From pen and paper practice for asset management to automatic asset management practice via scanner.
Indeed, we have come a long way! A lot of improvement can be clearly noticed and a lot of improvisation still yet to be done.
Organizations are also adapting these technologies and practices. However, some organizations are so focused on sales that they forget about assets. In other words, asset tracking is not their priority.
And as a result, several assets are gone, increased maintenance cost etcetera. So, asset tracking & management is necessary to enhance your business growth.
This is why in this blog, we are suggesting 7 Best asset management practices that you can apply in your business.
So, you can guarantee your business is compliance, assets stay safe, and in great condition as well as accountable. So, without fritter away time let's begin!
- Choose technology carefully - Yes, choosing the right technology for your business is very crucial. Asset tracking technologies such as RFID (Radio-frequency identification), Barcode, NFC, GPS asset tracking are available.
All of them are efficient and effective but each technology has a unique way of working. So, it's important to understand your company requirement. Then only you will be able to choose the right technology. Most organizations utilize barcode & RFID technology.
- Choose the right Software & Hardware - Using old and manual techniques for asset tracking will only waste your time. To save time and money you should go for updated technology as well as the right software & hardware. Both software & hardware can make a huge difference in terms of managing assets efficiently & accurately.
Also, you need to ensure that the software and hardware are well-integrated, compatible & streamlined. The hardware such as your scanner can scan data easily and software should easily read & store that data.
- Analyze Asset performance - How your asset is performing? Is it taking more maintenance than required? You must keep asking these types of questions to yourself. However, it is equally important that you understand the lifecycle of an asset.
Compare the expenses related to the asset with the desired performance. If an asset is no longer productive then you can dispose of it, sell it or donate it. So, you should always keep track of your asset performance too. You can easily do it with the help of software.
- Track your Asset Depreciation - Without tracking asset depreciation you would be paying more taxes. So, you must do proper Asset depreciation calculation. Don't worry, you don't have to do by yourself, you will be able to calculate with the assistance of the software.
Similarly, you can retrieve data on a particular asset for information such as how fast the asset is depreciating & when you need to dispose or decommission the asset.
- Asset Maintenance proactively - One must do maintenance activity on a regular basis. Because if you wait for a machine to deteriorate, then it will hurt your pocket. It will be a wastage of time. Moreover, your work will suffer, and productivity will be decreased.
So, it's better to avoid that disaster scenario with the asset management software. It will send you notifications and alerts for asset maintenance. It is the most important practice yet most of the organization fails to do which leads them to a blunder consequence.
- Remove Ghost Asset & Zombie Asset - Ghost assets are either they are missing/stolen or those assets which are mentioned in your books. But physically they are not available. Zombie Assets are physically there but not mentioned in the books.
They occurred because of non-efficient asset management practice & both effect in taxation. Why ghost asset is a problem? Because you are paying taxes for an asset which you are not using.
Secondly, if any work order arrives you though that you have an asset in order to fulfill the work assignment but then you realize that you are short of that particular asset.
Why zombie asset is a problem? It puts the risk on your organization and jeopardizes your work. You can remove all your ghost assets & zombie asset. How? If you perform a physical audit on a regular basis.
- Regulatory Compliance - When asset tracking & management is done correctly and efficiently then you can find accurate reports. The reports are used by top management including CEO & it also plays a vital role in making a strategical decision.
A strong compliance function can set apart your company from your competitors. With the assistance of the software, you can get reports of an asset within minutes.
It includes asset history report, asset maintenance reports, asset record, etc.
In all practices, the asset management software provides tremendous assistance to you and your organization. It not keeps you well-informed but also helps in you making a strategic decision. Moreover, you can get solutions to several issues.
So, these were some important asset management practices you can utilize in your business to make it better.
However, if you are having problems in asset management & tracking, we (Asset Infinity) can assist you in offering a good system according to your needs. We assure you that you will save a lot of money and see growth in business.