Procurement of Asset Management Process Flow:
This step refers to the activities obligatory to get hold of merchandise and services from suppliers. It is required to make certain that purchases are made at sensible cost and from trustworthy suppliers. It is predominantly significant for the procurement group to aim on acquiring materials and services that are in short supply, and which could obstruct with the maneuver of the business.
To initiate procurement of asset management process flow, department gives a purchase application for an explicit item. Then the purchasing agent allocates various possible supplier candidates. From the short listed ones, he, the purchasing agent then selects the supplier having the best permutation of price, quality, and delivery time, and he may also negotiate some terms of the purchase. Consequently, following the selection the purchasing agent issues a purchase order to the selected supplier. The supplier, after receiving the order then delivers the item, which the receiving staff matches to the purchase order copy supplied by the purchasing agent. Finally the receiving staff conveys the received item to the department that originally demanded it.
Asset Management Process Flow Diagram:
The lifecycle of asset management process flow diagram begins with a plan, and it is developed for optimization of firm’s financial assets to ensure delivery of agreed standard of services. Usually, more than one asset is managed with an asset management plan and it also takes a system approach. Here is the asset management process diagram with considering baseline of asset inventory management process flow diagram:
Retirement / Disposal of Assets:
This is last but not the least process of asset management flow. Here all the assets which have been used to their optimal potential and can produce no income or revenue from them are either de-commissioned or disposed off. This is necessary to reduce stocktaking cost.
IT Asset Lifecycle Management Processes Flow Chart:
IT Asset Management Processes (ITAM processes) is also known as IT Asset Lifecycle Management Processes. IT businesses mainly follow the process of practice driven maturity model generally uses automation to fit in processes through continues improvement and enhancing the IT asset management processes flow chart. Here below we present the IT Asset Lifecycle Management Processes Flow Chart:
A successful IT asset management process is integrated with other process model like: HR Management, Help Desk, Supply Chain Management, IT Service Departments, etc. Small and medium size company may not fit in automating the processes or maintaining many departments. But one fact is true that whether it is a large IT company or small IT business, everyone has to keep a track record of risk management, accountability of assets, budget and resource allocation.
There are ISO (International Standard Organization) for IT Asset Management which is well-known as ISO 19770. This IT Asset Management process is further categories into 4 types they are:
1. ISO 19770-1 is for standard process which states the best practices followed by organization for IT Asset Management.
2. ISO 19770-2 is for machine level standard for inventory management to identify the deployed software.
3. ISO 19770-3 is for standard schema for entitlements and copyright associated with software related licenses.
4. ISO 19770-4 is for standard process for reporting management regarding utilization of resources.
These standardized process assist IT companies to understand the difference between best practices followed across organization and the IT Asset Management process flow followed in the organization.
Information Technology Infrastructure Library (ITIL), is a set of information regarding best practices for IT Asset Management (ITAM) and IT service management (ITSM). It provides you the knowledge base, documentation, framework to manage the lifecycle of each and every IT asset. ITIL asset and configuration management helps you to better understand and plan properly for the various IT services like: software, middleware, servers, configuration, etc. Once should learn ITIL asset management process in-case you want to start your own company or to implement in your company.
Although the flow of asset management process is subjected to various variations depending on the industry it is applied for. But the basic idea is same. The company hires a professional and discusses the budget following the financial assessment and ultimately setting rational goals based on which the management team comes up with a core plan to optimize the potential of assets (both tangible and non-tangible). The plan, however is supposed be in accordance to the demands put forth by the client and also should consider the practicality and its relevance with the pre-defined goals.
Once the plan is made, the team aims for procurement, as discussed above only reliable suppliers should be trusted upon and further this procurement should be time bounded. All those assets that are unwanted, they waste space and they ought to be disposed off effective immediately. The operating assets come in handy are the most significant source of generating income. They should be taken care of properly. In the end, a systematic asset management process will help you enhance your returns exponentially.
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Basics of Asset Management for Beginners
- Chapter 1: What is Asset Management? Definition, Role and Purpose
- Chapter 2: Importance of Asset Management
- Chapter 3: Asset Management Plan - Definition, Strategy, Framework, Template
- Currently Reading: Asset Management Process Flow Chart
- Chapter 5: Investment Risk Management - Definition, Types, Strategies and Methods
- Chapter 6: What is Private Wealth Management? Definition, Types, Examples
- Chapter 7: Who is Fund Manager? Definition, Roles, Functions
- Chapter 8: What is a Portfolio Manager? Definition, Responsibilities
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