Asset Management Overview

In general, the average person usually writes their name on their property with a permanent marker or inscribe it with a pen knife. That's not very attractive on an expensive new item, but it might help the police identify a stolen item. The next best options are paper or plastic labels imprinted with the owner's name, address and phone number. These however can be easily scraped off by a thief or degrade due to normal environmental conditions. Ultimately, high-quality permanent asset tags made from aluminum or polyester are the preferred choice for property identification and tracking.

People may be satisfied knowing that their property is properly identified. Businesses however, have a greater array of needs. Assets like tools, furniture, heavy machinery, computers and electronics are important capital which must be optimally utilized to maximize the profitability of an investment. Downtime, damage and theft must be minimzed or eliminated! Ideally the asset must be operating at peak condition 100% of the time. Smart businesses implement an asset management solution.

System Components

The main components of an asset management system are -

• A common method to identify a variety of property - usually an asset tag or label
• A database to collect the information related to the property
• Software to automate and exploit the information
• A device, like a barcode scanner, to connect the asset to the software and database

Asset Tags

The core of the program are asset tags. On each tag a number and/or barcode is printed. Barcodes are simply graphical representations of data or numbers, which reference entries in the database. When the asset tag is read by an individual or barcode scanner, the stored information can be retrieved or new data can be recorded. Choosing an asset tag is dependent on the type of asset and the conditions it must endure.

Database

Information the asset tag references can range from very simple to extremely complex -

• The name and description of the asset
• Location and condition
• Who the asset is assigned to
• Original purchase value and date, annual depreciation amount
• Warranty details, service records and contact info
• Extensive component and replacement parts information
• Machine specifications and calibration data
• For computers - a list of installed applications

This aggregate data can be very valuable if used properly. More about utilizing asset data.

Barcode Scanners

An optional component, barcode scanners are only necessary when asset tags are imprinted with a barcode. For asset tags, Barcode 39 or Barcode 128 are most common.They can greatly automate inventory, movement and usage of property. More about selecting barcodes. For large companies or situations involving myriad assets, barcodes are indispensable.

Asset Management Software

The unifying element in an asset management system is the software. The best software is designed to be user-friendly, highly configurable and scalable to perform a broad range of functions. Choosing asset management software depends on existing conditions and desired features.

Continue

Deploying an asset management systems is easier than most think. Most modern solutions are easy to setup and configure.

Next — Compare 4 Major Software Packages ›

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