8 Steps Towards Creating an Equipment Management Plan

1. Know what you have to track

Talk to your department managers. What are they tracking now, what needs tracking but isn’t being tracked? Answering these questions is the first step to focusing your property management plan.

2. Create a process group

Get an associate from each department involved. If they are invested in the planning and process, then implementation and standardization will be much easier for everyone.

3. Know the data

What kind of information needs to be captured about these assets? Utilize the members of your process group to determine the necessary data for asset tracking. Do you need to track leased items? What information do you need about each lease? How about asset maintenance, moves, user guide information, or an employee assignment to an asset? Are these part of the data you need for your asset management to be successful or is that too much information?

4. Procurement through disposal

What will your method be for procuring assets and tracking them through their life cycle? A good asset inventory plan includes asset life cycle tracking. Knowing how often an asset is moved or repaired are two ways to properly evaluate its effectiveness in your industry. If a particular brand of computers is being repeatedly repaired, you are not getting your return on investment for those assets and a good asset tracking system will show you that. What will your plan be for disposing of assets? Knowing ahead of time will save time and money in the long run. Proper planning is the best way to ramp up your ROI.

5. Roles and responsibilities

Determine who will be responsible for each role of the property management. Whether there is one property manager, or several, make sure that position has a clearly defined role and objective. From there, the property manager should define roles for the rest of the staff. Logically this is because assets are tracked form procurement through disposal, and consequently there will be other team members associated with the handling of assets. That is why everyone needs to be aware of and comfortable with the Property Plan. Who will be in charge of ordering new assets, entering them in the system, handling audits, updating inventory, training new team members and retiring assets at the end of life? These are the kind of decisions

6. Acquire a property management system

Once you have determined what you have to track, who will be involved in the asset management processes, what data you have to monitor and have everyone’s role defined, it is time to acquire an asset management system.  There are many on the market and having done these steps prior to purchasing, will give you a better understanding of which system meets your industry’s unique needs.

7. Implement

Simply planning and buying an asset management system will not fix all of your property management issues. Successful implementation of the system into your preexisting workflow is vital. If you have done your research, with proper planning and have selected the product that best suits your organization’s needs, implementation can be a smooth process. Make sure you’ve chosen a company with excellent customer service records and selected the right level of service from them to cover any assistance you will need in implementing your new software.

8. Succeed

Simply installing an asset management system doesn’t mean that it will be successful, and to that end, having an property plan in place doesn’t mean it will be a breeze to integrate the two. Success depends on the commitment from your property team. Successful property planning takes cooperation and dedication from all parties involved. Having a plan will keep projects on track and will ensure that everyone is on the same page. The property plan will evolve over time and that’s to be expected. It will grow and flourish as your asset management implementation does.

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