What Is the Purpose of Physical Asset Verification?
The following are the goals of physical asset verification:
- To determine whether or not assets exist.
- Check to see if all of the documents mentioned are valid.
- Determine whether or not the asset’s condition as described is correct.
- One of the primary goals of verifications is to determine asset ownership and title.
- To demonstrate the correct asset and liability valuation.
- Control compliance.
- Ensure that purchased assets are correctly mentioned and that sold assets are excluded.
- To ensure that the asset’s true value is represented after asset value.
- Because assets may be misused or stolen, verification is performed to detect fraud.
The Top 10 Most Important Asset Management Software Features for Small Businesses
The ten key asset management software features listed here are essential for ensuring effective asset management in smaller businesses. They apply to all types of organizations and industries, including manufacturing, retail, construction, and transportation.
- Asset Lifecycle Management (ALM)
- Management of Inventory
- Technologies for Tracking
- Check-in and Check-out of Assets
- Management of Maintenance
- Management of Work Orders
- One Centralized System
- Asset Identification
- Management of the IT Help Desk
- Mobile-friendly and cloud-based
Following are the ten asset management features that we have chosen for this guide:
Asset Lifecycle Management
Most asset management and EAM systems include effective asset lifecycle management. It is a software component that is aimed to help an organization maximize the lifecycle of its marketable securities, from purchasing to disposal. Asset data management aids in determining the total cost of ownership of a given asset and informing long term planning and judgement. Understanding how much assets costs to maintain or replace, for example, is critical to a company’s bottom line.
Management of Inventory
For warehousing operations, inventory management can be a beneficial tool. It can assist in inventory tracking, management, and control from a single dashboard. A business can see stock levels at a glance and be notified when components and supplies are running low by doing so. Organizations can minimize depleting stock levels by knowing what is in their inventory and reordering new things only when necessary.
Technologies for Tracking
Assets must be tracked accurately in order to manage inventory successfully. Stock control and tracking go together. When used in conjunction with scanning devices, several asset tracking software capabilities include barcode, RFID, and Bluetooth tracking. The above-mentioned tracking technologies are appropriate for warehouse operations, whilst GPS tracking is typically employed to track fleet vehicle assets.
Check-in and Check-out of Assets
This software feature is highly valuable for tracking the location of assets as they move from one department to the next or from one location to the next. If a corporation has thousands of laptops, for example, it will need to know where they are located and who is using them. Asset check-in and check-out will keep track of whether an asset is accessible for usage and who last utilized it. They’ll be able to see which employee already has taken out the material if it’s not available.
Management of Maintenance
A Computer Maintenance Management System (CMMS) can assist a small organization in doing regular asset maintenance. One of the most important features of CMMS software is maintenance management. It enables users to schedule preventive maintenance and routine inspections in order to avoid costly unplanned downtime and eventually transition away from reactive maintenance. This results in less overall downtime for assets, which can result in significant cost savings.
Management of Work Orders
Work order management software has several functions that are similar to maintenance management software. Work order management can help to standardize work requests, allowing the entire maintenance staff to see what’s going on. It can also help to make jobs more labor-efficient and boost reaction times significantly.
For example, A manager may run a heating and plumbing company with a team of gas engineers on the road responding to jobs. The manager can use work order management to determine which engineer is geographically closest to a new job and assign it to that person.
One Centralized System
If a company is constantly expanding, an asset management software solution that integrates business operations like finance and HR can be beneficial. EAM software also allows a corporation to get a holistic view of all assets and comprehend their impact on other parts of the organization. EAM can assist with planning and budgeting.
Asset Identification
Asset discovery is mostly utilized in software for IT asset management (ITAM). This function aids in the identification of all assets within a network. It can, for example, determine what software is installed on which machines. It can also assist in the diagnosis of IT equipment problems and the prevention of dangers such as malware before they become a problem.
Management of the IT Help Desk
The busier an IT department becomes, the faster a company grows. Employees must have access to operating IT equipment in order to conduct their duties efficiently. IT help desk administration tries to centralize support requests, allowing IT personnel to priorities problems and respond appropriately.
Mobile friendly and cloud-based
Having software available in the cloud and as an app for asset management and maintenance management is useful for any size of business. This means that authorized staff don’t need to be on-site to view and update critical business data assets. Instead, they can work efficiently from other locations, after hours, or on the fly.
Conclusion
Physical Asset Verification necessitates asset auditing. Accurate audits allow you to know where your assets are and how they are doing. Performing a detailed audit flawlessly, on the other hand, might be time-consuming. Here’s where asset management software can help!
- It enables the organization to conduct audits quickly and efficiently.
- It uses asset tracking to provide you with precise asset location information (RFID, GPS, BLE, IoT, etc.)
- Get rid of any assets that are no longer in use.
- keeping asset theft and loss to a minimum.