In today’s technology-driven business arena, it is extremely important for any business to have a competent asset management system in place. By doing so, a company can monitor and effectively manage all its assets systematically and easily. There are several benefits such as improvement in organisational productivity and efficiency. These benefits eventually help the business gain an edge over the competition and increase the company’s profits.
What is asset management?
This brings us to the question, what exactly is the meaning of asset management? To explain it simply, let’s say fleet management is a process that takes care of all sub-services related to operating and managing a fleet of vehicles. Asset management is a similar system that manages the company’s assets throughout the business, including those within the fleet as well. These are likely to include all tangible or virtual assets such as buildings, plants, machines, tools, spare parts, and software applications, and all of them can be managed from a central command or dashboard.
Asset management is not only about mobility, but the future of fleet management.
Why asset management?
By using modern asset management software, managers can monitor and analyse the performance of their assets. They can ensure asset utilisation, performance reviews and prevention of cost escalations because of unplanned downtime and other disruptions.
How does asset management work?
A good asset management system provides a comprehensive view of the entire asset life cycle. So if we talk about a particular piece of machinery, it will include the procurement and installation and upgrades and eventual disposal. Conventionally, companies have been using spreadsheets to implement asset management, but, in the modern era, the best option is to use relevant software from a facility management company.
Using such software can compile and evaluate data efficiently to facilitate decision making related to asset management. Each activity’s output and impact is monitored while analysing the cost benefits.
What are the benefits of asset management?
An asset management system has the capabilities of monitoring and maintaining valuable things. An efficient asset management system can work across different business verticals, departments, locations and facilities. Thus, it also allows review and management of assets such as vehicles, tools, equipment, processes and even human resources from one central ‘hub’ or control panel. This kind of collaborative approach can help you in reducing the capital and operating expenditure of your assets.
By correctly selecting and implementing an asset management system, you can:
· Track all your assets
· Manage assets in different places
· Plan against financial, operational and legal risks
· Set service level parameters
· Create a comprehensive asset portfolio
· Improve operational efficiency through performance tracking
· Improve time management
· Evaluate and monitor asset life-cycle costs
· Boost economic stability and growth of your business
As a business, you need constant improvement in your performance and gain new insights and tools that help you make decisions that improve efficiency, reduce costs, and improve uptime and employee and customer satisfaction.