Asset register or Asset inventory is the maintaining list of assets in one tabular form or in an asset management tool and this asset register list is compiled of all the business assets. It includes asset details such as Asset ID, Serial Number, location, condition, and owner. The purpose of an asset register is to enable businesses to know the status, procurement date, location, price, depreciation, and current value of each asset.
Now we all know what is important of Asset in Small or large organizations but when it comes to managing assets in a Large organization they use an asset management tool or keep the particular team to do only that activity but small organization it’s a bit difficult to handle it however it’s always advisable to create Asset Register for all used asset.
Let’s see all the Important Parts of the asset register and when we say data, it must be in a structured format so that all of us can understand and we can use the data in the future. Ideally, the asset register will have two part which is fixed data and variable data.
Fixed Data of Asset Register, this will not change once the asset ID is generated or entered into the system
Asset ID(CI): Every Asset must have an Asset ID which Understandable format and possible with asset ID you can identify the Org name, Type, Location, and Year of purchases. Again you need to limit yourself to No. of characters used for creating asset tags. Standard names will have 10 to 12 characters and keep two characters for future change in case you need to put Pre-fix later time. so Max 14 characters.
Asset Type: This type of asset example laptop, Desktop, or server. yes, this will help you to identify assets quickly.
Asset Serial Number: nowadays all assets especially IT assets come with a Serial number and which is unique. We need to maintain this in the Asset registry to validate the warranty and maintain the primary key as this unique ID.
Purchase Date: The date when the asset is Purchased as per the bill date.
Manufacturer Name: Asset manufacturer name, company name who manufactures this asset
Asset Model: The asset will have its own model name whenever manufacturers release a new product with a new configuration they give one model name to identify easily or they give a new service number.
Variable Data of an asset register, which is basically what we change when we allocate someone, warranty extended or as per Asset life cycle it is disposed of.
Asset owner: owner to whom this asset was assigned.
Location: Location currently from which location this asset has been used or Asset owner location
Assignee Date: The date when the asset is assigned to the Asset owner
Warranty valid till: Asset warranty date still what date its warranty available.
Note we can add more columns as per your requirement or the Asset type asset you handling.
Best Practice:
- Use the right tools, as per your business requirement
- Simplify asset naming conventions, naming conventions must be simple and easily understand
- Decide what you want to track, Data must be structured way.
- Follow Allocation and de-allocation
- Keep it up to date, and spend time updating assets as and when they change.
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