Press Release Summary:
ASTM E2132, Practice for Inventory Verification: Electronic and Physical Inventory of Assets, has been revised. Explaining in detail, E53.01 chairman Rick Shultz noted that one reason for revision was to eliminate noun/verb confusion with the term "inventory" by replacing instances of the verb form with "verification." Another revision introduces acceptance of electronic touch, or ping, as viable means to verify existence of asset within organization.
Original Press Release:
ASTM Property Management Systems Committee Revises Inventory Verification Standard
W. CONSHOHOCKEN, Pa.-A recent revision to an ASTM International property management systems standard provides clarity on the use of the word "inventory" and allows for the electronic verification of assets within an organization.
The revised standard, ASTM E2132, Practice for Inventory Verification: Electronic and Physical Inventory of Assets, is under the jurisdiction of Subcommittee E53.01 on Process Management, part of ASTM International Committee E53 on Property Management Systems.
ASTM E2132 was one of the first standards developed by E53 after the committee was formed in 2000. The standard covers how to perform the verification of assets within an organization.
Rick Shultz, enterprise asset manager, Johns Hopkins University Applied Physics Laboratory, notes that there were two purposes behind the revision. "The first purpose was to eliminate any confusion with the term 'inventory,'" says Shultz, who is chairman of E53.01. "Individuals perform inventories and organizations have inventories. The first use of the term is a verb and the second is a noun. So, do organizations have inventories or perform inventories?"
Shultz says the revised standard settles this question by eliminating the verb use of "inventories" and replacing it with "verification," noting that per the new version, organizations now perform inventory verifications.
"The second purpose was to introduce the acceptance of an electronic touch, or ping, as a viable means to verify the existence of an asset," says Shultz. He notes that electronic forms of verification mainly affect assets that are connected to an organization's information technology infrastructure, such as computers, printers and servers.
According to Shultz, a wide variety of organizations, including publicly traded companies, government contractors, universities and federal government agencies, currently use ASTM E2132. "Effective inventory verifications require proper planning and execution," says Shultz. "Users find ASTM E2132 helpful because it identifies the steps to conduct a verification: planning, documenting, reconciling, understanding and reporting the results."
Representatives from all sectors are welcome to become involved in the ongoing evolution of ASTM E2132 and other E53 standards. "I would encourage anyone who performs any type of asset verification, whether it's a verification of material or equipment, to become an active member of E53," says Shultz.
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