How can a modern asset management system cut down costs and improve business?
Assets in a business required nurturing so that they can continue producing maximum production capacity. Employees of the organization frequently used these machines and equipment to carry out their daily activities for generating revenue. The tangible assets are the mechanism to execute all the imperative works in the business. A sudden breakdown of equipment could halt the workflow of the company. The malfunctioned asset needs to get it fixed immediately that can be ensured with an effective asset management system in the organization.
Every business deploys several assets at its workplace. There must be an asset management department to take care of these properties. Generally, the asset manager holds the responsibility for controlling the assets. The normal task of a manager included monitoring the changes in assets, monitoring accounts on fixed assets, analyzing asset transaction, reviewing asset management report, preparing a remedy for assets when they are not functioning well, and other several activities in asset tracking system.
The preventive maintenance works are executed as per the scheduled plan. The scheduling may include cleansing, lubricating, renewing, and replacing of old components with the new ones. The aim of the preventive maintenance is to avoid precipitous failure of equipment. This will also ensure the safety of employees at the workstation. Whenever an asset shows the sign of worn out, the asset manager would take up a sequence of maintenance activities.
If the company uses paper-based register or spreadsheet, the crucial activities related to asset management system will be irrational. They would manually enter all the data in the paper register. This method might be feasible in the olden days but we are living in the digital era.
Assume that your company has the paper-based management system and you need to schedule works and manage all the assets in your workstation.
The person who manages the faculty would attend the assets one by one and enter the information in a bulky register. If the assets have huge information, every asset would need separate register, and they would require other documents like invoice, purchase receipt, or terms and policy of particular assets.The size of the files will also be too bulky.
Editing the asset information would be too problematic in a paper register. Taking too much time in performing maintenance activities will slow down your business. This will force your business running at loss.While competitors are taking giant steps in business front; you may lag behind other runners.
An asset tracking software can perform multiple times better than a paper-based register. Asset Infinity is a dynamic portal with which the users can track and control their assets from loss and damage.You can create multiple schedule activities for multiple assets using its built-in spreadsheet tool or by uploading its excel template. With the help of easy to use equipment tracking software, you can create your own activity types and classify the activities types based on the maintenance cost.
Maintaining the condition of a machine before it becomes exhausted can save a generous amount of money. With this equipment tracking software, you can instruct the asset management team the multiple tasks of preventive maintenance activities. The Computerized Maintenance Management System (CMMS) is less expensive as compared to the expenses of a paper-based management system to leverage the company.
The amount spent on maintenance activities in asset management system will determine the profit of a company. Many companies fail to overcome the loss and debt due to over expenditure on asset maintenance. Asset Infinity has all-round facilities to avoid such situation. In this cloud-based platform, you can view the chronicle of assets’ performance during its existence period. You can calculate the depreciation cost with the straight line and written down value methods.
It also allows you to get depreciation analysis for a year or a month in details. You can specify the financial start month as per your business. With this mobile asset tracking software, you can also review the total revenue generated by the assets. This incredible system is the ultimate solution to simplify all the complexities of asset management in the business.
Need for asset management system in the business
The preventive maintenance works are executed as per the scheduled plan. The scheduling may include cleansing, lubricating, renewing, and replacing of old components with the new ones. The aim of the preventive maintenance is to avoid precipitous failure of equipment. This will also ensure the safety of employees at the workstation. Whenever an asset shows the sign of worn out, the asset manager would take up a sequence of maintenance activities.
Downside of paper-based asset management system
In order to recognize the condition and status of the assets, the companies necessitate implementation of asset tracking system. In this system, the company will record the profile of their assets. From the analysis of an asset history, it can find out its utility, purchase time, number of persons who have used it, number of breakdown occurrences, or money spent on maintenance works.If the company uses paper-based register or spreadsheet, the crucial activities related to asset management system will be irrational. They would manually enter all the data in the paper register. This method might be feasible in the olden days but we are living in the digital era.
Assume that your company has the paper-based management system and you need to schedule works and manage all the assets in your workstation.
The person who manages the faculty would attend the assets one by one and enter the information in a bulky register. If the assets have huge information, every asset would need separate register, and they would require other documents like invoice, purchase receipt, or terms and policy of particular assets.The size of the files will also be too bulky.
Editing the asset information would be too problematic in a paper register. Taking too much time in performing maintenance activities will slow down your business. This will force your business running at loss.While competitors are taking giant steps in business front; you may lag behind other runners.
Asset tracking software to relief your business
Maintaining the condition of a machine before it becomes exhausted can save a generous amount of money. With this equipment tracking software, you can instruct the asset management team the multiple tasks of preventive maintenance activities. The Computerized Maintenance Management System (CMMS) is less expensive as compared to the expenses of a paper-based management system to leverage the company.
Evaluate the cost and value of asset using asset tracking software
The amount spent on maintenance activities in asset management system will determine the profit of a company. Many companies fail to overcome the loss and debt due to over expenditure on asset maintenance. Asset Infinity has all-round facilities to avoid such situation. In this cloud-based platform, you can view the chronicle of assets’ performance during its existence period. You can calculate the depreciation cost with the straight line and written down value methods.
It also allows you to get depreciation analysis for a year or a month in details. You can specify the financial start month as per your business. With this mobile asset tracking software, you can also review the total revenue generated by the assets. This incredible system is the ultimate solution to simplify all the complexities of asset management in the business.
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