Tagging & Inventory

Great companies have high cultures of accountability-Steve Ballmer

TAGGING 101Let’s call it “inventory identification”

• First chance to make contact with asset

• Obtain any relevant characteristics (data is CHEAP)

• One minute saved during asset identification could cost one week during inventory

• Technologies used will be largely dependent on inventory methods

• Determine WHEN to initiate record

"The time to repair the roof is when the sun is shining.“- John F. Kennedy

INVENTORY 101A necessary evil

• Most resource-intensive aspect of asset management

• Vague regulations allow owners to apply their own judgment and contracts to specify

• Determine your PURPOSE

"To build may have to be the slow and laborious task of years. To destroy can be the thoughtless act of a single day.“

- Winston Churchill

Type of institution• Federal• State• Education• Government Contractor• Other private sector

Asset quantityTracking technologyBiggest tracking hurdleMost successful implementation

SURVEY"I have no special talent. I am only passionately curious."

- Albert Einstein

*Ascot webinar poll results

Personal Property• Equipment• Sponsor-Furnished• Capital• Above $ threshold• Above minimum useful life

• Sensitive• Firearms• Animals• Electronics

• Intangible• Special Tooling• Special Test Equipment• Material• Work in progress

ASSET TYPES"Why is it that you physicists always require so much expensive equipment? Now the Department of Mathematics requires nothing but money for paper, pencils, and erasers...and the Department of Philosophy is better still. It doesn't even ask for erasers." - Isaac Asimov

Real Property• Land• Buildings• Fixtures

Efficiency• Database• Access record through primary key• Merge multiple tables• Record access

• Scanner• Barcode / Quick Response• RFID• Versatility• Security (+/-)

• Digital documents/records• Security• Retention• Availability

TECHNOLOGY"Any intelligent fool can make things bigger and more complex... It takes a touch of genius - and a lot of courage to move in the opposite direction."

- Albert Einstein

Methodology• Floor to record• Wall-to-wall

• Record to floor• Statistical sampling

• Hybrid• Dependent (ABC)

What constitutes a “touch?”• Direct (tasked)• Physical• Electronic

• Indirect (opportunistic/inventory by exception)• Events• Transactions• Forms

STRATEGYFrequency• Annual, biennial, …• Framed/continuous• Rolling• Dependent (ABC)

Considerations• Reconciliation• Documentation• Technology• ACCURACY• TRAINING

“To be in hell is to drift; to be in heaven is to steer.” - George Bernard Shaw

Breadth of control• Resources• Centralized• Distributed• Combination• ABC• Audit

• Separation of duties• Authorization – department, purchasing• Custody – department, user• Recording – accounting• Physical verification - ?

CONTROL“A body of men holding themselves accountable to nobody ought not to be trusted by anybody.”

- Thomas Paine

ANALYSIS"The greater our knowledge increases the more our ignorance unfolds.“

- John F. Kennedy

Measure• Staged• Level of completion• Acceptable loss

Evaluate• Metrics (ASTM/Benchmark)• Find rate• Missing asset trends• Effort requirements• Equipment velocity• Movement• Acquisitions• Retirements• Useful life•Record Accuracy

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$5k-$10k -> quantity: 46%value: 10%

36% of rooms (31% mixed, 34% big$)

$5k-$25k -> quantity: 79%value: 26%

QUESTIONS?

Any

Questions

?

This was your brain just an hour ago

This is your brain with your new knowledge

frequency

touches

methodology

floor-to-record

record-to-floor

reconciliationdocumentation periodic

dependent ABC)

rolling

statisticalsampling

framed

continuous

all-inclusive(wall-to-wall)

direct targeted

indirect

Facilityclose-out/relocation

move orders

departmentclose-out/relocation

use &maintenance

logs

purchase

servicerecords

electronic

physical

forms

direct

indirect