What is an Asset Register?
An asset register is a digital document that keeps track of all the assets in a manufacturing plant. This is a compilation of asset information such as location, manufacturer, model, description etc. An accurate asset register helps organizations implement the best Asset Management practices, increase plant uptime and facilitate timely scheduled maintenance.
How can I create a new Asset Register?
The high-level process to create an accurate asset register is:
- Develop an asset information master data standard and template
- Define the asset hierarchy
- Capture technical information of each asset, such as:
- Engineering Drawings
- User manuals
- Spare parts information
- Perform a plant walkdown to capture:
- Functional locations
- Asset Identification Data
- Asset Type / Asset Classification
- Build the asset hierarchy containing:
- Location of each asset
- Naming convention with accurate classifications
- Correct descriptions and technical specifications
- Integrate Asset data into the EAM or CMMS systems
How to cleanup my Asset Register?
With various stakeholders and users across multiple systems managing asset information, the data often falls prey to inconsistencies across systems. Here are some of the steps to clean up your asset register:
- Validate master data standard and template
- Verify missing information and update with correct data collected from suppliers
- Assign asset classifications
- Perform a detailed check of:
- Naming conventions
- Long and short Descriptions
- Asset hierarchy
- Ensure all technical documents are readily available such as Specifications, Engineering Drawings and user manuals
What data does an Asset Register typically contain?
There is no fixed format on what details should be captured in an asset register but defining certain mandatory attributes will ensure consistency in the information available in EAM / CMMS systems. Some of the typical data elements present in an Asset Register include:
- Functional location
- Asset Classification
- Description of key technical attributes
- Manufacturer name and Manufacturer part no.
- Manufacturer Model Number
- Serial Number
- Purchase date
- Cost of the Asset
- Date when asset was installed
- Warranty period
What is the importance of an accurate Asset Register?
The purpose of creating and maintaining an asset register is to enhance asset availability, by providing all necessary information to plant/asset maintenance teams. This forms the basis for them to formulate their maintenance strategy, as well as chalk out detailed maintenance plans, so as to reduce plant downtime.
Some of the benefits of an accurate asset register are:
- Track and identify all assets
- Ensures the asset is at specified installed location
- Helps estimate repairs and maintenance costs
- Aids predictive maintenance initiatives
- Assists in conducting Audit of Assets and Asset Verification
- Enhances availability of MRO spare parts
- Comply with statutory requirements