?
While paper and pencil methods can be used, software programs assist within the recording, upkeep and auditing of assets. This saves time and gives a clearer picture of assets since sorting and viewing in several ways is quick and easy.
The most basic 'solution' will be using a spreadsheet program such as excel. Even after migrating to software specifically designed for asset management you'll find times that a spreadsheet program may continue to be useful.
What you call an asset often depends upon your business activities. The very first thing that comes to mind is fixed assets such as computers, production equipment, office furnishings etc. You could even wish to consider employees as assets as well as service and upkeep contracts. A flexible asset management software program can give a way to track many things most of us would not consider to be assets.
A sort of awakening has taken place in major industries throughout the past decade on the role of asset management. It is now attractive as a result of decreasing margins and competition growing daily. To avoid major capital spending, businesses are now developing strategies to get optimum performance from available fixed assets thereby getting increased returns. This involves proper schedule of upkeep to minimise breakdowns and consequent loss of production.
To be able to have reliability in scheduling, regular planning in conjunction with various departments, at least on a monthly basis is absolutely necessary. Standards must be set also comparative analysis within industry standards must be evaluated to find out regardless of if the company is achieving optimum production in line with the area. If not, then suitable targets and investment professional best practices must be setup within a reasonable time-frame to reach those targets.
Logistical performance must also be evaluated to consider whether transportation costs are economical and advantages of location are met. The management tools for evaluation can be in type of comparison studies, which will set up in form of graphs and bar charts for easy visual comparison. If fixed asset performance is seen to be below par, then priorities may be fixed for the focus on improvement.
