Asset assessment looks at the resources, technology and knowledge a company has to work with to develop products or services. It’s about using what you have and identifying opportunities that may not be immediately apparent.
What is included in an asset assessment?
With that background in mind, the assets could include knowledge of a process or industry, like a specialized understanding of our environments’ chemical or physical properties. It could be skills developed working in a specific area. Indeed, it would include items of intellectual property and any patents.
Of course, it could also be technology, products, marketing materials or messaging we previously developed. We could leverage product components currently in the market or even ones that have withdrawn. And we all have that sandbox where we play with capabilities that have never seen the light of day outside our office.
These are assets we want to track and leverage in creating future products. We want to organize and store anything within the company that will get us to market faster and with less expense than if we had to build from the ground up.
6 Benefits of Asset Assessment
- Increase Efficiency – Asset assessment can help identify redundancies and areas where processes or procedures can be streamlined to make the most efficient use of resources. By evaluating your current systems during your asset assessment, you’ll uncover areas where processes can be built or improved to increase efficiency.
- Reduce Costs – By assessing the assets, organizations can ensure that their resources are being used efficiently and cost-effectively. You’ll also have elements to help jumpstart your next product, release or marketing campaign.
- Identify New Opportunities – Asset assessment can help identify potential areas for growth or new markets to explore.
- Enhance Communication and Collaboration – Asset assessment breaks down silos that can slow down development or new ideas.
- Facilitate Strategic Planning – Asset assessment can help to identify potential opportunities or areas for improvement that could impact the long-term success of the business.
- Identify Gaps in Resources – Knowing what resources are available allows you to identify any gaps and find ways to fill them.
Ultimately, an effective asset assessment strategy can help any business become more efficient and successful.
What is an asset registry, and how do I create one?
An asset registry is the physical record of the assets identified during the asset assessment. Think of it as an inventory of the assets in your organization.
Once the registry format is defined, you can populate it with your available assets. There are several approaches to collecting the information. Some companies email a blank registry and the goals of the exercise and ask recipients to complete it for their specific functional area. Other companies hold informational meetings or webinars to explain the goals of the process and to answer any questions before they provide the registry template.
The most effective process is a kickoff meeting to explain the goals and objectives of the assessment, followed by face-to-face meetings with subject matter experts from the company.
These could be experts in our markets, processes or technology. These face-to-face meetings create a sense of urgency and allow us to gain a better understanding of the company’s assets.
Their interactive nature also gives a complete picture of the inventoried assets. They may even uncover assets that could have been overlooked if we filled out a form.
Regardless of the method used to collect the data, all information should be consolidated into a single asset registry. This registry should be shared throughout the organization to leverage the assets when new projects are initiated.
The asset registry should also be consulted when we are evaluating new opportunities to see if we have assets that may allow us to shorten time to market or reduce the project’s overall cost.
One note of caution: Because of the asset registry’s strategic value and the proprietary nature of the information it contains, treat it as highly confidential.
How do I maintain an asset registry once I have created it?
There are three critical information capture points to be aware of when maintaining the asset registry.
The first is the initiation of a new project. Here we should capture any new assets we plan to create during the project.
Once the project is completed (or canceled), we should review the registry and update the status of any assets that were added to the registry at the project kickoff. We should also add any new assets that were created during the project that were not included at the project kickoff.
The third import milestone for the asset registry occurs when we sunset or withdraw a product from the market. We need to review the registry and update the status of any assets that are in the registry that will be withdrawn from the market as a result of discontinuing the product.
We should also perform a periodic review and verification of the information to ensure the registry is up-to-date and accurate. The periodic review should occur once every six or 12 months, depending on the pace of change and the creation of new assets within the organization.
Remember, the only thing worse than no asset registry is one that is outdated.
Gaining Buy-In for Asset Assessment
The success of the asset assessment and subsequent maintenance of the asset registry will depend on the support of senior leadership and their commitment to making it a priority.
You can use the benefits in this article to explain why asset assessment is a valuable time investment, and this type of work should be completed on a quarterly or annual basis.
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