The Benefits of Creating an Asset Registry

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The Benefits of Creating an Asset Registry

Creating an Asset Registry

In today’s retail landscape, it can be difficult to keep track of your assets. Equipment can be changed out and moved quickly from one location to the next, making it easy to misplace records and lose where assets are located, or what condition they are in. Many retailers have trouble tracking asset locations, assets ordered, and which assets have been properly decommissioned.

Inaccurate asset management can have tremendous implications for your bottom line, including losing money on taxes for equipment that may be broken, purchasing equipment you do not necessarily need, or having mission critical assets fail. One approach to minimize these risks is to track your asset condition, location and useful life within an asset registry—allowing for a more data centric approach to maintain your facilities.

What is an Asset Registry?

An asset registry is a living tally of all your physical and mission critical assets inside your facilities.

Without creating and maintaining an assert registry, your business may be basing decisions on outdated data. Businesses typically have a snapshot of when assets are purchased, items need maintenance or when they are decommissioned. Only during sporadic inventory periods are those snapshots updated, making it difficult to know the condition your assets, and when they need to be decommissioned.

The data that is typically included in most rudimentary registries are make, model and serial number. An enhanced registry may include a store level asset tag and conditional data. These and contemporary registries make the most use of their data and provide aggregate level information as well.

For further information on creating a complete asset registry, check out our brochure.

Benefits of an Asset Registry

An asset registry takes the guesswork out of where your assets live and what useful life is left on each piece of equipment, giving you a central library of asset information.

Asset registries also makes controlling your inventory significantly easier and far more efficient. Keeping records current to reflect ongoing changes in asset statuses is vital.

Businesses receives the most benefits from an asset registry if it is continually updated. When your team has access to an up-to-date asset registry, it ultimately improves maintenance efficiency, helps prioritize for capital planning and offers insights into organizational performance.

Modernizing Asset Registries 

Finding a solution that can scale with your business is also important, which is why many organizations implement a technology like Accruent’s Kykloud solution that can grow with you. Kykloud enables organizations to collect comprehensive sets of asset data and maintain how that data is collected and used, giving your team the ability to update records in real-time.

Collecting and transferring data by hand exponentially increases the risk of making mistakes and having inaccuracies in your data. Solutions like Kykloud limit these opportunities for error and can seamlessly grow with your organization, accounting for more information as it becomes available.

A data collection software tool that is intuitive and easy to use can streamline your data collection process and ultimately improve accuracy. And with data, accuracy is everything.

Consolidate Your Assets

Accurately tracking information—and starting with validated data to begin with—is a critical investment for your maintenance and facilities departments. Creating an asset registry will allow your team to have the data they need to drive maintenance budgets and procurement choices, and you’ll be able to trust the information you have. Kykloud also allows users to generate reports showing asset location, asset condition and useful life, giving your team a baseline for future equipment purchases.

In today’s data-driven world, enhancing transparency into your stores can set you apart from your competitors. By maintaining an up-to-date asset registry, you can gain the visibility needed to make crucial financial decisions that put your business ahead of the rest. With the benefits of a contemporary asset registry available at your fingertips, why stick to a manual process of the past?

How do you create an asset registry? We can show you. Contact us today. 
 

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