Asset Lifecycle and the Benefits of Tracking the Asset Use in the Lifecycle

contributed by Leslie McNeely, customer implementation specialist, E-ISG Asset Intelligence

The life cycle of an asset can be broken down into six processes: record, use, maintain, audit, reporting, and dispose. Five of these are self-explanatory, recording new assets, maintaining existing assets, auditing or inventorying your existing assets, generating reports for assets, and disposing the assets once they’ve reached end of life. But what constitutes “use” of an asset?

Use of an asset in terms of asset life cycle tracking refers to the movement of the asset. This could be something as simple as moving an asset from one room to another, or more complicated, like an asset being reserved and assigned to a person.

So, when looking at how your company handles assets, consider things like policy. Does your company require someone to sign out assets? That’s a specific type of movement. Some companies require a sign off for assets leaving a site and a separate one for assets coming into a site. These types of policies are related directly to how assets are “used” during their life cycle.

Why is it important to record these uses? Say an asset is missing after an audit. If you’ve been recording its use throughout its life cycle, you’ll have a long asset trail to get started with tracking it down. Additionally, it helps make employees feel responsible for the assets they are assigned when there’s a record and paper trail connecting them with those assets.

Tracking the use of the asset’s life cycle is a terrific way to increase visibility and responsibility on assets in your company. Using eQuip! there are a number of tools that help make that tracking easy.

If  you would like to learn more about the life cycle events in asset management and how eQuip! support these transactions, click here

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