Benchmarks in Asset Management

A common set of benchmarks are used to plot the maturity of an organization’s asset management program. Using benchmarks provides a means to determine the current state of your program based upon the experience of others. Benchmarks also help to set reasonable expectations as to what improvements are required to reach the desired end state. […]

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Reconciliation Entry 7 – Additions

In order to reconcile capitalized fixed assets, Verasset must first conduct a physical inventory count. Prior to beginning the physical verification task, we compile a list of asset types that will be included in the physical inventory. The results from the physical count are used to verify or adjust the fixed asset register records. During […]

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Physical Inventory Entry 10 – Deliverables

The primary deliverable of a physical inventory engagement typically consist of an electronic inventory database, a project summary report, and often asset tags are affixed to all equipment. The report summarizes the project procedures and findings. The database contains the information gathered during the physical inventory and also serves as an audit trail of the […]

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Physical Inventory Entry 9 – Coordination

Communication and coordination is a high priority in conducting a physical inventory, as it is with any project involving multiple individuals. Inventory teams navigate and coordinate progress through client facilities using maps. Teams communicate with one another and the Inventory Controller using 2-way radios and cell phones. When a problem is encountered, teams relay this […]

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Physical Inventory Entry 8 – Inventory Teams

When allocating inventory personnel into teams, Verasset places emphasis on the customer environment, the asset types involved, and the background of the inventory specialists. Often, inventory team members are focused on specific asset types and departments. This allows them to focus on specific tasks with similar processes. For example, one team may have the sole […]

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Physical Inventory Entry 7 – Quality Assurance

As described in previous blog entries, the single most important aspect of a physical inventory is accuracy. In this blog series, we have discussed our approach to physical inventory planning. In the coming entries, we will review the process in greater detail. Verasset inventory teams are formed and dispersed based on different roles and responsibilities. […]

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Physical Inventory Entry 6 – Plan for Contingencies

Verasset performs what are commonly referred to as “open inventories”. This means that business operations remain constant while the physical inventory is performed. While this is often necessary, it can be problematic. As regular business activities are occurring, assets are moving and conditions are changing. This potentially introduces the risk of inaccuracies. Consequently, the tighter […]

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Physical Inventory Entry 5 – Standards and Conventions

An important aspect of planning a physical inventory is establishing standards and conventions. These are used to align terms, methods, and actions. For example, it is common to align similar assets into categories, which are established as a convention. Another convention would embrace where data is sourced from and how it is recorded. Another would […]

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Physical Inventory Entry 4 – Defining and Automating the Data Collection Process

When planning the data capture attributes of a physical inventory, there are various levels of optimization and automation that can streamline the process. First and foremost, pre-populating mobile inventory data collection devices with existing data sources (such as a fixed asset register or that of an asset tracking system) allows for real-time reconciliation and helps […]

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Physical Inventory – Accuracy vs. Timing

There is a fine line between what information is helpful to capture, versus what is practical. To better understand this, there are two competing factors in conducting a successful physical inventory. These are ACCURACY and TIMING. Accuracy is the single most important factor in performing a physical inventory. However, timing is also very important. Timing […]

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