BASIC TIPS TO MANAGE YOUR ASSET
(JOEL OLORUNTOBA)
Asset: is something of value that an organization needs which can bring in income to the company
Management: can be defined as the process of administering and controlling the affairs of an organization irrespective of its size, type, or nature.
Therefore, asset management can be said to be the control of all valuables of an organization effectively to realize values from those assets.
TYPES OF ASSET MANAGEMENT
- Financial asset management
- Infrastructure asset management
- Enterprise asset management
- Physical Plant asset management
- IT Asset Management
- Public Assets Management
- Digital Assets Management
THE LIFE CYCLE OF AN ASSET
- Design/construction stage
- Operation stage
- Restoration stage
- Maintenance stage
- Improvement stage
- Withdrawal stage
ASSET REGISTER: can be defined as a record used for keeping assets in an organization in other to have knowledge of its location when needed and also provide an estimation of their worth.
WHY NEED AN ASSET?
- To enable accurate recording
- It keeps a record about disposal/withdrawal of an asset
- It gives detail about the condition of an asset, to allow an adequate plan of acquiring a new asset.
- To ease and simplify record keeping.
SOME PHYSICAL ASSETS TO IDENTIFY;
- Furniture
- Computer and accessories
- Automobile
- Office equipment
- Communication System
WHILE CREATING AN ASSET REGISTER, YOU SHOULD OBSERVE THE FOLLOWING;
- Know the reason for having one
- Take strategic decisions on how to array your asset
- It would be best to take a walk round to identify your assets
- Create a record for each asset
- Carry out periodical audits to verify the asset accuracy
IMPORTANCE OF ASSET TAGGING
- It helps to determine when an asset is due for maintenance or replacement
- It helps the organization to handle finances properly
- It improves business process
- It helps to reduce the cost of labor It helps in reduction of inventory cost
HOW TO TAG AN ASSET
- The business protocols should be identified
- Select the tagging asset system
- Detail the list of the asset
- Select the asset name
- Each asset should be attached with a unique string (such as asset location, number, ASTM code, country, city)