Equipment and Asset Management - Best practices

Do you have full control of your organization's equipment? Do you know the whereabouts of it all? Do you know what equipment is idle and available, and what's currently in use? If not, continue reading.

Wikipedia defines asset management as a "systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles". It applies to both tangible (physical objects) and intangible assets (financial and human assets, intellectual property, etc.).

Sounds complicated, huh?

Well, it might be. But if you narrow it down to just management of fixed, physical assets, like equipment, it's a bit easier to get a grasp of.

When it comes to equipment, especially expensive or important equipment, the goal of good asset management is to have full control of it, making sure it is taken good care of and is well utilized.

In practice, you can narrow it down to these four points:

  • What: Know which assets you have
  • Where: Know where it is
  • Status: Know when it is idle/available, or in use - and if in use, who is using it, and what it is used for.
  • Condition: Know the condition, and be able to solve any issues if they should arise. 

The more equipment and the more users, the more work you will potentially have, managing it properly. If you find yourself in that situation, you might want to consider some sort of equipment management system.

For that, you have at least two options:

The simple, free and easy to get started approach

Free asset management spreadsheet template

Spreadsheets. It's a very common and, in fact, great way to get started with equipment asset management. And it's 10x better than having no equipment management system at all. It's free as well, and you don't have to spend a lot of time getting started with it.

Actually, we have created a free spreadsheet template for Google Sheets that you can use as a starting point. With this, you can get equipment management up and running in no time.

The (still) simple, not necessarily so expensive and easy to get started approach

Using a spreadsheet to manage fixed assets, you may soon see some limitations. If so, you might want to consider a dedicated equipment management software, like Itefy.

Fixed Asset Management Software solutions like Itefy is built entirely with the purpose of making equipment management as easy and versatile as possible. It enabled collaboration and delegation of tasks like equipment check-out and check-in really easy, you can assign responsibility for each item to different people, equipment management can be handled out in the field because a dedicated solution enables the use of mobile devices. And the list goes on.

You may have to spend a little time an money in the beginning, but you will most likely see the benefits of it quite quickly.

By the way, you can test run our equipment management solution for free for 14 days with no obligations.

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