Dos and Don’ts for Asset Management

It’s no secret that your equipment is the heart of your business. When there are issues with your company’s different physical assets it can lead to a whole host of consequences. From downtime to increased costs, loss of valuable equipment is something that business owners want to avoid as often as possible.

This is where asset management systems come into play. Asset management is a crucial part of many business operations, and it’s not a new concept. What’s changing is the technological innovations that are streamlining the asset management processes. The following are some of the best asset management and equipment maintenance software available on the market today.

Equipment Management: Major Benefits

Having access to functioning equipment isn’t something you or your team should take for granted. This is why it’s so important for you to integrate effective asset management software into your everyday business processes.

While there are many benefits to the utilization of equipment management software, we’re going to discuss the few that are the most common. From reduced costs to streamlined maintenance operations and ease of use, these are the best ways to deploy asset management software for your team to achieve the most advantageous outcomes.

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Increased visibility is the first major benefit of equipment management systems. Being able to monitor equipment use in real-time allows your entire team to be aware of what’s available and when. With a simple barcode or QR code that’s placed on your equipment, your team can easily scan the code to check something out from their smartphone.

Having immediate access to these insights right at your fingertips streamlines workflows and optimizes your inventory management processes. This also allows you to monitor the active work orders and maintenance requests, meaning you have a comprehensive view of your complete asset inventory.

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Improved and accelerated maintenance processes are other major benefits of equipment management systems. If you have a team of on-site maintenance professionals in your maintenance department can easily become bogged down by upkeep and work orders without a proper management system in place.

Deploying maintenance management software is the easiest way to complete the scheduling of regular equipment maintenance and upkeep tasks. This keeps maintenance activities organized and allows your team to efficiently plan and complete preventative maintenance. Optimizing these processes also keeps maintenance costs to a minimum and reduces the risk of downtime for your equipment.

What Not to Do

The first thing to avoid when it comes to equipment and inventory management is manual entry. In the past, inventory management had to be done by hand and lacked any sort of automation and technological deployments. This is not only costly time-wise for your team, but it also leaves a lot of room for human error while.

Additionally, the amount of paperwork these processes could amass was also overwhelming. Doing this process manually is completely inefficient and has become obsolete thanks to inventory management and equipment maintenance software. Your asset tracking contains critical information about your equipment, which is why consistency and accuracy in data input are a must.

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One common misconception about inventory and maintenance management software is that they are only useful for large-scale operations and companies. Organizations of all sizes can benefit greatly from the use of an asset and maintenance management system in their day-to-day operations. Even if your equipment inventory is small, it doesn’t make it any less valuable.

It also doesn’t mean you can’t benefit from automating your various equipment management processes. As a small business, your team’s time is just as important as that of a large corporation— sometimes even more so. When you have a very contained team of employees, they need to have optimized and automated tasks to help free up their time for more demanding projects. In these cases, a maintenance management system is a lifesaver for organizations of all sizes.