Know Your Assets

  04-Oct-2017
 

What would happen if your business burns down tomorrow? How quickly will you be up and running again? Would your company be able to recover?

At some point, after the initial shock and a few phone calls someone is going to ask what needs replacing.

How many computers, appliances, pieces of machinery and trade tools have gone up in smoke? Could you supply descriptions, model numbers, serial numbers and images of the assets to your insurance company or police? Can a quick response come from the insurance company to start buying?

“An accurate itemised business asset register becomes an imperative in a post-loss scenario. It serves as both, a validation for the owner of those items needing to be replaced and also in expediting the Insurer’s Loss Assessor Approval and Settlement process enabling replacement to be effected more efficiently resulting in less business interruption.”

David Ferris, Manager Enterprise Division, Davelcorp Insurance Brokers

Itemising and storing your asset list

Could you provide an itemised asset list at the time of the emergency? Your accounting systems may help but what data has been entered, is it reliable and comprehensive? Can it be accessed remotely?

“In any disaster recovery situation it is vital to have your files and data routinely backed up off site and to be able to access them remotely.”

Luke Iacovelli, Sales Manager, Unitech Solutions

The starting point of knowing your assets is an itemized list of all valued items and ideally relevant images; all accessible from a remote location.

A key problem to solve is how and who should be collecting asset data on a regular basis? An excellent range of software for asset maintenance and auditing is available on the market. Even then the data still needs to be collected.

Consider who is already collecting asset information on a regular basis and if they have the capability and software to itemise assets. Could existing internal auditors or out sourced services be broadened in scope?

When your assets are damaged or destroyed it is never an easy time but if you are prepared then it may mean the difference between remaining in business or going out of business. Having a detailed itemised asset list plays an important part in the recovery process.

To succeed in long term business strategies requires implementing mitigation strategies in the short term. 

 

Author: Neil Barrett is the manager at SafePower Sydney Hills and a Chamber member. SafePower Sydney Hills provides asset inspection and monitoring services to organisations and businesses.

 

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