Best Practices for Creating a Master Asset Database

Every company needs to have control over its assets, and when this is done inappropriately it can be the most time-consuming task of the day. The bigger the business, the harder it is to have efficient and accurate asset management. Fortunately, this demand has been answered with the development of innumerable asset tracking tools, such as bar codes, scanners, and software, among others. Regardless of which of these tools you choose, you will improve your business and help free up your employees to dedicate their time to other tasks.

The features you should look for in an asset tracking tool depend on the company’s needs. The main purpose is to enhance activities, save time, and improve the quality of your services. Keep in mind that it is best to choose a tool that supports an unlimited master asset database and to update it constantly.

The following are just some features that the program you select should have: the inclusion of automated check in and check out; alerts and notifications; offline capability; multi-user and multi-location support; and asset tracking by site, location, user and serial number, among others. It can be hard to make up one’s mind with so many offers in the market, but you should take your time and make an informed decision.

The specific tool you choose will determine the way your company keeps a master asset database. Oilfield service software, for instance, will address different inherent needs than software for a business outside the energy sector. Here we offer you some guidelines to creating one. If you already have an inventory on paper, it is important to create an electronic inventory in a friendly, easily exportable format. It could be useful to use bar code technology as well, as this enables important data to be transferred to your database within seconds. A further recommendation is to have a system that is open and accessible to coworkers. In this way, they can increase the quantity of information in your database on an ongoing basis. Generally, these types of systems have features that allow everyone to enter information, but only certain employees can verify and activate them.

As you can see, there are numerous options when creating a master asset database. The first step is to identify the needs of your company and the best ways to improve your service. After that, it will be easier to choose a suitable tool for your organization. But remember not to stress over it too much, as you can always adopt other systems or devices if you are not satisfied with your first choice.

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