The ice cream & dairy product business is one of the most famous businesses. Lots of customers like to have it, especially in summer, across the world. According to Grand View Research, “The global ice cream market size was valued at USD 79.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2022 to 2030.” In order to prepare ice cream in huge amounts there are assets and equipment required in huge quantities. But Ice cream business equipment is prone to breakdown. To avoid it organizations must perform asset management and in order to implement asset management strategy is required. In this blog, we will learn what asset management & asset management strategy is! Most importantly, what are the issues in dairy product businesses & how you can avoid them! So, without wasting any time let us begin.
What is asset management?
Asset management is the process used by an organization to keep track of assets & pieces of equipment. These assets are essential for running day-to-day operations. Asset management software helps organizations in keeping track of asset life. From asset procurement to asset maintenance to asset disposal it assists in all stages. This software centralizes asset information. It plays a crucial role in minimizing maintenance expenses, improving asset performance, and maximizing asset life.
What is an asset management strategy?
Asset management is essential for running daily operations effectively. However, for implementing asset management software in any business proper planning is required. As we know, in the ice cream business the profit margin is decreasing day by day, which is why asset management must be done so that maintenance expenses can be decreased. An asset management strategy enables the organization to retrieve the maximum value from an asset with minimum investment.
In the asset management strategy, the organization takes a strategic approach to maximize production, reduce maintenance costs, & most importantly asset planning is done as per the operation. In this strategy, the risk is analyzed, assets are kept in a secure way, and external factors are also taken care of so that work is delivered on time and maximum efficiency can be achieved.
What are the most common issues in dairy product businesses?
The most common issues in dairy product businesses are discussed below:
Lots of dairy product-based organizations still utilize spreadsheets in order to keep track of assets. However, this practice is not correct as several people access it at one time. As a result, the result data is manipulated intentionally or unintentionally. There is no proper way to track it back. It increases inaccuracy in the data and business suffers.
No asset tracking
A dairy product-based organization regularly sends its assets from one location to another. Therefore, it is important to keep track of each asset so that you know which asset is located in which place. However manual asset tracking methods are used as a result assets are misplaced or not found. This type of scenario leads to asset theft & affects business directly as well.
No maintenance on time
When an asset does not get maintenance on time then sudden equipment failure can occur. It can be dangerous for business as it can impact daily operations and business productivity can be decreased. Then sudden equipment failure occurs which can lead to increased asset maintenance expenses. Furthermore, it impacts asset life and performance as well.
Since all assets are spread out to various locations across the world it becomes hectic to keep track of assets. When you do not know the asset location it becomes complex to get together all assets in order to perform auditing. Apart from this, there is also a requirement for documentation of each asset.
How Asset Infinity helps dairy product businesses in avoiding these issues?
For all these problems, there is one solution Asset Management Software.
Asset Infinity Software can be extremely helpful in resolving all these issues.
In order to implement the first thing, you need to do is utilize asset tags. For asset management strategy you need to have asset tags as they play a crucial role in every aspect of asset management. With an asset tag you can know the exact asset location along with that you can get other crucial information such as who is using the asset, what is the status of the asset, the current asset condition, the last maintenance date, etc.
This software also provides the facility of scheduling routine maintenance with a preventive maintenance feature. The asset gets maintenance regularly then asset productivity improves, asset life increases, and maintenance expenses decrease.
Better incident management
In case maintenance issues occur frequently, then you can raise a ticket with this software. Our software will notify the maintenance team and they will investigate the issue and resolve it as soon as possible. This software enables you to keep track of spares consumed, or any other expenses made will be recorded as well.
With the help of asset tags you can know the exact location of assets (Freezers). It is helpful in avoiding theft and misplacement. This feature comes in handy when assets are frequently moved from one place to another. You can know accurate asset movement in real-time through which you know where the asset is located.
Asset physical verification
Asset tagging and tracking are also helpful in the asset auditing procedure. As you can physically verify assets and all the documents related to each asset information can be stored in the system. Moreover, with asset auditing, you can perform depreciation for all assets. You can easily calculate depreciation with this software. Furthermore, you can keep assets secured from ghost assets.
Dairy products businesses have heavy equipment such as deep freezers that keep products in good condition. When assets are spread out in various conditions it is important to keep them maintained, that is why it is important to invest in asset management software. It can be helpful in resolving the problems of dairy product businesses. It can increase the efficiency of the organization. Dairy products businesses can boost asset efficiency and decrease several problems with our asset management software.
Frequently Asked Questions (FAQs)
What are asset tags?
An asset tag is a label that is stickered to the asset, and you can put some important data according to your needs. Each tag has a unique identification number. Whenever that tag is scanned it automatically fetches all the information related to it. An asset tag is helpful in asset tracking as it provides asset location all the time. There are several asset-tracking techniques available used in asset tracking. The most used asset tracking techniques are Barcode, QR Code, and RFID. These techniques are cost-effective. However, there are some tracking available as well as GPS, BLE, IoT, and NFC. These techniques are costly and provide real-time information.
What are ghost assets?
Ghost assets are those assets that are mentioned in the account books and asset list but physically are not available. These assets are either stolen or misplaced. You are paying taxes for those assets, but you are not using them. They cause problems if an asset audit is performed, and compliance issues occur as well.