Asset Control

Asset control refers to tracking and managing an organization's assets to maximize their utilization and prevent loss through theft, misplacement, or obsolescence. These assets range from tangible items like computers and servers to intangible software and licenses.

Why Is It Important?

• Risk Management: Proper asset control helps identify and manage asset theft, loss, and damage risks.

• Cost Efficiency: It helps reduce unnecessary expenditures by ensuring that resources are utilized optimally and purchases are kept in check.

• Compliance and Audit Preparation: Regular asset documentation and control are crucial for complying with industry standards and quickly preparing for audits.

Elements of Asset Control in ITInventory Management

The first step in asset control is to have a complete inventory of all IT assets. This inventory should be regularly updated to reflect new acquisitions, disposals, or movement of assets within the organization.

Example: Using inventory management software that automatically updates the asset records when a new piece is connected to the network.

Lifecycle Management

Lifecycle management involves managing an asset from its procurement through its operational life and finally to its disposal.

Example: Regularly upgrading software or replacing hardware that is approaching the end of its proper lifecycle ensures optimal performance and security.

Security

Asset control also encompasses the security of both physical and digital assets. Securing these assets means protecting them from unauthorized access, use, theft, or destruction.

Example: Implementing keycard access to server rooms and using encryption for stored and transmitted data.

Best Practices in Asset Control

Regular Audits

Conduct regular audits to ensure that the records match the actual assets held by the organization. These checks are essential to prevent and detect fraud or mishandling of company assets.

Example: Periodic physical checks or RFID technology for real-time tracking and auditing.

Asset Tagging

Use scannable asset tags to track physical assets as they move throughout the organization. This process will help prevent asset misplacement and loss.

Example: Barcode labels on each laptop can be scanned when equipment is issued or returned.

Up-to-date Documentation

Maintain up-to-date documentation relating to assets. This documentation should include purchase details, warranty records, maintenance logs, and the disposition of replaced or decommissioned assets.

Example: Using a cloud-based documentation platform where updates are readily disseminated across departments.

Applying Asset Control in IT

• Start small: Implement a simplified system that covers critical assets and then expand as needed.

• Educate staff: Ensure all IT staff know and comply with the organization's asset control policies.

• Leverage technology: Utilize technology like asset management software to streamline and automate as much of the process as possible.

Asset control is more than just a set of procedures; it is an ongoing process that aims to enhance productivity and safeguard the company’s assets. Embracing these practices allows IT managers like yourselves to face fewer surprises, make better-informed decisions, and ultimately support your organization’s long-term goals more effectively.