7 Tips to Get Maximum Value Out of Your Enterprise Assets
Effective Asset Management is one of the most significant contributors towards an organization’s success and profitability. The optimal utilization of the existing assets, especially infrastructure, is a pre-requisite to boost the productivity that further increases profit margins.
Various benefits that can be derived from optimum asset management include seamless business continuity and process flows, assured regulatory compliance, and low costs, among others. An Enterprise Asset Management software plays a crucial role by enhancing the capability while bringing down the costs and risks involved in maintaining paper records.
With the competition getting more and more intense, lifecycle management of the aging assets and its alignment with the corporate strategy is of prime importance. Here, we will focus on the pointer that might help in realizing maximum value from your existing assets.
Tip#1: Know What You Have
To begin with, every organization must have a record of all the assets it owns. There should be a central asset repository that makes a record of all physical and virtual assets own and managed by the organization.
Tip#2: Gather Meta Data
A mere list of assets may not be useful until there is a record of asset-related attributes such as asset type, manufacturer name, status, location, and cost. Ideally, such a repository is known as asset register. After the procurement, there must be documentation about its usage history, current user it is assigned to, and maintenance & repair history. It is very important to bear in mind the uptime and downtime of any hardware equipment and its maintenance schedule. This help in proper asset lifecycle management.
Tip#3: Find Out Asset Utilization Status
Prior to acquiring an asset, you must ensure that you have visibility on all the existing and surplus assets. Visibility is critical, as redeployment of an underutilized available asset to cater to a requirement has saved the company more than the asset’s cost.
Tip#4: Prioritize The Organization’s Needs
Foremost, it is important for the asset-intensive organizations to identify the asset needs of the organization. Any asset that isn’t used at all or is under-utilized, it is better to take a call and phase it out. In today’s agile environment, it pays to be asset-light and aim for optimum asset utilization.
Tip#5: Predict The Future Course Of Assets
Most process-oriented organizations follow an asset lifecycle of a plan, procure, deploy, manage and retire. As every machine or hardware has a life-span, it is best to retire an asset before it reaches a certain age. With proper asset tracking, the performance metrics can help predict the longevity and time when a replacement might be due.
Tip#6: Track Assets To Raise Timely Alerts
Repair and maintenance of aging infrastructure is a costly affair and also hampers productivity. When the aging infrastructure is already identified, all that is needed is to raise alerts when the hardware or any asset must be taken out and replaced. It needs a well-equipped Enterprise asset management system to track assets and raise timely alerts to ensure seamless business continuity.
Tip#7: Act Timely
When your asset management software raises alerts, you just need to promptly act on it and reap the benefits of deploying a good solution. An effective asset management software helps saves time and costs of your organization without compromising on the information accuracy.
The above points shed light on ways to maximize the output from the asset operations that directly affect your organization’s productivity and profitability. Employing an effective asset management software brings down the costs and also increases the availability of machinery by way of improved services and maintenance processes.