With so many technological advancements in recent years, it’s no surprise that asset control is becoming increasingly important for businesses of all sizes. Asset Control involves tracking and managing physical assets throughout their entire lifecycle – from acquisition to disposal or redeployment. Utilizing proper asset control is critical to ensure an organization meets compliance requirements and streamlines processes. In this blog post, Samir H Bhatt dives into the basics of Asset Control, providing an overview of its key components and benefits to your business.
Samir H Bhatt Lists Asset Control Basics
Asset control is the process of managing and monitoring assets across a business, says Samir H Bhatt. It involves auditing, tracking, reporting, evaluating, and controlling all of a company’s physical and financial assets. Asset control helps companies ensure that their resources are being used as efficiently as possible, and it also helps to protect against fraud or theft.
Essentially, asset control is about understanding what assets a business has and how they are managed in order to maintain their value over time. Assets can include tangible items such as equipment and machinery or intangible items such as intellectual property or software licenses. Audit trails are established to track the movement of assets within an organization so that any changes can be traced back to specific actions taken by employees or other parties.
The goals of asset control are to maximize the efficiency, accuracy, and security of a company’s assets. This can be achieved through various methods, such as creating standards and procedures for proper asset management, monitoring compliance with these standards and procedures, measuring performance against predetermined goals, establishing thresholds for acceptable losses or risks associated with assets, and training employees on best practices. Additionally, asset control should enable companies to identify weak areas in their processes that need improvement.
Asset control also involves risk assessment. Companies must identify any potential threats to the value of their assets and take measures to protect them. For example, if a business has valuable intellectual property that could be at risk from unauthorized access or theft by competitors, it may consider implementing additional security measures such as encryption or document control systems.
Finally, asset control should be used to identify opportunities for cost savings and increased profitability. According to Samir H Bhatt, by improving the efficiency of asset management processes, companies can reduce costs related to maintenance and replacement of assets as well as improve their bottom line.
Samir H Bhatt’s Concluding Thoughts
Data shows that businesses that implement effective asset control strategies have a significant competitive advantage over those that don’t. According to a 2019 survey by Forbes Insights, 84% of executives said that their company had achieved a positive return on investment from their asset control initiatives within the first year after implementation. According to Samir H Bhatt, on average, these companies reported an increase in profits of 15%. In addition, 66% of executives surveyed said that they saved money by avoiding losses due to theft or misuse of their assets.