Asset Register Administration
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 This is compounded by the assets often being situated at different geographical locations, poor recording of changes, out-of-date asset registers and a poor definition of what constitutes a physical asset.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?
Pragma’s approach to asset register administration
We follow a two-step process to develop a new asset register or optimise a current one.
Asset identification and verification process (AIV)
- The process starts with a standards development phase to agree on the asset type configuration, the asset tree structure, descriptions and assessment criteria.
- The asset type tree ensures standardisation of asset functional strategies within the organisation.
- Assessments and assessment criteria such as condition, safety, financial value, quality, and health, environment and security factors are defined and configured per asset type.
- The generic asset tree is configured in your Enterprise Asset Management System (EAMS)) and sent to mobile devices. Asset data is captured and in turn, transferred back to the EAMS.
- Asset Information including attributes, assessments, GPS coordinates and images can be recorded per asset.
- Daily data quality management ensures that corrective action can take place immediately, should it be required.
- The toolset has a stable data transfer platform.
- The toolset has an offline capability to capture assets when there is no internet connectivity and synchronise data with the server as soon as connectivity is re-established.
Asset register administration
- Generic asset information is configured in the asset type tree with inheritance to individual assets in the asset tree.
- Unlimited asset attributes and other asset information fields (technical detail, GPS coordinates, images, documents, etc) can be defined for each asset type.
- The asset register is configured as a hierarchical asset tree that is suitable for single or multiple sites with multiple levels of assets.
- User defined fields are available for extra flexibility.
- Asset criticality is defined.
- Components and maintenance tasks can be linked to assets. Labour and spare parts can be set up on each task.
- The full history of an asset or asset type’s maintenance work, costs, assessments and performance is recorded.
- A range of complementary modules exists to conduct asset care plan development, maintenance planning and scheduling, material management, staff management, financial management and analysis and monitoring.
With the standardised asset register being the central point of reference for all your asset information, we involve you in every step of the planning of the structure of the asset tree to ensure that it meets all your needs. To keep it to this standard, we jointly put best practices in place to keep it accurate. With your asset register up to date, you will realise the following benefits:
- Your asset management team will have peace of mind that all assets are labelled and accounted for.
- You have access to up to date information on all your assets which enables effective analysis and decision making.
- You have the assurance that your asset register is verified and complies with legislation and accounting standards.
- A full record of each asset is built up over time, giving a holistic life cycle view per asset.
- The prioritisation of the most critical assets is ensured.
You can no longer afford not to have a well structured and accurate asset register. Even if you are not yet considering a digitisation strategy, having the baseline ready in a few years’ time starts today. Speak to us.
