Effective asset management is essential for keeping a competitive edge in today’s fast-paced business environment. Do you manually manage your inventory and equipment using spreadsheets that require hours to maintain? Believe it or not, if you are doing the same, then it’s time to change!
Organizations need to have robust systems to optimism asset utilization, reduce downtime, and increase profits, given the complexity and diversity of assets that are becoming more and more diverse.
This is where you have to utilize Asset Management System, a powerful tool created to improve overall operational efficiency and optimize asset management operations.
What is an Asset Management System?
Asset management software is essential for today’s businesses. It must be powerful, simple to use and customizable.
A business employs asset management software to organize and control all of its assets. These assets may be tangible or intangible. They could be people, properties, equipment, inventory, monetary assets, and anything else crucial to the day-to-day operation of the company. Different businesses manage these assets in different ways.
Asset management software assists your business in monitoring and managing assets using a systemised approach. In addition to getting a return on your investment, you can enhance your productivity and efficiency. In addition, your business improves how well it serves customers and becomes more effective.
What Objectives Does Asset Management Software Serve?
There are three primary goals of an asset management software. Below, we are mentioning:
Optimize Asset Utilization
An asset management software assists organizations in making informed decisions about asset allocation and utilization by providing real-time data and analytics. It ensures that resources are used to their full potential, cutting down on downtime and improving productivity.
Reduce Operational Costs
Asset management software assists organizations in preventing expensive breakdowns and repairs by scheduling proactive maintenance. They enable predictive maintenance by keeping track of asset health and providing alerts or work orders when maintenance is necessary, cutting downtime and related costs.
Boost Regulatory Compliance
Asset management software helps to maintain compliance with legal requirements and industry-specific standards. They assist organisations in keeping track of asset documentation, certifications, and inspections to ensure operational and legal compliance.
How Does Asset Management Software Work?
Asset management software work via a systematic process that includes the following crucial steps:
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Asset Inventory and Classification
The system records detailed information about each asset, such as its location, specifications, and maintenance history. It also records the asset’s unique identifiers. On the basis of categories, such as equipment, facilities, vehicles, or IT infrastructure, assets are categorized.
Asset Tracking and Monitoring
The system tracks the movement, use, and performance of assets using various technologies, including barcode scanning, RFID, or GPS. Organisations are able to have up-to-date visibility and control since real-time data is entered into the asset tracking system.
Repairs and maintenance
Preventive and reactive maintenance procedures are made easier by asset management software. They automate maintenance schedules, start work orders, and monitor how well repairs are being done. This reduces the possibility of unexpected breakdowns by ensuring that assets are well-maintained.
Reporting and Analytics
Based on asset data, the system creates thorough reports and analytics. Organisations can use these insights to make data-driven decisions, identify opportunities for optimisation, and create plans for upcoming asset purchases or retirements.
Benefits of Having an Asset Management Software
Better Asset Visibility
Asset management software provides the features required to ensure that all assets are visible and discoverable. The utilization of asset tracking features is especially important. This information is kept in a central database, commonly known as an asset register.
An asset register contains an extensive amount of information about each physical asset. Including:
- Purchase cost
- Date and place of purchase
- Current status
- Number of units
- Special ID number
All business sizes and types benefit from asset visibility.
Eliminate Ghost Assets
“Ghost assets” are assets that appear in your asset registry but cannot be located physically. This equipment may still be in the system despite having been lost, stolen, or even incorrectly registered.
Asset management software can automatically identify and get rid of ghost assets with features like real-time tracking. So you are not paying taxes or expensive insurance premiums on immaterial assets.
Excellent Real-Time Tracking
Companies can use various asset-tracking tags and labels to track inventories, vehicles, and equipment in real time. These take the shape of GPS trackers, RFID tags, Barcodes, QR codes, and NFC tags. Depending on your needs, each labelling option offers advantages of its own.
Asset managers can make sure that registers are updated regularly with accurate data by using real-time asset tracking system tools. Instead of manually editing spreadsheet fields, which could lead to costly errors.
Improve Asset Life Cycle Management
Businesses can now understand the life cycle of any asset with asset management software. Understanding the life cycle of an asset in complete detail ensures that it is purchased, used, maintained, and eventually disposed of in the most effective manner. Plus, they have a detailed insight into asset performance data.
How to Develop a Strategic Asset Management Plan?
All assets that the company has should be included. Information like total count, location, value, date of acquisition, and expected life cycle must be gathered information. Calculating each asset’s lifecycle costs is also crucial. This information will be useful when assessing whether assets require maintenance or removal.
Level of Service
The services that assets provide are measured by their safety, reliability, quality, availability, responsiveness, cost, sustainability, and environmental effects via a set of levels of service. This helps organizations to calculate the value of each asset and the maintenance and renewal activities necessary to keep it in excellent shape.
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Determine How Assets Manage and Operate
An asset management plan’s core process is understanding an asset’s lifecycle and lifecycle management. The planned activities will allow assets to provide the appropriate levels of service in a sustainable manner. The strategic asset management strategy needs to include the following sections- Background information, Risk management plan, Operating plan, Equipment maintenance plan, or Disposal plan.
Make a Financial Strategy
This step includes all the financial requirements of the activities that help you make a financial strategy. A financial strategy should identify financing sources and incorporate historical and projected capital and operating costs.
Build an Improvement Plan
Improvement initiatives, responsibilities, resources, and timetables should all be include in an improvement plan. An organization can monitor and manage asset management operations to ensure appropriate asset management practices are follow, and the overall process remains on track by having an improvement plan.
Advanced Software to Empower Asset Management
If you are looking for the best Asset Management System solution, look no further than Genic Assets. We provide businesses with a variety of features and functions that improve asset management processes through our robust and comprehensive solutions.
Not only this, organizations can use the Genic asset management app to better streamline their asset management processes. You can conveniently access asset data and carry out important tasks while on the go using a mobile device and an asset management app. It gives field workers, managers, and supervisors the power to plan maintenance operations, update asset data, and monitor asset performance in real time.
Organizations can unleash the power of mobility and take their asset management efforts to the next level with our asset management app!