Asset Management
5 Things To Check On Your Asset Register
October 15, 2024
October 15, 2024
The Asset Register is the foundation of a solid data management strategy but getting it right is not always easy. Information can be easily missed or deleted if not managed properly and this can cause problems for maintenance personnel, administrators, finance and management teams. So what information other than the Make, Model and Asset Type should you be double checking?
1. Asset IDs are unique and reflect IDs visible on the Asset
2. VIN or Serial Numbers are recorded
3. Road Registered Assets have a registration number and expiry date
4. Warranty Information and Period are recorded
5. There are no missing Assets
Let’s explore why this information is so important and a few simple strategies to keep your register accurate.
There’s nothing more frustrating than trying to find an asset on an asset register only to realise that someone hasn’t entered the correct asset ID. Having the ID listed the same as it is shown on the asset stops a lot of minor data entry errors. This helps manage the paper trail (think of Prestarts) and makes it easier to identify the correct asset and link it to the correct row in the asset register.
If you have a spreadsheet-based register, it’s easy to verify that there are no duplicates by using conditional formatting to highlight duplicates in the Asset ID column. If you have a database-backed asset register this should more than likely be enforced by the system. Automated alerts are usually in place to ensure that a user is aware of duplicate Asset IDs.
Keeping your Asset IDs unique is a simple way to make sure your data can be found and used quickly.
Maintenance teams rely heavily on serial and VIN numbers to be available and accurate. Parts are often identified and ordered specific to an Asset’s VIN or serial number and having easy access to a verified source like the Asset Register can save considerable time. Even a few digits in a serial number can mean the difference between getting your asset back to work on time or having to wait for the correct parts to be redelivered. Incorrect or missing serial number entries mean that maintainers will need to verify the correct number on the asset itself and this can slow things down.
Identifying and correcting missing serial numbers in a spreadsheet-based register is as easy as a quick check to ensure that all cells in that column are filled (using conditional formatting for additional highlighting). Database-backed registers can generally enforce this as a requirement for adding a new asset to the database.
One of the quickest ways to lose an insurance claim when an accident occurs involving a road registered asset is for that asset to be out of registration. Unfortunately this is a really easy mistake to make.
Take some time and go through your asset register and ensure that the registration numbers you have listed against road registered assets are correct and that there are dates for the expiries. Most states have a free web-based tool to allow you to verify the registration status and expiry using the registration number.
If you’re using a spreadsheet-based asset register, it’s quite simple to add conditional formatting to highlight cells that are expiring in the next 6 weeks or when a registration lapses. This can give you a visual check to ensure we stay on top of the registration status – the trick is to keep on top of it.
Intelligent database backed apps now have the ability to link into the central government databases to verify registration expiries without the need for manual data entry. This can save your team time and reduce your business’s exposure to risk of unregistered vehicles on the road.
Keeping on top of warranty information can save you a significant amount of money when there are issues with an asset within the warranty period. The key is to know whether your asset is still within its warranty period and ensure you start the claim before the period lapses. Too often we see claimable parts being purchased at retail cost when an asset is still under warranty simply because no one thought to keep track of the warranty period.
Typically, warranties are valid for a certain period of time or usage of the asset, or a combination of both. It’s important to verify the information is recorded in its entirety and that the information is accurate to the warranty document. Using some form of automated alert or reminder to notify of upcoming expiries is an easy way to get the most out of the warranty and ensure you have any repairs completed in time and at no cost to the business.
We have had the pleasure of helping a few companies review their asset register and get them into shape. One thing that is still shocking to most people is the number of assets that escape being listed. While you may think this is unlikely, we are yet to do an asset register upload where every single asset has been accounted for. Invariably there are a few left off.
Spreadsheet-based registers are notorious for this especially when multiple projects or multiple depots hold individual asset registers with no easy way of validating them against each other.
The easiest way to verify this is to do random audits. Take five or ten minutes the next time you’re on site and do a quick audit of 5 assets that you come across and ensure that the data that you see in the asset register is accurate to what you see in the field. If this becomes a regular thing, soon enough you’ll find an asset your register didn’t know you had
In conclusion, the Asset Register is a very simple tool at your disposal and can save your team a lot of time – but it is also an easy thing to get wrong. Keeping on top of the basics as listed here will go a long way to ensuring that your Asset Register adds value to your business instead of being “another unmaintained spreadsheet”.
If you would like to explore how the VIPER Metrics App does all this and more in a visual and user friendly way, get in touch and we will be happy to do a free desktop review of your asset register and an introduction to the future of asset management using intelligent cloud based applications.
