Asset management is vital to most of the business operations and proper tracking can help reduce the operating cost significantly. Here are few strategies that you may adapt to manage your company’s assets properly.
Asset management systems are important as it gives clear visibility of the ageing infrastructure and when they need to be procured in the company.
Choose the appropriate tool to Manage your assets
Based on your company’s requirement and size, you must choose the correct asset management tool like Kloudgin’s asset management cloud tool. It may comprise of both hardware and software. You may decide to buy one and get it customized peryouth company’s requirement or else build your own. Your asset management system should be able to create the maintenance schedule for your assets, record the uptime and downtime of the equipment and record the user on each machine.
You must ask for a test drive to understand how each feature works in a software and how it suits your company’s requirements before you buy one. Also, check what kind of reports does the tool provides and whether these reports are customizable in-house or not. Reporting is a very important aspect of any management system as it is what help you infer the outcome.
Tracking assets for your company.
Initially, it’s very difficult for a company to identify what should be considered as an asset or not hence from day one, you must practice to track every item as an asset which enters your company and enables operations in any way. One must add a new asset into the tracking system as soon as it leaves the purchaser’s hand to avoid any in transit loss.
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On must use unique asset tracking number for each asset. Often people enter asset’s serial number as tracking number which can easily be duplicated by anotherproduct of same company and model. This will ensure data integrity and will keep you with right form of reporting for things like customer balances, rental incomes etc.
Optimize the cost of your assets by conducting an equipment analysis
Understand what drives the cost of your equipment’s. This will help you to keep excessinventory of spare parts. Review your equipment’s health from time to time. Most asset management systems allows you to assign weights and scores to an unlimited number of user defined variables. This helps you to build total criticality score for a give asset or component.
One must be able to balance the costs involved in an asset, the opportunities and the risks involved against the desired performance of it. One might have to visit this effects time and again to see the balance is maintained or not. This kind of analysis helps in maintaining analytical approach while managing the asset over different stages of its life cycle.
Start with building of database for your assets
Create a database for your assets. Each must follow a standard template that includes all necessary information about the asset including a short description. The manual recording may be required for already existing assets and new assets can be entered just by scanning them through a scanner.
Once the database is established, one must work to improve the quality of the data present. For this first remove, all the ghost data which may be for the redundant asset which do not exists anymore in the company.
Then you must check and evaluate all the assets based on their information like sensitivity, criticality, value, or compliance needs.
Report and Plan your assets.
Start with setting a benchmark for your assets and report and plan accordingly. The reports may include financial forecasting of your assets as a liability to the company in long run. Develop the asset tracking process and document it. Make these reports mobile so that top management can access them over their phones.
Establish a predictive model for your assets and its reporting to have the proper maintenance plan. Tag your assets properly in the system.