Introduction

Evolution of Asset Management Discipline

Asset Management is not new. People have been managing assets for thousands of years. What has changed, however, is the cumulative recognition that good Asset Management involves optimizing (within any absolute constraints) the mix of cost, risk and performance over whole asset life.

Principles

Principles of Good Asset Management

• Holistic
• Systematic
• Systemic
• Risk-based
• Optimal
• Sustainable
• Integrated

Policy

• Principles and mandated requirements derived from, and consistent with, the organizational strategic plan, providing a framework for the development and implementation of the asset management strategy and the setting of the asset management objectives.
• The asset management policy plays a leading part in driving the asset management system. The asset management policy is a means for top management to communicate to its managers, employees and stakeholders the organization's position and intentions with regard to asset management.
• It provides a high level statement of the organization's principles, approach and expectations relating to asset management.
• The asset management policy should be seen as the same level of commitment as an organization's safety policy.

Strategy

• The organization shall establish, document, implement and maintain a long term asset management strategy which shall be authorized by top management.
• The asset management strategy should set out how the asset management policy will be achieved.
• It is the coordinating mechanism for ensuring that activities carried out on physical assets are aligned to optimally achieve the organizational strategic plan. This requires a high level plan or scheme for converting the asset management policy into specific asset management objectives and activity plans across the whole asset portfolio

Objective

It is necessary to ensure that measurable asset management objectives are established throughout relevant parts of the organization to enable the asset management policy to be implemented and the asset management strategy to be achieved.

Purpose

• Organizations wanting to manage, maintain, and monitor organization's assets which include both tangible assets and intangible assets. Key is to have accuracy and completeness of data in the asset registry and the ease of producing relevant reports.
• The assets can be categorized into IT (Computers & Peripherals), Office Equipments, Furniture & Fixtures, Miscellaneous, Leased Assets and more.

Key Features

• Asset Request from Employees
• Asset Request Approval & Workflow
• Purchase Order to Vendor
• Asset Receipt
• Asset Allocation
• Asset Movement / Stock Transfer
• Asset Warranty & AMC Tracking (In-case of IT Assets)
• Asset Write-Off
• Asset Sell (Asset Disposal)
• Leased Assets (Customer / Internal)
• Reports
• Depreciation

Systematic Flow Diagram

Key Modules

• Masters Maintenance
• Purchase Requisitions
• Purchase Order Generation
• GRN from Vendors
• Asset Generation & Allocation
• Asset Movement Tracking, Write-Off and Sell
• Warranties (Only View, No Processing to Orders, Contracts, etc.)
• Depreciation (if required, in form of reports)
• Mailing and Workflow Integration
• Reports

Masters Modules

This Menu consists of the following options:

• User Rights
• Approval Definition
• Product category
• Product sub-category
• Vendor
• Location
• Division
• Employee Details
• Asset Details

Transactions Modules

This Menu consists of the following options:

• Purchase Request
• Purchase Request Approval & Workflow
• Purchase Order
• Purchase Receipt
• Asset Allocation & Installation
• Leased Assets
• Warranties & AMC Maintenance
  • AMC Dues
  • AMC Purchase Order
• Asset Movement
• Asset Write Off & Sell

Query

This Menu consists of the following options.

• Asset History
• Purchase Order Query
• Purchase Request Query

Reports Modules

The following are the reports available for the user to view the status of the transaction:

• Vendor Details
• Asset Details
  • General
  • Purchase Details
  • Installation details
  • AMC Details
• Purchase Request Details
• Purchase Order Details
• Assets Not under warranty
• Assets Not allocated
• Assets Under warranty
• Assets not in use
• Assets Written Off or Sell
• Leased Asset Report