In almost any industry, a key outgoing is the cost of maintenance, repair, and replacement of fixed assets. In some cases, asset management costs can cripple a business. But by identifying inefficiencies and streamlining asset management operations, business leaders can make large savings and get profits back on track.
So, how do you easily and efficiently manage millions of dollars worth of assets so that your business can operate as nimbly and as cost-effective as possible? How can you make tangible savings straight away?
You can have all these things with asset management mobile apps and software that is proven to be adaptable, agile and affordable.
Say goodbye to a messy, complicated and outdated system of spreadsheets, or even notes on paper and whiteboard scrawlings. With asset management software, all of the following can be viewed in one central online location:
- Work orders
- Maintenance schedules
- Maintenance records
- Asset documentation and records
But with multiple versions of asset management software on the market, how do you find the one that will deliver the best results for your business? You should be looking for each of these if you want to make the biggest savings using easy-to-use software.
1. Allows you to easily track all your assets
To be of any value to you, asset management software should allow you to track each and every one of your business assets across all departments and even across all sites.
When you use asset management software to automatically track your full asset register, you can be sure that your business can do the following:
Easily deploy assets
Across large organizations, assets are frequently redeployed and moved from one location to another. Assets may also be sold, scrapped or taken offline for repair or maintenance. Having an inventory and real-time overview of the status of all assets makes it much easier to locate, relocate and redeploy these assets when necessary. An understanding of their capabilities at all times enables a business to be far more agile and reactive to customer or stakeholder requests.
Minimal downtime and maximum lifespan for all assets
The right software should allow you to manage your assets proactively, not reactively. As you know, the need for emergency repair can be very costly. Not only is there the cost of the repair itself but also the financial implications of downtime of personnel and damage to cash flow, supply chains and customer relations.
Asset management software ensures correct maintenance schedules are followed. When equipment is properly maintained, its lifespan is extended. This gives you the best possible value for money from each asset and maximizes the time until an outright replacement is required.
Plus, asset management software can also help you maintain all safety protocols.
Risks are well-managed
Another significant advantage of automated asset management is its ability to help business leaders manage risk. The newest asset management software can use data analytics and statistical modeling to make accurate predictions for the useful lifetime of an asset. For instance, it can accurately predict when a replacement may be required or the likelihood of breakdowns.
Therefore, with asset management software, risks can be appropriately managed, predictive maintenance can be initiated and the costs of replacement anticipated. Financial planning becomes much easier.
A balanced workload
For the personnel responsible for organizing and enacting maintenance of business assets, the right software can help them manage their workload more effectively. It also helps leaders delegate tasks to the right people at the right time. A maintenance manager can review and prioritize work requests and assign work orders from one convenient centralized location.
The right software can also help businesses avoid delays and bottlenecks in routine maintenance by enabling a manageable flow of work through maintenance departments.
2. Provides low impact software with a high impact on your business
Software that is difficult to use and requires hours of training isn’t going to save time and, therefore, it definitely isn’t going to save money. A good asset management software is easy to navigate by all relevant personnel and comes with technical support systems to maximize useful uptime.
Cloud based asset management software also has minimal impact on IT systems and departments. Internet access is all that is required. Systems are fast and use fewer resources than hardware in terms of initial CAPEX investments, IT running costs, and support personnel.
3. Features dashboards and reports for effective asset management
Useful dashboard features provide real-time, accurate data. The ability to generate reports, work orders and maintenance histories at the touch of a button and at any time saves valuable working hours. Both these features empower leaders to make informed and impactful decisions at any time.
With mobile apps, these decisions can be made anywhere and at any time. Cloud based asset management software guarantees almost continuous access to these dashboards from anywhere with internet access, from your office to up a ladder (with the help of a mobile app).
Asset management software enables businesses to streamline their asset management, so working time (and related costs) are saved. Bottlenecks are avoided and inefficiencies are eliminated. Operations become more agile with the immediate information these at-a-glance dashboards can provide.
Who can benefit most from asset management software?
Sizeable businesses from almost any industry can benefit from asset management software. If any of the following situations apply to your organization, you should seriously consider one of these products:
- Perceived inefficiencies in your current system of asset management.
- Ownership of multiple high-value assets or a spectrum of equipment that needs regular maintenance, for example, vehicle fleets or IT equipment.
- Ownership of equipment that can and needs to be rapidly deployed in emergency situations and thus must be online as much as possible, for example, healthcare or military equipment.
- Ownership of assets that are needed every working day for continuous or near-continuous service, for example, construction equipment or hotel assets.
Choosing the right asset management software can streamline your operations, remove inefficiencies, lower costs and boost profits. In other words, it can revolutionize your business. Just be sure to choose a product that offers feature-rich and easy-to-use software at an affordable price for the best results.
Editor’s Note: Andrew Piechowiak is the General Manager – Asset Management Business at SGE Group International, a multidisciplinary group of companies with core business interests in Asset Lifecycle Management, Land Development, and Software. Aladdin is SGE’s proprietary Asset Lifecycle Management software, designed to empower FM, Maintenance and Asset teams across multiple industry sectors.