The Role Of Your Asset Register In Risk Management And Contingency Planning

The Role Of Your Asset Register In Risk Management And Contingency Planning

The Role Of Your Asset Register In Risk Management And Contingency Planning

Using a fixed asset register as part of your day-to-day business is of prime importance. A register such as this allows you to oversee your non-fixed and fixed assets in a new way. Additionally, being able to control your assets ensures that you can make the most of them. But what role does your asset register play in risk management and contingency planning? This is something that we’re going to look at now.

What Is Risk Management?

Risk management relates to the process of looking for and identifying as well as assessing and treating risks. These threats could consist of security breaches, the loss of major equipment, etc. Ultimately you need to be prepared for a risk that will affect any part of your business. From finance to theft, loss of your fixed asset register and anything else that could make your business more vulnerable.
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What Is Contingency Planning?

A contingency plan is one that ensures there is a type of backup for your business as a whole and/or your teams. A plan such as this ensures that you’ll know what to do if an unforeseen event arises. Hopefully, you already have a plan of what to do in case a fire breaks out. A contingency plan covers this and other unforeseen events. These include what to do if your system goes down for 4 hours, or if an important client pulls out of a project. Your fixed asset register could help you make sure that your contingency plan is easy to access and change, if required.

Your Asset Register And Risk Management

Risk management comprises five techniques. Here’s a little information about what these techniques are.  

 

  • Avoidance – It is possible to avoid risks to an extent. While risks can never be completely avoided, ensuring that your vehicles are not sent on the road when there’s a major flood risk is sensible. Keeping your site’s tools under lock and key in a less salubrious area helps to avoid possible risks. Your asset register could note which areas need extra security. 

 

  • Retention – There may be occasions where retaining or accepting a risk is the best option. For example, the relevant document in your fixed asset register may mention that accepting that your gates might be vandalised is a good idea. It might be cheaper than purchasing insurance or hiring a security guard. When your business can absorb this type of loss it means you’re not making yet another insurance claim

 

  • Spreading – Reducing a risk is possible by spreading the risk around. For example, you could make copies of important documents and store them in your register or at another location. 

 

  • Loss prevention and reduction – Security devices such as cameras could help to reduce theft. Placing devices such as these in your building can prevent assets from going missing. Having the right insurance can also help to reduce losses. Your asset register can show where security devices are located. 

 

  • Transfer – Risk can be transferred from one business to another. Let’s imagine that a business wants to hold an event at your hotel. The business needs to show that you have added your hotel to their insurance policy, details of which can be found on your register. Should something go wrong, it’s the business that makes an insurance claim, and not you.

Your Asset Register And Contingency Planning

Contingency planning has five steps. Let’s take a look at them all. 

 

  • Programme management – Ideally, at least one member from every team will represent that team. Your register could note who this is and which of the plan’s objectives they need to undertake. 

 

  • Planning – Your team will need to conduct a risk assessment and show what impact the outcomes could have on your business. The meeting’s report can be added to your asset register so it can be accessed with ease. 

 

  • Implementation – Clearly spelling out every aspect of the contingency plan and who will be affected the most is important. The action that the affected people need to take is highly relevant. All of the details could be added to your asset register so it can be accessed should the need arise. 

 

  • Testing and exercise – If you wish to control the outcomes of an event, such as loss of power, you’ll need to ensure there is a basic supply. You’ll also need to make sure that you have all of the resources you need to get through the event. Testing your plan can help, as can making sure that every relevant person has access to it through your asset register. The details of the plan could be listed there for all to see. 

 

  • Programme improvement – Improving your programme/contingency plan is a good idea. It’s also a good idea to think about making your plan last as long as possible. If the power was to go out for months, having the tools and means (listed in your asset register) to deal with this can be a major help. 

 

Your fixed asset register has a very important role in risk management and contingency planning. Without it, it may be impossible to access the information you need, when you need it.

 

 

Would you like to speak with an expert about your fixed asset register and its use with risk management and contingency planning? Contact us now at team@itemit.com.

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The Future of Asset Management: Predictions and Trends

The Future of Asset Management: Predictions and Trends

The Future of Asset Management: Predictions and Trends

When you run a business you need to make sure that you stay on top of the latest predictions and trends. Doing so can help you to make the most out of your business. If you already use QR code asset tracking software, you’ll already know a little about asset management. However, you will ideally use software that will help you to manage your assets in the future. Let’s take a look at some predictions and trends that could impact asset management and your current software.

