As FM, your responsibility is to guide your organization through business transformation to minimize risk and recognize opportunity.
The latest transformation facing organizations of all sizes is the change from internally supported business management applications, including ERP (Enterprise Resource Planning), CRM (Customer Relationship Management) and LOB (Line of Business), to cloud based infrastructure and applications.
Assets can move locations, get reassigned to other people, get replaced, etc.
Management wants reports about asset allocation, usage and service history.
In many cases, asset management is the responsibility of individuals with no formal training in business and organizational issues.
They often have promoted based upon their understanding of technical processes and systems, and naturally focus on the areas in which they are comfortable and competent in working. What about health and safety, and environmental risks?
Colors and lettering fonts used for labels on operational devices provide for easy reading from a reasonable distance.
Once the Fixed Assets Register has been prepared, there is need to continuously update with additions and disposals (maintaining a separate Disposal listing), the assets must be depreciated on an annual basis.
More importantly there is need to estimate the remaining useful lives and residual values of the assets on an annual basis at the bare minimal.
This component is probably the most straightforward of all.
It is also, arguably, the most important as it underlies all other aspects of asset management.