How to Update Asset Register?

An asset register is a resource of information that provides detailed information of different assets owned or managed by an organization. This asset management tool is used to keep track of company equipment, assets, inventory, or spare parts.

4 Tips for a Better Asset Register

An asset register is the foundation on which an organization’s asset information systems are built. Here are 4 tips to make sure your Asset Register covers all critical information:

  • Understand why you need an Asset Register, and what you are going to use it for:
    • 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
  • Use the right tools: Most of the time asset register is maintained on an excel spreadsheet. But with an EAM software, it is easier to maintain and update all the records automatically based on barcodes and the following details:
    • 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
  • Simplify your naming conventions: The names and numbers chosen for categorizing asset register should be easy to understand. One should break down the assets into appropriate categories and subcategories to make the register easy to search. A possible numbering system might look something like the following: AAA-BBB-CCC-DDD. Where:
    • AAA is a three-character alphanumeric code identifying the equipment unit (e.g. OP1 = “Ore Processing Unit 1”)
    • BBB is a three-character alphanumeric code identifying the subunit (e.g. CR1 = “Crusher 1”)
    • CCC is a three-character alphanumeric code identifying the maintainable item (e.g. LUB = “Lubrication System”)
    • DDD is an optional three-character alphanumeric code identifying the component (e.g. PT1 = “Pressure Transmitter”) and accurately update it if it is done manually.
  • Decide what to track: One of the key decisions that you need to make is whether you want to record activity and costs against both equipment and location – and if so, which equipment/locations you want to do this for.
    • Establish a logical hierarchy of assets: One of the keys to making the asset register easy to use for operational and maintenance personnel is to establish a formal hierarchy of assets.
    • The most common way of structuring the hierarchy is to start at the top and work down. ISO 14224 offers a framework for the hierarchy as shown in the figure, this standard offers definitions for each of the levels in this hierarchy.
    • Being able to “drill down” through a hierarchy to find an asset in the register when you are unsure of the asset name or number.
    • Being able to group together assets that belong to a related system – which makes it easier to determine the asset value for the entire system, to archive the system (when it is sold or scrapped), or to determine related equipment when planning maintenance shutdowns.

At Enventure, we help create an asset register by conducting a detailed plant walkdown, validate available technical data by referring to technical documents such as service/user manuals, manufacturers catalogs, P&ID, and SLDs, further the missing information will be captured through a dedicated multilingual supplier engagement team.

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