The “digital twin” concept has elevated asset register management to one of the most important asset management best practices. Without an accurate and correctly set up asset register, it is impossible to run a virtual twin of your physical asset. You can also not easily implement new IIoT based technologies to track and monitor the health of your assets.
Organisations can face huge risks when they operate their assets without critical asset information. In many organisations, keeping accurate details associated with physical assets, such as asset attributes, configuration, condition, valuation and location, is an ongoing challenge. This is compounded by the assets often being situated at different geographical locations, poor recording of changes, out-of-date asset registers and a poor definition of what constitutes a physical asset.
For organisations needing to address this challenge, Pragma’s Asset Identification and Verification (AIV) business process and Asset Register Administration (ARA) processes provide an effective solution. They facilitate and optimise the process of creating and maintaining an accurate and informative asset register.
When should you seek help with your asset register?
If you want to embark on a digitisation journey, you definitely have to speak to us. If you can’t give a firm answer to the following questions, it is a sure sign that you need some help with your asset register.
- Which assets do I own?
- Where are my assets located?
- What are the characteristics or attributes of my assets?
- What is the condition of my assets?
- Is my asset register up to date, accurate and complete?
- Is my asset register verified to my auditor’s satisfaction?
- Is my asset register compliant with the applicable legislation and accounting standards?