The Benefits of Creating an Asset Registry
In today’s retail landscape, it can be difficult to keep track of assets in your organization’s inventory.
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, recalling previous orders or knowing which physical assets have been properly decommissioned.
Thus, an accurate asset management and tracking can have tremendous implications for your bottom line, including:
- Losing money on broken equipment.
- Purchasing equipment you do not need.
- Risking mission-critical asset failure.
One approach to minimizing these risks is to use an asset register to track the condition, location and useful life of all your assets. This ultimately allows for a more data-centric approach to maintaining your inventory and facilities.
What is an Asset Register?
An asset register (also called an asset registry) is a living tally of all your physical assets inside your facilities. This list of assets and their conditions gives you access to real-time data on which your organization can base decisions.
The data that is typically included and managed in even the most rudimentary registries includes asset tags such as make, model and serial number. And enhanced registries may include more store-level asset tags and conditional data. These registries make the most use of the available data and provide aggregate-level information for your management software as well.
Without creating and maintaining an asset registry, your business may be basing decisions on outdated data. Businesses typically have a snapshot of when assets are purchased, when they need maintenance or when they are decommissioned. But only during sporadic inventory periods are those snapshots updated, making it difficult to know the true condition your assets at any given time, or when they need to be decommissioned. When your maintenance program relies exclusively on outdated information, software, and process or workflows, you risk your physical assets catastrophically failing and leaving you in a tight spot.
Modernizing your asset register with a digital management solution allows you to create a more comprehensive asset management plan and gives your regional store managers more control & insight into the consolidation & management of your organization’s property.
To learn more about creating a comprehensive asset register, download our brochure.
The Benefits of Creating an Asset Registry
An asset registry takes the guesswork out of where your assets live and what useful life is left for each piece of equipment, giving you a central library of asset information with data you can trust.
Asset registries also makes controlling your asset management and inventory significantly easier and far more efficient. Keeping records current to reflect ongoing changes in asset statuses is vital and will make maintenance of those assets easier and more manageable over time.
To ensure the greatest benefit from your asset registry, it must be continually updated. When your team has access to an up-to-date asset registry, it improves your overall maintenance efficiency, as well as helping prioritize for capital planning and offering insights into organizational performance.
Modernizing Your Asset Register
When modernizing your asset register, finding a solution that can scale with your business is critical. That is why many organizations implement technology like Accruent’s Kykloud software.
Kykloud enables organizations to develop consistent workflows for collecting comprehensive real-time data and maintain consistency across how that data is collected. This gives your team ownership of the asset records and allows them to update the information without fear of creating unreliable data.
Collecting and transferring data by hand increases the risk of mistakes and inaccuracies exponentially. Systems like Kykloud limit the risk of error and are able to account for more information as it becomes available, allowing your asset registry to grow as fast as your organization does.
Using modernized data collection and tracking software that is intuitive & easy to use can streamline your data collection process & ultimately improve accuracy. And with data, accuracy is everything.
Consolidate Your Assets
Accurately tracking information, when starting with validated data to begin with, is a critical investment for your overall maintenance plan and facilities department. Creating an asset register allows your team to access the data they need to drive maintenance budgets, and make wiser procurement choices and asset allocation decisions. Most of all, you can actually trust the information you have.
Kykloud also allows users to generate reports with critical asset and inventory information, providing your team with 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 with a modern asset management application, 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 an antiquated manual process of the past?
Take the next steps in creating your modern asset registry, contact us today and we can show you how.