A Rethink Of The Cost Of Operations

Due to inflation, you may need to have a rethink of the cost of operations. The associated costs are likely to stay high. Without a doubt, this may mean that daily tasks are more expensive for businesses

You may need to consider where money can be saved and in every corner of your business. A QR code asset tracking platform can aid with this as it can help you to manage your costs and see where you’re spending more than you need to.

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An Increase In Regulations And Compliance

Health and safety seems to be an important trend. You could be under even more pressure to deliver the goods using assets that work well. In the future, there may also be an increase in regulations and compliance surrounding your machinery, equipment, etc. 

When you fail to maintain your assets they can cause issues and break down. However, using QR code asset tracking software allows you to see whether you are abiding by those new regulations. Be aware that as regulations get tighter, external auditors may also need to verify that your assets are correctly maintained. 

Software licences may also need to be updated more often so that compliance is not an issue. Good asset management could make this much easier.

More Frequent And Successful Maintenance Required

Downtime can be costly enough now. However, in the future, you may need more assets to be in better working order all of the time. You need an asset management tool that is reliable and able to deal with maintenance issues as they arise. 

Additionally, your software may also need to help prevent maintenance issues. You can achieve this by ensuring your assets undergo frequently scheduled maintenance, otherwise known as “Preventative maintenance” If you use QR code asset tracking software or any other types of tracking software, make sure it allows you to use preventative maintenance.

Better Asset Monitoring And Tracking

If you have a large or ever-changing inventory your assets will need to be tracked at all times. Ideally, you should be able to scan a QR code to find out more information about individual assets. A quick scan could show you what you need to know about each asset. 

Just make sure any QR code asset tracking tool you use allows you to monitor everything effectively. You should be able to track the location of your assets day and night and from anywhere. It’s predicted that future asset management software will allow you to do this. As a result, you could find that taking control of every aspect of your assets is easier than you imagined.

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More Accurate Machine Learning And AI

There’s a real chance that machine learning and artificial intelligence (AI) could help with asset management. In the future, it could help you to automate a lot of asset-related activities. So, those little tasks that take a few minutes to complete could be taken out of your hands. For example, instead of calling the right department to see if an order has arrived, your software could automatically tell you. 

Allowing your QR code asset tracking app or website to do more for you could result in better tracking and better asset maintenance. AI could help you to churn out clearer and more accurate reports full of all kinds of data.

Your business could benefit in many different ways if you have access to a lot of new data. This is data that you may not have otherwise had access to. Creating reports and exporting them can allow you and your team to understand where your business is doing well. You may also see where improvements need to be made. This could result in you fine tuning your business so that it runs more smoothly and more productively than you imagined. 

 

The future of asset management is an exciting one. The above trends and predictions look set to swoop down on the world of asset tracking very soon. Consequently, your business, irrespective of what industry it’s in, is likely to benefit. Whatever the future of asset management holds, it’s likely to be an exciting one that can help your business in new ways. 

 

Wish to speak with an expert about QR code asset tracking and predictions and trends? Contact us today at team@itemit.com.

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The Role Of An Asset Register In Financial Reporting And Audit Compliance

The Role Of An Asset Register In Financial Reporting And Audit Compliance

The Role Of An Asset Register In Financial Reporting And Audit Compliance

While many people are aware that an asset register can aid in asset management, they are not always aware that a register can do more. In fact, an asset register is capable of aiding financial reporting and audit compliance. Let’s take a look at how you can use an asset register app to help you with this.

Add The Required Information To Your Asset Register

One of the very first things that you need to do is add the required information to your chosen asset register app. Add as much information about each asset as you wish. The more information that you add, the more convenient it will be later if you need such information. For example, if you add the insurance information now, you may appreciate it at a later date. 

You could, for example, add some or all of the following information to your asset register:

  • The cost of each asset at the time of purchase
  • The asset’s warranty and insurance information 
  • The model, make, and colour of the asset
  • The serial number 
  • And any other relevant information 

Add as much information about each asset as you would like. Some apps/websites will let you add more information as and when required.

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Double Check That Assets Have Been Verified

As soon as you have added all of the assets to your new asset register, just make sure everything has been added. Double check everything to make sure you’ve not missed anything important. If you do, any reports that you export may not be as accurate as you’d hoped. 

When you can export reports from your asset register app, it makes it easier to see how your assets are performing. You could see which assets are used more often than others, or how many sales you’ve made in the last year.

