Asset management is not a simple job. There are lots of aspects and factors that are important for effective asset management. Various asset management techniques can be beneficial for your business. Asset management plays a crucial role in maximizing asset life.

IT resources have a limited time of utilization. To augment the worth an association can create from them, the IT resource lifecycle can be proactively overseen. Every association might characterize one-of-a-kind phases of that lifecycle, yet they for the most part incorporate arranging, obtainment, arrangement, support, and retirement.

A significant piece of IT resource the executives is applying measure across all lifecycle stages to comprehend the all-out cost of proprietorship and enhance the utilization of resources.

In this blog, you will know asset management techniques that are helpful in business growth. But first, let us know what asset management is! So, let us begin!

What Is Asset Management?

Asset management is the process of tracking assets, monitoring assets, and managing assets. When you do that in an automated way that is asset management software. Now we know an organization has several types of assets such as vehicles, HVAC (Heating Ventilation Air Conditioning), machines, laptops, computers, and products.

Also Read: A Simplified Approach to Asset Maintenance Software

It is important to know where your assets are, who is using them, do they need maintenance, etc. Asset management software keeps track of them & saves them from misplacement or theft type of issues.

In the asset management process, assets are procured, operated, maintained, and disposed of. It mainly helps in asset lifecycle management.

What Are the Asset Management Techniques That Are Helpful for a Business?

Below we have discussed how asset management techniques that are helpful for a business:

Asset Management Techniques That Helps Business

1. Asset Tracking

It is one of the most important parts of effective asset management. Asset tracking enables organizations to know asset precise location. It also saves from asset theft and asset misplacement.

If asset loss occurs, the organization needs to buy new assets unnecessarily, so it saves us from unnecessary expenses. When assets are not found on time, hindrance in daily operation occurs, and productivity decreases but not when you are keeping track of your assets.

2. Preventive Maintenance

When assets are used frequently it is important to take care of them by providing maintenance before asset failure occurs.

This is where preventive maintenance comes into play! With preventive maintenance, you can schedule maintenance in advance so whenever any sign of decreasing performance or failure is noticed maintenance is scheduled for an asset.

3. Work Order Handling

In order to deliver productive work maintenance teams are assigned work orders. These work orders can be a simple 5-minute job, or they can be hectic time-consuming work orders.

In each work order activities that need to be done are mentioned and a checklist is provided. This checklist is very helpful for maintenance as they don’t forget any activity.

Priority and time estimation is also mentioned in each work order, it increases the efficiency and effectiveness of employees and the organization as well.

Also Read: Asset Management Trends: You Need to Be Aware of in This Era

4. Asset Auditing

Another important asset management technique is asset auditing. With this software, you can keep track of assets. Asset auditing is an effective method for calculating the worth value of assets.

Auditing enables you to verify your assets physically if you do it manually you know how much time taking this process is moreover you do not know the locations of all assets but with this software, you can plan audits easily and you are always aware of your asset location as well.

5. Cloud-Based Software

Cloud-based software provides several advantages such as you can access data from anywhere and as per the requirement you can make changes as well. When you use cloud technology data security is not your responsibility as cloud service provider takes care of data security.

When data is on the cloud you can retrieve information easily and quickly which is helpful in effective asset management. You are not bound to your workstation, and you can update information on the go with your mobile.

It helps you deliver productive work & you can update information on the go with your mobile.

6. Data Reports

Asset management provides reports automatically and it also allows you to create customized reports that help in making strategic and informative decisions making.

Reports provide you with a complete view of asset-related aspects. For instance, you can know how an asset is doing in terms of performance, maintenance, or how frequently it is used how productive an asset is.

Conclusion

An effective asset management software provides you with alerts and notifications. For instance, the system will alert the maintenance team about the upcoming maintenance work.

For maintenance, you need inventory as well. When inventory is below the defined the system will alert you about the same. So, the person responsible will start the stock refilling process.

There are several types of asset management software available in the market, but you have to figure out which type of techniques are used in your business & which type of asset management software is best for your business.

We know that a big-sized organization may need all the asset management techniques mentioned above but a small-sized firm will not need all these techniques. So, it is important to understand the requirements first then only you can make the best decisions.

Also Read: What Do We Need to Know About the Asset Reservation System?

Frequently Asked Questions (FAQs)

1. What are the techniques used in asset tracking?

Techniques used in asset tracking are Barcode, QR Code (Quick Response Code), RFID (Radio-frequency identification), NFC (Near field communication), BLE (Bluetooth low energy), GPS (Global positioning system), IoT (Internet of Things). All these techniques are effective in asset tracking but some of them are cost-effective and some are expensive. So, each asset tracking method has its advantages and disadvantages.

2. What are the other benefits of asset management?

Other benefits of asset management are:
1. You can easily eliminate ghost assets
2. Quick and easy asset verification and auditing
3. Real-time information
4. Accurate data
5. Spreadsheet elimination
6. Identify business trend
7. Elimination manual process
8. Operate with full efficiency

3. What is the difference between asset management software and CMMS?

CMMS (Computerized maintenance management system) mainly focuses on asset maintenance whereas asset management software focuses on all aspects of the asset including maintenance. This is the major difference between CMMS and asset management software.