Lots of organizations suffer from loss due to inefficient workflow, ineffective equipment management. When you do not take care of your assets it results in delayed work and product delivery does not take place on time.

It not only impacts your brand image but also business can lose a customer.

Therefore, in this blog, we will know what industrial inefficiencies are and how you can eliminate them with industrial asset management software! So, let us begin.

What Are the Industrial Inefficiencies?

Inefficiency in business can be anything such as material brokerage, energy wastage, finding pieces of equipment, machine breakdown. Decreased productivity due to inefficiency.

Inefficiency can be detected with the help of technology they are really effective in terms of optimization and eliminates wastage of time and in-accuracy.

Software applications such as asset tracking and management software are designed in a way so that they can monitor assets and track asset data. They let you know where there is room for improvement.

Also Read: Importance of Asset Management Software Tool for Small Businesses?

What Does Industrial Asset Management Software Do for Increasing Efficiency?

We have discussed below how industrial asset management software increases efficiency:

Ways Asset Management Software Increases Efficiency

1. Manual Work Eliminated

Manual work is one of the reasons for decreased efficiency because when you manage equipment manually you can lose track. After all, there are lots of activities that need to be done.

This software makes the process automated and lots of inefficiencies are decreased with automated software. This software stores data and alerts and notifies the team as per the scenario. Automated process makes team more organized!

2. Asset & Inventory Theft

Imagine a scenario during the daily work you found that required equipment is nowhere to be found it is misplaced or stolen.

According to a blog, “Over the 2004 to 2014 period an estimated $51.2 million of heavy plant, equipment and vehicles were stolen from businesses. And plant theft from construction sites including more portable plants such as compressors and generators costs Australian companies $140 million every year.”

Theft and misplacement of the asset decrease the efficiency of the organization it only impacts daily operation, but your unnecessary expenses are also increases. How asset management helps in this situation.

With asset tracking techniques such as barcode, QR Code (Quick Response code), RFID (Radio-frequency identification).

These techniques are used to know asset location all the time. When you know the location all the time you can easily avoid asset theft and misplacement.

3. Proactive Maintenance

Maintenance management is one of the toughest managing jobs. If your organization has organized maintenance, then you know how important maintenance is.

If sudden asset failure occurs it delays production work and maintenance expenses are also increased.

A lot of organization thinks that why maintenance is hard to manage manually? Because there are hundreds of assets that need maintenance, and you need to keep track of these assets as well.

It makes the job hectic, and you can easily skip maintenance of assets.

However, this software can store data of each asset and software will alert you for each upcoming maintenance job. It makes you more efficient and productivity increases.

Moreover, this software specializes in proactive maintenance which means at the first sign of a problem in an asset, maintenance is scheduled for the asset.

Also Read: 5 Detailed Reports Expected from Asset Management Software

4. Extend Asset Life

Asset life is very crucial for the business. It can impact the bottom line negatively or positively as well. However, it needs attention to extend asset life if you do not pay attention to the equipment your organization will suffer from loss.

How? If you do not take care of assets, you will dispose of assets before their productive life is over, when you do not use the asset to its full potential that means you are giving away your profits and once productive life is over asset failure chances are increased.

With industrial asset management software, you can always know how much asset life is left.

Furthermore, when you give asset maintenance on the time it increases asset performance and asset life.

It notifies the team about asset life, and they can make informed decisions.

5. Precise Reports

Information is crucial when you want to boost the efficiency of the organization in terms of asset performance, daily operation. Reports are the key for the organization to grow.

However, data accuracy is very important otherwise it will not be effective as you thought it would be!

Data history makes the maintenance team more efficient as they can know asset issues quickly with the help of data.

For instance, if an asset has an issue, they can check what was the solution provided to the asset that will help the maintenance team to close the issue quickly.

Industrial asset management software provides accurate data and reports. Moreover, these reports are related to assets performance, asset life, employee performance, maintenance expenses.

Furthermore, reports also let you know where you are spending money and where you need to spend more.

You can compare your performance so that you can know exactly as per the target how much you have achieved or how much need to be achieved!

Conclusion

There is no doubt that inefficiency can be lethal for your business. But you can easily eliminate industrial inefficiency with asset management software.

This software helps in tracking assets and equipment, inventories. It also helps in managing the asset lifecycle. It optimizes the process of industrial asset management.

The asset management software helps in making an informed decision about assets. You can easily track maintenance and this software provide maintenance history as well.

Undoubtedly, this software is built to eliminate the inefficiency of the business. This software enhances the productivity of assets. It can be very fruitful for your business.

Also Read: Condition-Based Maintenance: Reason to Implement in Your Business?

Frequently Asked Questions (FAQs)

1. What are the factors that are important while making an asset management plan?

1. Asset description (asset life)
2. Maintenance
3. Expenses
4. Asset performance
5. Potential improvement
These are the few of the factors that are important while making an asset management plan.

2. What is the asset management strategy?

Asset management strategy is the strategy written document for the execution of plans and how they will proceed in upcoming years. It has plans, improved processes & procedures. It has all the plans and strategies, it is a roadmap and a long-term plan for several purposes related to asset maintenance, asset performance, asset lifecycle management, and so on.

3. What are the benefits of asset management software?

The benefits of asset management software are as follow:
1. Improved workflow
2. Better asset reliability
3. Saving expenses
4. Accurate Asset tracking
5. Asset maintenance
6. Data history
7. Easy integration with other applications
8. Simple and quick audit
9. Regulatory compliance