Calculate Asset Depreciation

The next step that you may want to consider is calculating asset depreciation. Every single asset that you own will depreciate in value over time. This is just a part of every asset’s life cycle. You are no doubt aware that again, your financial report will need to account for any depreciation. 

Fixed asset depreciation can be calculated by using the Written Down Value, units of production method, or even the straight-line method. The choice is, of course, up to you. Once you have calculated for depreciation you’ll also need to make sure that any relevant insurance and tax values are updated. Don’t forget to add all of the relevant information to your asset register app, should you wish to.

Identify Any Ghost Assets

Every business will have ghost assets. Assets such as these are those that have either broken down or been lost. They are likely to still be in the system and accounted for. However, they no longer work or they are no longer available to work. Think of that printer that is stuck in the corner of the office that hasn’t worked for 4 months. Consider that machine on your site that has broken down and is still in need of a spare part. These are known as ghost assets, along with any other asset that is lost or has been stolen. 

If you can repair damaged assets quickly or retrieve lost assets, they could be used again. As a result, they will benefit your business once more. If you cannot retrieve or use the ghost assets, they still need to be accounted for.

Confirm Your Assets’ Valuation

Once your ghost assets have been dealt with and your asset register app is looking good, there’s still a little more to be done. Your next step is to confirm all of your assets’ valuation. By now, you should have a very good idea of how much each asset is worth. Each asset’s value may be more or less than you think. However, once you have those figures, you can now move on with your financial reporting and audit compliance. Just make sure that you are aware of any regulatory requirements. Keep them in mind at every stage of your financial reporting.

Make Auditing Easy

It is possible to make auditing easy if you use a reliable asset register app. When you update and add financial information to your app, it can make financial reports seem easier. Ideally, you will use an app that allows you to export reports. If you don’t, you may well find that financial reporting and audit compliance are not as straightforward as you think. When you can stay on top of all of your financial reporting, it can make running your business much easier. 

 

If you would like to speak with an expert about using an asset register app to aid in your financial reporting and compliance contact us now at team@itemit.com.

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The Role of Artificial Intelligence in Asset Tracking Software

The Role of Artificial Intelligence in Asset Tracking Software

The Role of Artificial Intelligence in Asset Tracking Software

Artificial intelligence has well and truly made an appearance in the media of late. It has also appeared in many homes and workplaces. With the latter in mind, the role of artificial intelligence (AI) can help with asset tracking solutions. But how exactly can it do this and is AI really going to make a difference in the workplace? A lot of industries think so. 

Let’s see how AI can help to improve tracking assets.

Improving Quality Inspections

Product inspections at the end of the manufacturing process are important. Manufacturers need to make sure that the assets they sell to their clients/customers are in perfect condition. When you use AI in the workplace and alongside asset tracking solutions, quality inspections can be improved dramatically.

It may be possible to see which parts consistently fail inspections. You may also be able to see exactly why some parts fail. As a result, you could make amends. If this was not enough, AI could also help you to see how manufacturing processes are going. This can help to identify errors in the production process. What this means is that you can make changes as and when they are needed. This can save your business both time and money.

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Providing More Accurate Data

When artificial intelligence is used alongside asset tracking solutions data is created. You could, for example, see how each asset is used and how often. Additionally, it could be possible to create data that has not been created before. What this means is that you can have a lot of information to hand that could prove to be highly beneficial for your business. If this was not enough, depending on the software you choose, you could export your reports. This ultimately means that analysing the data and showing your team members could be relatively easy. 

When you have more data to hand about all of your assets you could have the opportunity to move your business in a new direction. You could also see where your business is not performing quite well. Consequently, improvements could be made in productivity, manufacturing, and/or other areas.

Making Inventory Management Easier

Managing an inventory is never easy. If you have more than a few assets, managing them can occasionally seem impossible. When you use artificial intelligence alongside your asset tracking solutions, however, inventory management gets a lot easier.

AI alongside or coupled with tracking solutions results in more data. As we have already seen, it’s possible to generate data that allows for better inventory management. You could, for example:

  • See exactly where your assets are
  • Know who is using your equipment and why
  • Understand how often your assets are used
  • Get reports about the maintenance status of each asset 
  • Allow your users to access the assets they need, when they need them

When you are able to do all of the above, it can make life much easier. Some asset tracking tools offer you the chance to do some of the above. However, it’s unlikely to let you do all of the above the same way that AI would. 

