Machines used in the business of a company have several ingredients that build the whole equipment. Such small components can be purchased beforehand in case if there is a breakdown of equipment in the future. The items are linked to specific assets. When you used an asset, the components of the asset are also functioning.
Functions of Components in Assets
A computer has several types of components that come in hardware and software formats.
Examples of computer components are:
- Power Supply
- CD-DVD Drive
- Hard Drive
- Video Card
Each and every item of these has its own function while it is being consumed along with the whole set of computers. When you turn on a computer and starts doing some activities, these components are also functioning.
The components of an asset can be kept separate from the linked assets. Consider that you are moving some computers from your office to another department. You have assigned a technician for the allocation process.
The technician dismantled the computers and removed some parts. Then they are packed in separate boxes and carried to the new destination. In the same way, other equipment in your workplace can be dismantled and moved their components separately.
Manage and Track Your Asset's Spare Parts with Inventory Management System
Companies need to amass the spare parts of their assets in the warehouse so that these ingredients can be retrieved whenever the linked assets need them. Some companies might not have inventory management for spare parts because they think that the unnecessary purchase of components could cost the business.
They rely on the maintenance department that would conduct maintenance activities to enhance the performance of the assets.
But, when an asset needs to replace its components, the company would precipitously engage the original equipment manufacturers (OEM) to purchase the components. This could be more costly than an advanced purchase.
Asset Infinity, an application for inventory tracking software has the facility where you can manage your inventory for spare parts and consumable items. All the functions of this application are dynamic, and you can customize the feature as per your choice.
With this inventory software, you can add multiple asset items along with information like average prices of the spare parts, units, and descriptions.
The asset management software also allows the users to link the inventory items with their relatable assets for reference. You can also upload multiple files and store any additional custom information with the items related to the specific components and their linked assets.
Keeping track of spare is important because asset theft and misplacement is a huge issue! According to the JW Surety Bonds, “Employee theft is responsible for 42.7% of total inventory loss in US stores.” That is why keep track of spare parts!
Theft is a big issue for a long time! That is why keeping track of assets and inventory is important to avoid theft. What is the solution? Asset management software provides a solution for avoiding theft by keeping track of each asset.
Keep Track of Components by Using Asset Tracking Software
With the asset tracking software, users can keep track of spare parts meant for their linked assets. Asset Infinity is a versatile application which you can describe the characters of the items and their stock levels.
When the stock of specific items goes below the prescribed quantity, the system will share an alert with you.
For example, you have a stack of print heads kept in the warehouse. The warehouse is located far from your workstation and you didn't know whether the quantity of the items is below the minimum level or not.
In case, the level is going down below the required quantity, you will receive the notifications in your email.
The asset tracking management software also allows the users to manage their inventory with simple functions - add, move, and draw. You can define the rate and quantity of the items at the time of adding, moving, or withdrawing at a location.
For instance, you are moving the print heads to their new destinations. You can record the movement history in this online asset manager. After the allocation is done, you can view the rate and quantity of the items.
Don't Neglect Your New Equipment
When you purchased new equipment, you might think that all the components will be functioning as long as the asset is still under the warranty period. You might be mistaken about your concept. The durability of a component is not credible. There are untoward incidents that could happen at any time.
As an example, a newly bought lorry truck used in your business has lost a tire. Meanwhile, you have no spare tire left in the warehouse. This will prompt you to an unplanned purchase of a new tire.
Other than this it is important that you put asset and labels. In fact, this should be the first thing after purchasing asset because keeping track is essential. If an asset is not tracked, you would not know how the asset is performing & who is using it.
Moreover, chances of theft & misplacement are also increased. While performing maintenance it is important that you keep track of spare parts as well because spare parts are costly & there is no doubt that when the maintenance team does not have the spare part in hand while performing maintenance.
In order to avoid such a situation, you must implement Asset Infinity software so that you can control your inventory items and maintain the prescribed quantity.
You can purchase spare parts on a yearly basis and keep the records in your inventory management software. This practice of maintaining spare parts will boost the productivity of your assets.
Frequently Ask Questions (FAQs)
1. Why inventory is important for maintenance?
Inventory is crucial for all businesses especially in terms of maintenance because during maintenance old parts and non-working parts are removed from machines and new parts are installed if they are not available in stock and the whole process is wasted and productivity suffers.
2. How do asset theft & misplacement hampers productivity?
Because when assets are theft or misplaced, daily operations halts, and organizations have to buy assets unnecessarily which hampers the productivity of employees as well as organizations.
3. What are the important tips to prevent theft from employees?
Below we have discussed tips to prevent theft from employees:
1. Conduct audits regularly.
2. Check the past of employees from other organizations.
3. Keep track of valuable assets.
4. Make strict rules against asset theft.