How to Get Started with Asset Management in 2018

2 min

The year 2018 is seen as a good time to build up savings, reduce debts, and optimize earnings! Most industries, including construction, healthcare, social assistance, and personal care are expected to witness fast growth, according to the Bureau of Labor Statistics (BLS). With more jobs being created and dynamic policies to boost financial growth, businesses will need to focus intensely on their financial well-being.

Businesses will need to acquire skills in new technology implementation, logistics, and planning, besides being well-versed with regulations pertaining to workplace safety, labor, and environment.

Intelligent management of assets will be a key factor that can shape the financial wellness of businesses.

Why do asset management?

The first step is to define and understand asset management and how it helps streamline processes and optimize financial growth. Asset management applies to the entire gamut of assets across all levels of an organization. The key value derived from asset management is in reduced or minimal costs related to the acquisition, maintenance, operations, and asset auditing. Risk mitigation at the workplace is another important feature of asset management.

With the streamlining of other processes, businesses can focus better on delivering the desired service level to customers and build their reputation.

Experts believe businesses that have implemented asset management have seen a 15 to 40% improvement in their bottomlines over a decade.

Develop an asset management strategy

To get started with asset management, a well thought out strategy that fits in with the business’ overall financial and corporate plan needs to be first developed. The plan serves both as a document and a framework for an action plan. Defining the purpose of asset management, intended levels of service, life cycle planning for products and processes, financial forecasting, and continuous improvement plan are part of this strategy.

The strategy can include asset management plan for all assets or selected classes of assets while prioritizing high-risk assets if needed.

Identify risks

There can be many risks involved in the workplace related to the safety of equipment, operational safety, occupational hazards, and environment-related risks. Identifying the strategic and asset-related risks at each level of operation along with detailed description of preventive management, care, and risk mitigation is a crucial part of asset management plan.

Outline costs

The overall financial management plan for the business needs to include detailed information on cost assessment related to the acquisition, day-to-day operation, maintenance, replacement and repair costs for all assets.

Develop an asset inventory

The next step is to prepare an asset inventory of the business along with an overview of the entire information that needs to be included alongside each asset, source of this information and further action needed. Field descriptions and sample asset codes can be generated easily using GoCodes asset management software and QR codes. Unique QR codes for each of the assets can be generated at GoCodes. After tagging each asset with the unique QR code, use the free to download QR scanning app to start scanning the details of each asset. Thanks to the cloud storage offered by GoCodes, you can store any amount of data and fields after scanning the assets.

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