When most people think about zombies, they tend to think of flesh-eating monsters that want to eat their brains. However, there is a much more sinister side to zombies that often goes overlooked – their ability to spread like a virus and take over entire organizations.
So what does this have to do with asset management? Just like a zombie outbreak can be disastrous for a community, an outbreak of zombie assets can be catastrophic for a business.
In this blog post, we’ll explore the definition of zombie assets and discuss how you can identify and avoid them in your own organization. We’ll also outline some preventative measures you can take to protect your business from this all-too-real possibility. Read on for more.
What is an Asset Register?
A fixed asset register is a detailed list of all the physical assets owned by a company.
The asset register includes asset information, such as its purchase date, cost, and depreciation schedule. The asset register can be used to track the value of a company’s assets over time, and to calculate the net book value of the asset base.
A fixed asset register is an important tool for financial planning and decision-making.
What Are Zombie Assets?
A zombie asset is a fixed asset that’s physically present on the premises, but which hasn’t been properly recorded in the asset register. In other words, it’s an “undead” asset.
Zombie assets can take many forms, such as office furniture, machinery, or even buildings. The key distinguishing feature of a zombie asset is that it has not been properly accounted for by the organization.
As a result, zombie assets can pose a serious risk to businesses.
Where Do Zombie Assets Arise From?
Given that a “zombie asset” is defined as a physical asset that’s physically present on the premises but which hasn’t been recorded in the fixed asset register, it stands to reason that there are a few ways that these assets can come about.
One possibility is that the asset was purchased or acquired by the company at some point in the past, but never added to the register. This could be due to human error (e.g., the person responsible for keeping track of assets forget to add it to the register) or simply because the company didn’t have an accurate asset register at the time of purchase.
Another possibility is that the zombie asset is one that was created by employees, rather than being purchased by the company. This could happen, for example, if an employee builds a piece of furniture for use in the office (e.g., a custom desk) but doesn’t bother to get approval or have it officially added to the asset register.
In either case, it’s important to take stock of all zombie assets and determine whether or not they should be added to the official asset register. Doing so can help prevent issues like duplicate purchases, and ensure that all company assets are properly accounted for.
How Are Zombie Assets A Danger To Your Business?
Zombie assets are a serious danger for businesses.
One of the dangers of zombie assets is that they can’t be easily located when they’re needed. If the location of an asset is not properly recorded in the asset register, it can be very difficult to track down when it’s needed for maintenance or repairs. This can lead to disruptions in business operations and increased costs.
Another danger of zombie assets is that they can create safety hazards. If an asset is not properly maintained, it can pose a risk to employees, customers, and others who come into contact with it. This can lead to accidents and injuries, which can further increase costs and damage the reputation of the business.
Finally, zombie assets can also result in financial losses for a business. If an asset is not properly accounted for, it can’t be depreciated or sold for its fair market value. This can lead to lost revenue and decreased profits.
Zombie assets can therefore be a significant burden for a business, both financially and operationally.
Is There a Cure For a Zombie Asset Outbreak?
In zombie movies, the protagonists are often frantically searching for a cure to the zombie virus. However, when it comes to zombie assets, the solution is actually quite simple: asset tracking.
Asset tracking solutions can provide an effective cure for zombie assets by identifying and cataloging all asset data on the premises. This helps to ensure that zombie assets are quickly identified and eliminated, saving money and reducing risks.
In addition, asset tracking solutions can help to prevent zombie assets from appearing in the first place by ensuring that all new assets are properly registered and an audit trail is created.
As a result, asset tracking solutions provide an effective solution to the problem of zombie assets.
The Benefits of Implementing an Asset Tracking Solution
Many businesses choose to implement an asset tracking solution as a way of maintaining an accurate asset register.
An asset tracking solution can automate the process of asset auditing and provide real-time visibility of asset location, utilization, and performance. This allows businesses to make informed decisions about their asset management strategy and improve asset utilization.
In addition, asset management software can help businesses to reduce operational costs, create efficiencies, and improve compliance with regulations.
As a result, asset tracking is a valuable tool for any business that wants to optimize its asset management.
Apocalypse-Proof Your Asset Register With Radiant’s Asset Tracking Solution
If you want to avoid an outbreak of zombie assets in your business, it’s important to invest in an asset tracking solution. With asset tracking, you can be sure that all of your assets are properly accounted for and that you have a clear understanding of where they are located at all times.
Radiant’s asset tracking solution is the perfect tool for keeping your asset register up-to-date and apocalypse-proof. Request a demo below to learn more about how our solution can help you.
Last Updated on October 17, 2022 by Radiant