Asset management is the managing and tracking of physical assets through their life cycle from purchase to the end of their usefulness. By doing this you can see what work was done on the asset, how difficult it is to maintain, the associated costs and even the overall cost of the asset so that a determination can be made as to when it needs to be discarded or replaced.
I have spent over twelve years working with asset management using both IBM Maximo and Infor EAM. I am certified in the implementation of Infor EAM but did most of my development work in Maximo. There are numerous asset tracking systems available.
Many utilities, manufacturers and larger corporations use asset management to control costs but I see a definite need for asset management in smaller organizations like churches and small businesses where cost becomes extremely important and the bottom line is so thin to begin with.
Does this conversation sound familiar?
We seem to have developed a roof leak in the north end of the sanctuary.
When was the roof last repaired
It was repaired three years ago
No, it was replace three years ago and repaired two years ago
No, they only replaced one side and that was five years ago. Two years ago they just replaced a few shingles.
I don’t find any invoices to that effect.
Who did the work?
I don’t know. It must have been Joe’s brother. He does most of our roofing work. But he usually writes the amount owed on the back of an envelope and gives it to Jenny.
Well, what did it cost? Was it warranted and for how long?
I can’t tell you that. Joe retired to Florida and we don’t have his brother’s contact information.
We need to get more information and a better handle on tracking these costs.
If this sounds like a conversation that occurred in a meeting of your building and grounds committee, you are not alone.
Tracking your assets through software can give you all these answers at your fingertips and avoids memory gaps. The painful truth is that you can’t be good stewards of the monies entrusted to you if you do not have all the facts. Committee members come and go. Church members come and go. Life changes. Churches change.
Asset management does not have to be expensive and the implementation of an asset tracking system does not have to be painful and hard to manage. Let me show you how.