10 things you need to be prepared before transitioning to an automated enterprise asset management system

When organizations realize:

  1. They can no longer effectively track their physical assets.
  2. The multiple excel sheets used to track assets are out of control.
  3. They don’t know where things are, and who has them.
  4. They are failing internal and external audits on their control of physical assets.

They want to transition to an automated enterprise asset management system, hoping this will provide order to a somewhat chaotic situation.

Yes, an enterprise asset management system can provide that order, but only if users effectively plan and manage the transition.

In working with our customers to transition to an automated enterprise asset management system, we believe there are 10 things organizations need to be prepared for the transition.

  1. Identify all sources of data for physical assets inventory information. They can be in excel sheets, ERP systems, and other older systems.
  2. Determine the structure for defining physical location of assets. Usually, the current asset inventory data lacks a clearly defined structure for physical locations, for example, building, floor, rooms, or it doesn’t have consistent physical location information for all assets.
  3. Determine how to categorize the assets. Most organizations, through the years, have not been disciplined in categorizing assets. But going through this exercise will help to set up the system for better reporting. For example, you can generate reports on a certain category of assets to budget replacement costs.
  4. Determine how to control the access of asset information to different users. Organizations have different departments, projects, locations, and they may want to restrict access to asset data by location and by asset category. That why spending time to define the location structure and asset category is necessary.
  5. Determine who should be in the implementation team to provide input to all the above. The team usually is cross functional, consisted of Property, Finance, IT, Facility, Contracts, and Operations.
  6. Read the internal policy and procedures for managing physical assets, and determine if they are up to date. If they are not (most likely), you need to update them and make sure they will be supported by the enterprise asset management system you have chosen.
  7. Identify key users of the new system and make sure they plan for the time to attend the training, read the policies and procedures, get familiar with the software, and become comfortable using it.
  8. If it’s a large scale implementation, develop a phased transition plan, starting with a small scale pilot program to work through all the issues and gain initial success before deploying to the entire organization.
  9. Determine you have the right hardware for conducting audit. The hardware is compatible to the enterprise asset management system you have chosen, has the right specifications, and you have sufficient quantity to support audit.
  10. Work with your software vendor to develop a project plan, with roles and responsibilities, and key milestones, so you have a road map for the transition.

If you would like to understand the process for Customer On Boarding for the eQuip! Enterprise Asset Management software, you can read more details here.

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