This work aims to implement the asymptotic homogenization method (AHM) to predict the effective thermal/electrical conductivity for suspensions with aligned inclusions. Exploiting the substantial separation of length scales between the macroscopic and microscopic structures, multiscale modelling using AHM capitalizes on the perturbations of the potential field caused due to the presence of an inclusion under a macroscopic loading are used to predict the effective property. The analytical formulation for the thermal/electrical conductivity problem is derived, and subsequently, the finite element (FE) formulation required to solve the unit cell problem is described. The results obtained for a cylindrical inclusion are validated against known analytical solutions for both the dilute (Mori-Tanaka) and concentrated volume fractions (Φ) of the inclusion. The study revealed that Mori-Tanaka (MT) estimate and AHM agree well at Φ less than 0.4. However, near maximum packing fractions, AHM results fared significantly better than MT when compared with known asymptotic forms (J. Keller, Journal of Applied Physics, 34, 991, (1963)). The proposed AHM method is then implemented to structures with aligned spheroidal inclusions of various aspect ratios and conductivity ratios, thus providing a more generalized approach to predict the effective thermal/electrical conductivity. The results obtained are bench-marked and validated systematically against known analytical expressions.