Asset Inventory

What is Asset Inventory?

Asset inventory is the systematic process by which an organization catalogs and documents all the assets it owns. These assets encompass a wide range of categories, including tangible fixed assets such as real estate and equipment, as well as intangible assets like intellectual property.

Asset inventory management involves keeping track of these assets, monitoring their physical location, maintenance needs, depreciation, performance, and eventual disposal.

Implementing a robust asset inventory management system is essential for a company’s accounting processes. It provides clarity regarding the assets a business possesses, ensuring they are being used efficiently and cost-effectively.

Asset Inventory tldr

Differentiating Asset Inventory Management from Inventory Management

While often used interchangeably, inventory management and asset inventory management serve distinct purposes:

Inventory Management deals with items that are either sold or consumed by the organization. It typically pertains to items held for a short period before being used or sold.

Asset Inventory Management pertains to items owned or intended to be owned by the organization for more extended periods, usually exceeding twelve months. It goes beyond tracking physical location and value and includes analysis of depreciation, performance, and maintenance.

Key Features of an Asset Inventory Management System

Choosing the right asset inventory management software is crucial. Key features to look for include:

  • Maintenance Scheduling: A system should allow planning and scheduling of routine and emergency equipment repairs and maintenance to minimize disruptions.
  • Robust Reporting: Look for reporting functionality that helps analyze different aspects of asset inventory, such as depreciation rates, asset values, performance, and comparisons.
  • Customization: The system should be easily configurable and customizable to align with your organization’s specific workflows, documents, and policies.
  • Mobile Compatibility and Cloud-Based: A mobile-compatible and cloud-based system offers flexibility and ease of use for your teams.

Benefits of Asset Inventory Software

Asset inventory software offers several advantages over manual methods:

  • Document Organization: It centralizes all documents related to each asset, including warranties, receipts, and user manuals, improving organization and efficiency.
  • Automatic Maintenance Scheduling: The software can automatically schedule maintenance and perform remote updates and inspections for IT assets, saving time and resources.
  • Theft Prevention: Physical verification and tagging of fixed assets help reduce asset loss through theft, ensuring the accuracy of the asset inventory.
  • Efficiency Enhancement: Asset inventory software streamlines processes, making them more efficient and reducing the chances of errors.

Importance of IT Asset Inventory

In the realm of IT and cybersecurity, maintaining a comprehensive asset inventory is crucial. The focus here is on ensuring that an organization’s IT resources are efficiently and cost-effectively provided. IT asset inventory includes data on hardware, software, maintenance, compliance, licenses, and more.

Cybersecurity teams require a real-time asset inventory, focusing on internet-facing assets susceptible to risks and attacks. Threats are multiplying, and modern attack surfaces are complex and continually expanding. A lack of awareness of all assets poses a severe security risk.

Schedule Demo

Our friendly team would love to hear from you.