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Asset management is crucial for business sustainability. Your management team must keep track of both tangible and intangible inventory as it’s vital for day-to-day operations. Asset management in business is often referred to as managing or controlling your wealth portfolio, as the operations entirely depend on it. The fundamental goal of asset management is sustainability within the business by increasing efficiency levels and cutting costs through reducing waste. It is a set of processes, tools, and technologies designed to track, manage, and optimize an organization’s assets throughout its lifecycle. Assets in this context can refer to a wide range of physical and non-physical items, including equipment, vehicles, IT hardware and software, facilities, intellectual property, and more.

To implement a business asset management system in Australia, certain factors must be considered and prioritized. These aspects play a pivotal role in establishing a comprehensive support system for asset safety. Without this system in place, it is hard to ensure business continuity. From basic product development to marketing and sales. Without inventory management, a business is on a crash course to lose against its market competition.

People often ask how to enhance the value of assets over time and reduce product waste. The following blog will discuss six major aspects of business asset control that effectively support the management while maintaining a healthy venture.

What are the top six business asset management components?

1.Identification of the inventory – The first and foremost thing is determining what are the tangible and intangible assets and how are they generally procured. The management team must establish a solid inventory of all the assets that directly affect the business. Alongside, for quick tracking, a particular device/process must be chosen. This includes scanning products with the help of QR/barcodes and RFID tags.

2.The life cycle management – The asset life cycle management is the next pivotal step in the system. From the acquisition phase to the disposal, each asset goes through a cycle that needs to be controlled. If the cycle is not supervised, modified as needed, then effective development and production will halt. The management bodies must schedule a strict routine schedule for repairing and refurbishing the inventory.

3.Data management – The leadership teams must maintain a centralized repository for asset-related data, including manuals, warranties, service records, and other relevant documentation.

4.Risk management – Assets are vulnerable and can fall prey to uncountable external and internal risk factors. Management is accountable for identifying, aggregating, and devising strategic plans to keep the threat factors at bay. They must mitigate all the risks that are associated with asset usage as well as ownership. The monitoring of the risk accounts should align with the industry standards and statutory terms too.

5.Asset valuation – Determining and tracking the financial valuation and depreciation of each asset is necessary. The management team must supervise this process and document everything for contingency financial planning.

6.Scalability and mobile accessibility – For better access, responsible departments should have access to the asset management protocol through their mobile phones. The management team and leaders must verify whether the remote workers have the proper access or not. They must ensure that the system can scale to accommodate the growing number of assets and users.

To find professional support for attaining the requirements of the ISO business management system standards and the internal audit, contact us at Compliancehelp. We are the premium site for achieving any ISO certification in Australia. Our bespoke solutions for ISO and other global certifications are ready to make the seemingly exhausting process of accreditation, comfortable and time bound. From basic consultation to audit and analysis, we will cover everything. Get help to clear your concepts regarding the clauses of any management system standard you require. Click here to learn more about the business asset management system in Australia!