Asset Management

By Steve Rastall(Andy Hodges)
The requirements may vary from simple inventory management to complex systems using advanced technology like RFID, barcodes and biometrics . Asset tracking, resource allocation in a dynamic environment may require extensive training and ...

Asset management means controlling, allocating and tracking the inventory of an organization. In a production environment, an asset management system may allocate resources in the form of raw material, tracking through the work in progress to the finished product stage. This would be a part of the inventory control system on the production floor.
Asset management of other resources in an organization, both software and hardware , is important . The life cycle management of material and goods yields better results in terms of resource allocation and optimum utilization. Security, maintenance and upkeep of assets have to be controlled by an appropriate asset management system. The requirements may vary from simple inventory management to complex systems using advanced technology like RFID, barcodes and biometrics . Asset tracking, resource allocation in a dynamic environment may require extensive training and adequate exposure to Asset management systems. Studies have shown that many tangible and intangible benefits can accrue with the use of asset management. Combined with energy audits and management, an asset management system can save considerable amount for the organization.

The return on investment for individual assets can be obtained and the overall capital expenditure can be worked out with proper asset management tools. Optimal allocation of resources can be made as per specific requirements. Asset Management can be effectively used by managers for concluding annual maintenance and service contracts. In companies with large infrastructure, asset management tools are a necessity .It has to be noted that on its own, an asset management tool is not of much value. Necessary trained personnel should be employed to handle asset management systems. It is often seen that costly asset management software remains unused in warehouses due to lack of expertise in using them. Such situations are avoidable if training on specific software is included in the purchase agreement. This would ensure that the software does not languish in some remote corner without being put to productive use.