How to Protect Your Company Assets - Business Media Group

How to Protect Your Company Assets

Company assets are valuable and costly to purchase and maintain. Protecting them is important to ensure the smooth running of the business and prevent bad outcomes. When equipment fails, goes missing, is stolen from the premises, or something else happens to it, the company can be set back for days, weeks, or longer.

When the equipment is custom designed and requires months to get it produced and shipped from a foreign country, the situation is even more critical should anything happen to it. Therefore, company assets must be protected to avoid the worst possibilities.

Here is how to protect your company assets.

All Assets Must Be Logged and Labelled

It has been a standard practice for many years now that all company assets should be logged and labelled to indicate what they are. This makes it easier to perform a check on the assets with a simple walk around the office, factory floor, warehouse, or other premises. Similarly, a fleet manager can walk around the car park to verify that all vehicles are present and correct, and then tick it off.

It’s possible to use RFID tagging on assets to track them too. This is beneficial when assets are regularly moved within the premises either purposely because several departments share their use, or because their storage place periodically changes. The use of tracking technologies in conjunction with inventory software can help to speed up the locating of company assets.

Connect Asset Tracking to Maintenance Jobs via CMMS Software

Performing haphazard maintenance on company assets proves ineffective in keeping them operational for their expected lifespan. Almost all equipment eventually breaks down and stops working at some stage. Failing to maintain an asset is the same as failing to protect it.

If you think about your car that occasionally requires oil replacement, yearly servicing, and part replacements every year or two, this proves to highlight the importance of maintenance for anyone dealing even peripherally with company assets. They too have a risk of breaking down, and require preventative actions.

Using a CMMS package, or more advanced software like Infraspeak’s Intelligent Maintenance Management Platform (IMMP), allows the maintenance team to keep an eye on assets. Their software can accurately log all assets, let them mark the ones that need occasional maintenance, and schedule it too. This avoids anything being ignored or neglected until it’s used again and found to not be working any longer.

Maintain Documentation on Assets Too

Depending on the asset, it’s possible that it didn’t come with a manual but that one is available online. This is commonplace now. However, instructional manuals, guides for repair, and other useful documentation aren’t always available from the manufacturer. Sometimes, independent websites that only provide manual downloads in a central repository make them available.

There’s no guarantee that a manual and other documentation for an asset will still be available in a year or two. So, it’s necessary to download them, possibly to print them out, and keep them safe for when they’ll be needed. Backing up any digital copies of documents in a secure business cloud is also useful in case the hard copy goes missing.

Use Security at the Door

Despite best efforts, business assets have an alarming habit of growing legs and walking themselves out the front door (or the side door of the building for that matter).

It’s so common in the retail industry that it has a special name: shrinkage. For instance, the fashion industry sees a considerable amount of shrinkage. However, it’s necessary to separate the loss from damaged items and theft because they’re often lumped in together as ‘shrinkage’ which creates a confusing picture.

Use security at the door to prevent items from disappearing. In offices, the most likely stolen item is something smaller and portable, like a tablet or a laptop. However, you would be amazed by the kinds of things that people decide is a good idea to steal.

Get CCTV Installed or Upgraded

It’s sensible to have advanced CCTV installed. If it’s an old system with low resolution, that’s not going to cut it when the business has valuable assets to protect.

Bear in mind that when an item has gone missing, it’ll be useful to comb through the recorded footage and where necessary, to both zoom in and slow it down to see what’s happening with greater clarity. At this point, a bulkier than expected bag (that’s holding the pilfered item) or suspicious conduct that raises questions can be seen with clarity. However, older lower resolutions and inferior cameras do not allow for this.

While they may provide a visual deterrent, low-resolution cameras do little to verify who may have stolen something after the fact. Upgrading to 1080p or even 4K resolution video cameras is best, covering as many floors, viewing angles, entrances, and exits as possible too.

Protecting company assets covers a gamut of different responsibilities relating to it. The more the company owns, the greater the need for advanced oversight to ensure the assets are tracked, maintained, and don’t disappear while attention is elsewhere.

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