Asset verification

Using photographic equipment, scanners and verification software, OpenAsset inventory specialists go on-site, seek out each FAR asset, and verify its existence, asset type, location and description with reference to the updated records from OpenAsset.

Asset information for those assets that are not currently listed on the ledger, but are of obvious material value and consequently should be accounted for, are seeked and collected and the asset's value appraised for inclusion into the ledger.

Photographs are taken of assets to assist in their identification for description, classification, insurance purposes and replacement.

All vague descriptions of assets are investigated, clarified and corrected.


Conditions of assets are determined by following a standardized approach so that it can be consistently applied across the Client’s Properties to:

  • enable effective benchmarking, trend monitoring, and data aggregation;
  • be cost effective, repeatable and objective;
  • be linked to the expected failure pattern of the specific assets (wherever practicable);
  • be modeled on performance criteria rather than visual inspection of condition where such is not practicable or inappropriate

A simple generic five-point grading are adopted:

‘EUL’ is Expected Useful Life

‘RUL’isRemaining Useful Life

Grade  Description                               Detailed description                                                                                                                                            Indicative RUL


Very good

Sound structure, well maintained. Only normal maintenance required.

71-100% EUL





Serves needs but minor deterioration (<5%). Minor maintenance required.


46-70% EUL





Marginal,               clearly   evident         deterioration          (10-20%).Significant maintenance required.


26-45% EUL







Significant deterioration of structure and/or appearance. Significant impairment of functionality (20-40%).  Significant renewal/upgrade required.



11-25% EUL




Very poor

Unsound, failed needs reconstruction/ replacement (>50% needs replacement)


0-10%  EUL

Our proven methods and use of state-of-the-art technologies enable our inventory specialists to complete a highly accurate physical count with little to no disruption to your normal daily business operations. During this time, inventory movement should be controlled and, if practical, receiving activities should be delayed until the physical inventory taking process is completed.

A Project Manager is assigned to the project to assess client objectives, existing business controls, and asset information standards and conventions. Using this information, we craft a concise plan that is used to govern specific asset counting methods, information, conventions, and project stages.