ISO 55000 defines Asset management as the "coordinated activity of an organization to realize value from assets". In turn, Assets are defined as follows: "An asset is an item, thing or entity that has potential or actual value to an organization".This is deliberately broader than a definition applying to only physical assets. Asset Management involves the balancing of cost, opportunities, and risk against the desired performance of assets, to achieve the organizational objectives.
3 Critical aspects of current form of Asset Management
- Use of automation for asset creation–allocation – management-disposal
- Optimized use of resource available
- Better Quality & Financial control over assets
Implementing formal policies and procedures, along with a professionally supported asset tracking system will help control and manage the fixed asset register. Professionally supported fixed asset management software with barcode tracking technology will reduce the time and money spent managing assets. Physical audits allow organizations to locate and manage ghost and zombie assets, comply with corporate governance requirements, ensure proper insurance coverage and facilitate accurate reporting.
Use of Bar code to improve efficiency in operation
- Barcode asset tracking software transforms the speed and accuracy of an asset audit.
- Assets can be flagged as correctly located, transferred or missing.
- Unexpected or misplaced items can be quickly identified through advanced search.
- Actions arising as a result of an audit can be rapidly verified prior to updating the register.
- In depth reporting and analysis provides the foundation for better asset management and decision making