Any asset-intensive facility, whether it's a large commercial building or a petrochemical plant, will procure, operate, and maintain hundreds of thousands of assets. The smooth functioning of such facilities relies heavily on the effective management and maintenance of these assets. Furthermore, the ability to manage these assets efficiently is crucial for determining the overall profitability of the facility.

‍

At the core of all asset management activities lies an asset register. This register includes all assets along with essential information that maintenance, procurement, and other departments may need to ensure the smooth operation of the facility. In this post, we will explore the intricacies of asset registers—discussing how and when to create them, common mistakes to avoid, and the tools and processes available to build them effectively and efficiently.

‍

To begin with, let us understand where an asset register sits in the overall plant or the facility. 

As you will see in the graphic above, the input side of an asset register comprises of the following: 

‍

1. Engineering Drawings and technical diagrams: Created by the EPC contractor based on the project capacity and other project details and requirements. 
2. Client Inputs: The client plays the important role of reviewing the drawings, suggesting amendments, providing the standards or format in which the data needs to be built, and the level of details to be captured. 
3. Data Build Experts / Analysts: Data build experts work seamlessly, coordinating with the EPC contractor and client, and analyzing information from various sources to extract and build the data. 
4. The Data Build Tool: The data build tool ensures that the data is being built reliably, accurately, and efficiently. 
5. ERP/CMMS Requirements: Every ERP or CMMS would have its own standard fields, formats, and syntaxes. While building the asset register, these factors need to be considered. 

‍

Once the asset register is built and approved, it is exported into either an ERP or the CMMS that the client uses to carry out the plant maintenance. 

‍

What information gets captured in an Asset Register? 

‍

General Asset Information: 

• Asset ID/Code: Unique identifier for the asset.
• Asset Name/Description: Clear name and description of the asset.
• Asset Category/Type: Classification (e.g., machinery, vehicles, buildings).
• Functional Location: Current physical or functional location of the asset.
• Ownership Details: Ownership status (owned, leased, rented).

Technical and Operational Details: 

• Manufacturer/Model: Manufacturer name, model, and technical specifications.
• Serial Number: Unique serial number or equipment tag.
• Warranty Details: Warranty coverage period and terms.
• Operating Instructions: Manuals or guidelines for usage.
• Maintenance Schedule: Predefined maintenance intervals (e.g., preventive maintenance schedules).
• Maintenance History: Records of past repairs and services.
• Condition: Current condition (e.g., operational, under repair, obsolete).

Financial Information: 

• Purchase Date: Date when the asset was acquired.
• Purchase Cost: Original acquisition cost.
• Depreciation Details: Depreciation method, rate, and accumulated depreciation.
• Book Value: Current value in the accounting books.
• Life Expectancy: Estimated useful life of the asset.
• Insurance Information: Policy details, including coverage and renewal dates.

Utilization and Performance: 

• Utilization Rate: How frequently the asset is used (e.g., hours of operation).
• Energy Consumption: Power or fuel usage data.
• Key Performance Indicators (KPIs): Metrics to monitor asset efficiency.

Compliance and Documentation: 

• Regulatory Certifications: Required permits, certifications, and inspection reports.
• Associated Documents: Contracts, purchase receipts, and other relevant documentation.

Asset Tracking: ‍

• Barcode/RFID Tag: For easier inventory and tracking.
• Movement History: Records of location changes or transfers.

‍Integration and Connectivity:

• IoT/Smart Features: Sensors or connectivity for real-time monitoring and data collection.
• Software Interfaces: Integration with other systems, like CMMS (Computerized Maintenance Management Systems).

Depending upon the industry and the operational practices in each organization, the actual fields included in an asset register will vary.

‍

The Role Data Build Experts Play in Building an Asset Register: 

1. Enforcing data build standards: Every single item in the asset register should follow the data build standards. Without a data build expert, it is impossible to achieve consistency in maintaining these standards. 

2. Project management: Building an asset register is like a project in itself. Data build experts co-ordinate between the EPC contractors and the client to ensure that approved drawings are worked upon and the tags are being extracted from them regularly. In most of the cases the volume of the data will need a team of data analysts. The data build experts would put in place the right team to build the data and would oversee the efficiency of this team. 

3. Highlighting discrepancies in the drawings: Our experience shows that it is quite common to receive drawings with discrepancies. Having a team of data experts ensures that there is a second line of verification which captures discrepancies that might have escaped the attention of the EPC and the client. 

4. Quality assurance: Without a data build expert it is difficult to ensure and validate that the data is being built as per the quality standards. If the quality is not monitored and checked during the data build process itself, finding gaps letter is next to impossible. Hence, it is very important to have a data build expert involved right from the beginning.

‍

The Role a Data Build Tool Plays in Building an Asset Register: 

1. Data Integrity and Governance: Using the appropriate data-build tool will guarantee that only authorized personnel can modify the asset register, ensuring that all changes comply with established data-building guidelines and standards. This approach will help maintain the reliability of the asset register at all times.
2. Speed: Data build tools offer various features, including automatic tag extraction, duplication detection, validation, and editing. These capabilities significantly enhance the speed of building the asset register while maintaining accuracy.
3. Traceability: A data build tool will ensure complete traceability of changes made and the sources of data. While building an asset register, data is incorporated from a large number of diagrams, vendor documents, and more. Data build tools provide complete traceability regarding the source of the data and when it was updated.
4. Document Version Management: When creating an asset register, documents often go through revisions. If the asset register is built manually, it can be challenging to track the different versions, which may lead to discrepancies in the data. Utilizing a data build tool with document version management can significantly improve clarity in the process, ensuring that data is extracted from the correct versions of each document.

Mistakes to Avoid When Building an Asset Register: 

1. Revisions and document versions:  Always ensure you are referencing the correct version of the document.
2. Copy and paste errors:  When creating an asset register, values are often copied from various tables and documents. Always double-check that you are copying and pasting the correct values.
3. Not capturing necessary details: Before you begin building an asset register, understand the purpose for which it will be used. Make sure to collect all the essential data accordingly.
4. Duplicate work: When dividing tasks among the team, ensure that the same drawings are not assigned to more than one data analyst.

Conclusion

An Asset Register is the heart of managing and maintaining assets. It always helps to engage data build experts and use a specialized tool to build asset registers quickly, accurately and reliably.

‍

‍