ASTM International’s asset management committee (E53) is developing a new standard practice for conducting inventories. It utilizes Inventory by Exception (IBE) to allow the physical inventory process to only focus on locating assets that were not touched or physically inventoried.
The new standard (E3298) is used to verify items on record using IBE, which decreases the number of assets requiring an inventory reconciliation during a specific cycle. This can greatly increase the productivity of staff who are tasked with performing a physical inventory. It also decreases the time spent conducting physical inventories and increases inventory accuracy.
“The only assets that need to be inventoried are the exceptions, those assets whose existence is not verified through electronic or physical touch during the inventory period,” said Kim Doner, director of asset management at Grant Leading Technology. “Through this new standard practice, assets on networks can be pinged and assets that require routine maintenance are touched and don't need to be re-inventoried.”
According to Doner, ASTM subcommittee chair, this standard practice will be most useful to any entity that conducts inventories, particularly those that have large quantities of assets that can be electronically verified. When used in conjunction with ASTM Standard E2132, entities should have a fully robust and accurate asset inventory process.
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