Prepare for Disaster Recovery with Accurate Equipment Inventory Record
We have all witnessed the devastating damages to physical property from Hurricane Harvey and Hurricane Irma. According to latest estimates, there were total of 31 hurricanes since 1965, and they had an aggregate cost of $520 billion, with the losses from Hurricane Harvey and Irma exceeding 50% of the total.
A big portion of these losses are the loss of physical assets. Telecommunication equipment, buildings and supplies, heavy equipment, vehicles, office furniture’s, IT equipment, are damaged and destroyed. Organizations who own these physical assets need to repair, rebuild, and repurchase these equipment. Most likely they have insurance coverage on the equipment, or if they used grants to purchase these items, they would now need to apply for new grants to replace them.
The key for efficient disaster recovery is to prepare well for the disaster. It is critically important that organizations have maintained accurate inventory record for their physical assets and equipment before the disaster.
But most organizations don’t maintain accurate inventory of their physical assets. Previously in this blog, we talked about signs you don’t have an accurate inventory and asset management process in place. From what we have observed, it’s a matter of priority.
Often, the project or initiative for establishing an up to date equipment inventory record gets sidetracked because people believe they can rely on excel sheets to track them. But spreadsheets are not adequate in managing the lifecycle information of physical assets.