In business, poor pricing of products and services lets you miss plenty of opportunities from profits down to deals. In fact, Harvard Business Review stated that even a 1%…continue reading
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Equipment List: What Is It?
The equipment list is another term for equipment inventory list. It is a document used to record, organize, and track all the significant equipment information that runs in a business. Consider this list as a system that helps you control all your company assets by noting the product serial numbers, item dimensions, and other department requirements. And professionals often use this list for reference if there are enough products in the business, certain tools to maintain, or items to replace.
According to Statista’s research survey, the worldwide construction equipment market garnered up to $140 billion in 2020, making North America the second-largest department for construction equipment around the globe.
Why Are Equipment Lists Important?
Other people may find record-keeping to be a long, arduous process, but committing to it will have its blessings in the long run. For example, not being able to control your equipment expenses and inventory can lead to poor financial decisions. So if you don’t do something to manage such assets, you can’t expect your business to last long. In fact, there are many reasons to keep an equipment list and here are some important examples:
More than Just a List
A lot of people assume that equipment lists are like traditional grocery lists that enlist every single product to buy for whatever purpose. However, equipment lists gather more information than just listing the names of the equipment. Equipment lists document the product quantity, date purchased, import data, export data, equipment price, unique serial number, item description, and other specifications. So you can expect it to be detailed and useful for various functions.
Sense of Awareness
Companies receive the wakeup call regarding their equipment data regularly thanks to a professional equipment list. As decisions come from evidencial data reports, you can treat the list itself as a company asset too. For example, your knowledge about what current resources your company has leads you to decide whether it is wise to work on a new project already or not yet. Of course, running low on supply would mean you need to gather more resources first. And that is just one example of the many information the equipment list can bring you.
Bear in mind that an equipment list is not written just once. It can be edited and monitored regularly; hence, you can expect timely data from the list. For example, you can schedule an equipment calibration plan or maintenance in case there are lots of equipment that need repair work. And the fact that the document is constantly updated proves that it has reliable data for reference anytime.
Understanding Equipment Trends
If businesses constantly change, the same goes for equipment inventory. The data under an equipment list can help your enterprise keep up with the latest trends such as which items most businesses use, which product easily breaks down, and which equipment has been cost-effective. Cost factors can even help your business know how to budget wisely in terms of equipment purchases and maintenance. An example is how the worldwide construction equipment market garnered around $140 billion in 2020, and how North America became the second-largest sector for construction equipment globally. You may check other equipment trends for travel, healthcare, and more departments as well.
Did you know that equipment lists can also be a great reference for productivity tracking sheets? For example, the equipment bought, produced, or sold will help stakeholders know which employees have done more work, lesser work, and who did the bare minimum. Thus, the document is a good system for productivity transparency so the management knows who has been irresponsible with their jobs. Also, it will help develop a sense of accountability of responsibility among the staff.
What Are the Common Classifications of an Equipment List?
It is essential to note that the classification, content, and format of an equipment list doesn’t have to be the same for every company. It can be personalized based on what set of data your business is concerned regarding equipment information. But when it comes to standard examples, these are the basic equipment list classifications:
How to Create a Dependable Equipment List
Making a proper equipment list is a critical step for business management operations. You already know how important it is as well as its essential components. So are you ready to create your own equipment list to run an efficient company with better equipment inventory flow? Kindly follow these simple steps:
Step 1: Download a Sample Equipment List Template
You need not use a blank document to make the equipment list from scratch. Instead, use a sample template from any of the 50+ equipment list examples, as seen above in this article. In fact, you can access loads of editable and printable templates such as an equipment contract, weekend vacation backpacking checklist, cute to-do list, shipping and logistics agreement, and so much more. Optimize a template now!
Step 2: Personalize the List with General Business Info
After downloading a template, proceed to edit and personalize the document. Rather than using standard samples, make it as your own such as inputting your business name, company physical address, email address, contact number, business logo, and employer branding. Complete your general business information so whoever finds the document will know that it is a business property already.
Step 3: Create a Table
Indeed, lists naturally contain numbers in chronological order. But it is not a mere master list only as it involves different columns or classifications. So you will have one column specifically for listing each equipment name and other columns for other required equipment information. Hence, you will need to insert a table and identify how many rows and columns will be needed. Or, you can optimize your equipment list by also adding graphs, charts, and other organizational graphics.
Step 4: Complete the Classifications According to Purpose
Make sure you don’t forget every single classification needed for your enterprise’s official equipment list. And if you remember the basic equipment list classifications discussed earlier, you would know that you need the unique serial number down to the cost. But, you can add more than the standard examples as long as the classifications meet your company objectives and equipment list’s purpose.
Step 5: Update the List from Time to Time
Conduct fact-checking and evaluate your entire equipment list until it is ready for submission. But, the process doesn’t simply stop there. Expect to set a regular schedule to update the list from time to time. Timely data is standard when it comes to writing the equipment list in the first place. For example, the number of equipment per month may change and prices could go for an influx. So be responsible and continue to monitor the conditions and other aspects of all business equipment. That way, your list’s content will really pay off.
What are the main categories of an equipment list?
There are three main categories of an equipment list and they contain different subcategories. These are:
- Tool information – serial number, description, location, condition, years of service, vendor, quantity, date of purchase, cost
- Issued tools – device serial number, description, issued to, check-in/check-out status, check-in/check-out time, reason, floor manager
- Financial information – date purchased with serial number, current value, operating cost, yearly straight-line depreciation, loan term, loan rate, monthly payment, expected value at end of loan term
What industries benefit from equipment lists?
Any industry can benefit from an equipment list, depending on what each company’s purpose for the list is. Common industries that depend on equipment lists come from the manufacturing, healthcare, construction, school, and office-based company sectors.
What are the four types of inventory?
The four basic types of inventory are raw materials, work-in-process (WIP), finished goods, and maintenance, repair, and overhaul (MRO).
In businesses, it is standard to spend on high-quality equipment as they become profitable assets for different purposes. And since the equipment is important to run your company, it only makes sense to do something that records, tracks, and organizes the equipment data. This is where equipment lists are at play—your most dependable tool to prevent misusing crucial equipment in your organization. Use a sample equipment list now!