Did you know that artificial intelligence could also help you to base future purchases on historical data? Your software will know what assets were ordered, what has sold, how many you have left, and whether there were any issues. With this information, you may find that your sales and orders are more accurate. There may also be the opportunity for you to see which products/services sell well and which perhaps need to be pushed a little more. 

You may not have been privy to information as accurate as this without the use of AI alongside your tracking solutions. This ultimately means that you could be missing out. Now is the time to use software that uses AI to help you track your assets.

 

Would you like to speak with an expert about asset tracking solutions and AI? Contact us today at team@itemit.com.

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The Future Of Equipment Management And Emerging Technologies

The Future Of Equipment Management And Emerging Technologies

The Future Of Equipment Management And Emerging Technologies

Your equipment needs to be looked after. From the moment you purchase it and throughout its lifecycle, you need to use an equipment management system. When you use a system such as this you’re more likely to have tools, vehicles, facilities, and equipment in good working order. However, there’s a real chance that your current equipment management may not work with any emerging technologies. 

So, just what are these emerging technologies, and will you need to upgrade your current management system? Let’s take a look at this now.

The Emergence Of Augmented Reality

Augmented reality seems to be predominantly used in the gaming world right now. It is also used by a popular online store, allowing would-be purchasers to see if a sofa would fit in their living room. With regards to future use, augmented reality could help users to learn more about an asset listed in their equipment management system.

Secondly, this relatively new technology could help users to locate assets with ease. When using the technology, users could see exactly where the much-needed asset is. For example, they could see where a box of books is stored in a cramped warehouse. A shoe seller could see where a customer’s handmade shoes are being stored in the back room. A nurse could see if an ECG machine is still on the same ward.

While this is all conjecture for now, there’s a real opportunity for augmented reality to help in many ways in the workplace. For example, someone who has recently purchased a new printer could use augmented reality to access user instructions.

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Maintaining Assets From Wherever You Are

A lot more people work from home now. As a result, the use of an equipment management system has become more essential. Management systems such as this now mean that assets can be maintained from wherever you are. This ensures that your equipment, machinery, tools, vehicles, and even buildings are kept in better condition.

While keeping your tools, etc. in good condition is relatively easy now, it’s likely that it will become even easier. Diagnostic equipment, for example, may become more accurate. It may also be possible to receive more detailed reports about what has gone wrong with an asset. A result of this means that making repairs could be quicker and easier. If the diagnostic equipment was also linked to the software that automatically orders new parts, the right parts would be in stock all of the time. What this means is that repairs could be carried out sooner rather than later. The good news is that this is not something that’s completely new. Depending on the equipment management system that you use, maintaining assets could already be rather futuristic.

Boosting The Safety Of Your Team

Increasing the safety of your team is absolutely vital. No matter where you work and what you do, your team needs to be safe at all times. Some emerging technologies seem to suggest that it will be easier to keep your team safer. When your equipment management system detects an issue, it could be resolved quickly. This may be as a result of the right people being informed as soon as something goes wrong. As long as those responsible for carrying out repairs carry them out quickly, everyone should be safe again. 

One day, machines and equipment could repair themselves. Indeed, some computers do as they reset the software to a time before an incident took place. However, machine and equipment self-repairs are perhaps a very long way off. Still, it never hurts to hope that one day it may be possible.

The Increased Use Of QR Codes

Many asset tracking technologies use QR codes today. However, it looks as though these codes may become even more popular in the workplace. QR codes aren’t just used for tracking assets, they’re also used to protect things that are worth stealing and hacking. 

 

  • Imagine that test equipment for an electric vehicle goes missing
  • Perhaps a wind farm’s charge controller is stolen 
  • Maybe a new fleet of vehicles is sent to the wrong depot 

 

The data provided by QR codes are likely to become even more accurate, allowing for those misplaced/stolen assets to be retrieved relatively easily. The information available about each asset may also be hugely detailed. This could potentially help users to tell one asset from another or simply allow them to organise their assets more effectively. 

 

Is your current management system still receiving updates? Will it work with new technologies or will it leave you lagging behind? This is something to consider if you are not satisfied with the performance of your management system. It’s also something to bear in mind if you’ve not yet started using asset tracking software. As long as the system/software you use is modern, receiving updates, and able to adapt to new technologies, you’re good to go. If it isn’t you could be missing out on some exciting new developments. 

Would you like to chat with someone about an equipment management system and emerging technologies? Contact us now at team@itemit.com.

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