By Navin Nageli, Founder & CEO
The key to asset management is information, but what information do you need? And how much? There are four secrets to asset management, and some may be more obvious than you think.
Secret #1: Create a good asset inventory that includes the basics – asset type, location, GPS and consistent pictures. I can hear the groaning – inventory costs time and money. It does, but not if you do it the right way. Implementing best practices and using the right software can speed up the collection process and cut costs by more than half.
Secret #2: If you are going to update inventory, this is the best time to also assess physical condition of the asset. It takes an extra minute or two, but you can get valuable insight. This will also save time in the long run because it prevents a secondary project for just condition assessment. It’s much more efficient to assess conditions while there’s already someone in the field.
Secret #3: Track asset installation dates; currently, most agencies don’t. This may sound like blasphemy, but sit down with a resident bookkeeper or expert and guesstimate the year the device may have been installed. With the proper date, the asset lifecycle can be much more precise and the asset can be properly budgeted for repairs or replacement as needed.
Secret #4: Now that you have inventory, physical assessment, photograph, and possible age, you can automate the process using a cloud-based tool that forecasts costs based on age and/or condition. This forecasting will maximize budget usage and planning. Our tool, NueGOV, offers an easy, user-friendly way to assess this.
Most agencies over-complicate asset management and do not make any progress. The BIG secret is to start out with inventory and build off of that. It can feel like working backwards to venture out and collect an inventory that should already exist, and it can be daunting, but it is truly the first and most important step to maximizing asset management efficiency.
If you feel overwhelmed by the task of collecting inventory, let us help. We have trained field technicians who can quickly and affordably collect your asset inventory for you.