Just Did a Physical Asset Audit? Here are Three Reasons To Do Rolling Audits

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You can't get the most out of your assets unless you know where they are, how they're being used, and what kind of condition they are in. Physical asset audits are an essential part of enterprise asset management, and the information in them must be up-to-date if your organisation is going to manage its assets effectively. Keep an eye out for these three events, which can throw your asset register off balance and require you to update your asset management information.

Additions to your asset base can be a good thing, but when managed incorrectly they can also cause serious problems. If an asset is acquired through an improper procurement channel, or if somebody along the line forgets to record its addition, then you might not be aware that it has been added to your inventory. By making sure to adhere to addition policies and processes and update your asset management information whenever items are added to your inventory, can avoid purchasing the same asset twice because of mistakes like these.

Disposals are another event that can throw your asset management data out of whack. Failure to properly track disposals can lead to an asset being unavailable because someone mistakenly thought it was still available. The resulting asset shortage can result in embarrassment as well as costly delays. You can be sure that assets are replaced after their disposal by updating your asset management information whenever an asset is disposed of.

Transfers of assets, especially between far apart work sites, are a third event which must be promptly and properly recorded. A large part of asset management is ensuring that assets are placed at sites where your organisation can get the most out of them. This is most effectively done when you know exactly which assets are at which site or in which department; it is very easy to skew this vital information by failing to record asset transfers promptly and accurately.

The best way to keep your organisation's physical asset management information up-to-date is to perform physical asset audits on a rolling basis. Not only is the audit process itself more cost-effective to conduct frequently rather than once every few years, but the data the audit yields will also be of higher quality and the basis of good asset management. Reduxo specialises in providing rolling physical asset audits; contact us to find out how we can make the process easier and more efficient for your company.