How to Set Up a Fixed Assets Management System for Your Storage Facilities

Most companies are familiar with the need for storage facilities when it comes to inventory. However, many businesses haven't implemented a fixed assets management system that tells them what they have in storage. Storing fixed assets until they're needed is an important aspect of supporting the way your business works. If you don’t do it in a smart way, you can end up wasting time in locating, maintaining, and replacing your assets when you don’t need to do so.

Here are the biggest steps you’ll need to take to set up a system that involves all of your storage facilities.

Identify Fixed Assets Management System Requirements

Not every company operates in the same way. What features do you need in your management system to help your business track and maintain your assets? Are your assets only available on a restricted basis? Do you have irregular assets that have particular data that only applies to certain asset types?

If you’re not sure of the best way to identify requirements, what are you lacking right now? What features does your current method of tracking not have that you find yourself looking for regularly?

Create an Asset Inventory

Before you can have an accurate database, you need to know exactly what you have on hand. This is going to take the most time of all the steps. Doing this means going to all of your locations and auditing what’s available, as well as the condition of that asset. If you're using a system with a built-in mobile audit solution, this process can be handled much more quickly.

When you take inventory of each asset, make sure you track the following data:

• Type of asset
• Make and model
• How and where the asset is used
• Any applicable licenses and regulations
• Usage requirements, like training or certifications, necessary to use the asset
• How the asset supports your business
• Maintenance requirements
• Asset lifespan, and when it needs replacing
• Original purchase price and vendor

Figure Out How Your Team Will Access Your Assets

Giving your employees carte blanche access to your asset systems is a cybersecurity risk. Not everyone needs to know everything about your assets. Identifying who needs to access which assets will help you set up a system that protects your company’s data. This is also a great time to outline asset usage requirements, such as any certifications or training necessary before someone can use the tools and equipment available at your facilities.

Import All Asset Data Into the System

Once you’ve got all of your assets cataloged, it’s time to import that data into your new system. If you’re not sure of the best way to do this, consider reaching out to your asset management provider and ask them for help with data migration. You may also want to reach out to your IT department if you have one.

Take Time to Customize The System

Once all of the data has migrated successfully, it’s time to set things up for your business. Some asset systems, like Asset Panda, offer opportunities for customization to fit your needs and can provide assistance with getting things set up the way you like. By identifying your usage requirements earlier on, you should have some idea of things that you need and ways you can implement them with this new system.

Train Your Team on Usage

Once you have your system set up in the best format possible for your company, it’s time to train the rest of your team on usage. Depending on the size of your team, it might make the most sense for you to train managers, and then have them train the people they supervise.

Managing your storage facilities doesn’t have to be complicated, especially when it comes to tracking the assets located there. Ask representatives at Asset Panda how you can personalize our system to meet your asset tracking needs, and we’ll be happy to help you create the best solution for your business.