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track the asset through its lifecycle (so accounting can properly depreciate fixed assets over time and so that managers can plan for upgrades or disposal and purchasing of replacement assets).track the condition of the asset (often done by looking at the maintenance history of the asset in question).track the utilization of assets (time of asset in use vs idle time).track the physical location of the company’s assets (especially important for assets that are used at different locations like transportation and construction equipment).create a central repository of all assets the company wants to track.The purpose of asset inventory managementĪs its name suggests, asset inventory is concerned with having an up-to-date inventory of your company’s assets.Īsset inventory management is a part of an asset management strategy that aims to: Instead, those are items used to maintain and repair company assets (consumables like adhesives and welding rods, janitorial supplies, office supplies, replacement parts for different assets…). MRO items have a special section because they are the only type of inventory that doesn’t end up being part of the final product. It is used to forecast, purchase, store, and track MRO inventory. Poor inventory management practices lead to overstocking and understocking, lost items, problems with vendors and suppliers, and different productivity issues, all of which can negatively affect your bottom line.Īn important subsection of inventory management is spare parts inventory management. It also keeps an eye on the inventory stock and production demand in an effort to make accurate inventory forecasts for upcoming months. It includes actions like buying, storing, and tracking inventory. Inventory management encompasses tools and practices used to manage your inventory. Good asset management will always lead to improved asset performance, fewer safety incidents, improved business productivity, and most importantly, lower operating costs. to streamline all maintenance work (be it reactive or proactive).keeping assets in peek operational condition to reduce the chance for unexpected breakdowns and extend asset lifespan.It covers the whole asset lifecycle, from procurement to disposal. maintenance, repair, and operations (MRO) inventory (supplies needed to perform maintenance work)Īsset management refers to the set of tools and practices that are used to track, maintain, and repair company assets.
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finished goods (items the company plans to sell).WIP (work-in-progress) inventory (semi-finished products intermediate goods).raw materials and components (items that will be a part of the final product).There many different types of inventory, the main categories being: The word inventory refers to a broad category of materials and items that are used to build a product, as well as for finished goods the company plans to sell. In a broader sense of the word, an asset can also mean intellectual property (like patents) and digital assets (like important documents, webinars, videos, whitepapers…). Most commonly, the word asset is used to refer to physical assets like machinery, vehicles, fixtures, computer equipment, furniture, and similar. What is an asset?Īssets are resources that a company uses to run its business: produce items or deliver a service. Here are necessary definitions to help us frame the discussion. So, to understand asset inventory management, we first need to explain the overarching concepts. The difference between asset management and inventory managementĪsset inventory management is, in a sense, a lovechild of asset management and inventory management. To be able to do that, you first need to understand what asset inventory management entails and which tools you can use to streamline and optimize this process. Setting that up plays an important role in lowering your asset management cost and improving overall business productivity. Organizations with a large number of physical assets can answer those questions only if they have the right asset inventory management system and process in place. If somebody asked you for a list of your company’s assets, would you be able to provide it? What about the exact location, condition, and utilization of each asset? MaAsset Inventory Management: Tools And Process Explained