Poor asset management can lead to missing and under-serviced assets. This can have a negative impact on your organisation’s operations and bottom line.
More often than not, poor asset management is a result of a manual asset management process, where organisations have to manually keep track of their assets. These organisations usually fail to actively monitor their asset maintenance schedule because they are focused on other important tasks. This is why organisations are shifting to asset tracking and management software for efficient asset management.
However, if your organisation still relies on a manual asset management process, look for the following 5 signs of poor asset management and how you can prevent them before they negatively impact the performance of your organisation.
Poor asset management can result in inefficient maintenance, where you spend unnecessary time and resources to maintain your assets, or you fail to make the best use of your assets. For efficient asset management, your organisation can harness the potential of an automated asset management process. Asset tracking software enables you to schedule preventative maintenance of your assets so that you are well-aware of when to perform asset maintenance tasks and the resources you will need.
Higher frequency of asset issues
Damaged, malfunctioning, or obsolete assets are a result of poor asset management. This can lead to unnecessary asset repair and replacement expenses. However, regular monitoring of your assets and updating their status in a timely manner can provide you with a clear view of your assets, thereby helping you to make well-informed decisions about your assets.
Difficulty in budgeting
Inefficient tracking of assets can make it challenging to forecast how much your organisation needs to spend on asset management. This is because you may be unaware of the assets that have reached the end of their useful life and you may not take into consideration the repair and replacement cost of those assets. The solution is to have asset tracking software that allows real-time monitoring of your assets, helping you to stay on top of assets that need repair or replacement and ensure efficient budgeting.
Existence of ghost assets
Ghost assets are those that are recorded in an organisation’s asset register but which are physically unavailable because they are either missing or unusable. Ghost assets exist when organisations fail to dispose of obsolete assets or overlook assets sitting idle on a job site. Asset management software can help eliminate ghost assets. It can provide your organisation with a clear picture of your assets and where they are in their lifecycle – from the beginning to disposal – thereby enabling efficient asset management.
Poor visibility of assets
Inefficient management of assets can make it harder to measure their performance. Asset tracking software offers real-time reporting, providing your organisation with complete visibility of your assets. This includes the types of assets that you have and reporting information, such as upgrades or resolution of issues. With a clear picture of your assets, you can be aware of both well-performing assets and non-performing assets.
Poor asset management can affect your organisation’s productivity. However, asset tracking and management software enables efficient asset management, helping your organisation to streamline your operations, alleviate unnecessary expenses, and enhance asset performance.
assetTRAC is smart and easy asset management software that can help organisations automate asset tracking, maintenance, and reporting, thereby saving time, reducing cost, and improving efficiency.
What is preventative maintenance of assets?
Preventative maintenance is the one that is regularly performed on assets to lessen the likelihood of their failing. It is performed while the assets are still working to prevent sudden breakdown of assets.
How can asset management software help avoid unnecessary expenses?
Asset management software enables real-time tracking of assets, providing a clear picture of where they are in their lifecycle – from the beginning to disposal. You can be well aware of when your assets reach the end of their useful life and efficiently schedule replacement of the required assets.
What features should I look for in my asset management software?
Your asset management software should enable real-time monitoring of assets, efficient scheduling of preventative maintenance tasks, easy distribution of maintenance jobs among field employees, and complete reporting. All of these features help in efficient asset maintenance, thus saving your time and effort and reducing the overall asset management cost.