Why, it must be asked, in a business environment where compliance regulations are on the increase and where every electronic document must be traceable and accounted for, is there still a widespread failure on the part of many organisations to understand where, and on what, corporate information is stored?
This situation, however, is only to be expected when so many companies are patently failing to implement the correct systems and processes to account for their assets. Many organisations' justification for this is that they can see no clear return on investment from an asset register. This is a misnomer; asset management is a fundamental business process. It determines corporate value and has a direct impact on profitability.
Furthermore, whilst most businesses have adequate systems in place for recording initial investments, lip service is still paid to managing asset disposal. As a result, at least 50% of assets on the books of any given organisation are either so poorly described or are no longer in use, that they struggle to be or cannot be located during a physical audit.
Is there really any excuse for such poor control over key business assets? There are simple processes that can be followed to ensure greater information consistency. Recording serial number and asset location as well as value meets not only the needs of the finance team but also provides the detailed information required to track asset location and status for local departments.
Critically, by creating a single source of all asset data, organisations can streamline many of the processes associated with improved accuracy and financial control. Detailed information about assets can be consolidated at finance level, if required, whilst the process of asset cross-referencing is also greatly improved.
If you would like to learn more about the benefits of implementing a centralised asset register within your organisation, contact us today at firstname.lastname@example.org or call on +44 (0)1689 892 137.