As the Easter weekend fast approaches, many of you may be planning to participate in such activities as a family egg hunt but from a business point of view, should the focus be on hunting down your organisation’s assets and conducting a physical audit?
On average, physical audits reveal 40% of assets are well described on the register and can be easily found; a further 40-50% probably exist but are so poorly described it is impossible to prove, and the remaining 10-20% are well described but cannot be found, indicating they no longer exist.
If you haven’t conducted a physical audit for some time or simply dread the task at year-end of going in search of your assets in order to reconcile the accounts, then why not take action this Easter? Keeping track of your assets does not need to be a full-time job. A central register that records the serial number and asset location, as well as the value of each item will meet the needs of all departments from finance to IT.
If you are still not convinced, below are just some of the key benefits to be gained from setting in place a robust asset tracking solution and undertaking regular audits:
- Protect against lost or stolen assets
- Gain better control of your asset base
- Enhance the accuracy of financial records
- Improve asset history
- Improve lifecycle planning
- Facilitate better asset utilisation
And now with the use of mobile asset tracking applications, audits can be undertaken using the camera on smart devices to scan barcodes. The one off or annual audit can be transformed into an ongoing occurrence, providing organisations with real-time visibility of asset location, value and status, thus improving both the accuracy of the register and the utilisation of equipment.
If you would like to learn more about the benefits of implementing a specialist asset tracking and physical auditing solution or would like to undertake a physical verification exercise but lack the resource or expertise, contact RAM today at firstname.lastname@example.org or call on +44 (0)1689 892 127. We have a wealth of experience in completing physical asset audits for Finance, IT and Facilities teams across all market sectors.