The logistics business has assets in huge quantities. It means that the logistics industry is an asset-intensive industry. These assets are heavy and play a crucial role in daily operations. This industry has costly equipment including vehicles that send a purchase order to different organizations. Lots of organizations are dependent on the logistics industry. That is why asset maintenance is essential.
All Plant and Machinery require regular preventive and other maintenance activities. In case of breakdowns, repairs should happen immediately to prevent business loss. Moreover, there are lots of inventories and consumables are there which need to be kept track of! This is where Asset Management Software comes into play.
What Is Asset Management Software?
Asset management software is mainly focused on keeping assets well maintained. It schedules maintenance and keeps assets in good condition. When assets are maintained asset sudden breakdown chances are minimized.
According to the Grand View Research, “The global asset management market size was valued at USD 216.98 billion in 2019. It is expected to expand at a compound annual growth rate (CAGR) of 25.9% from 2020 to 2027.”
What Are the Benefits of Implementing Asset Management Software in Logistics Business?
There are lots of benefits of implementing asset management software that will be helpful in growing logistics business:
1. Increasing Asset Life
When you want to improve assets performance then asset management software is important. Obviously when asset performance is optimized then the business will be improved as well.
Asset management software allows the maintenance team to track and manage asset lifecycle & takes care of assets at every stage. It can reduce inefficacies and eliminate potential issues resulting in an increased asset lifecycle.
2. Schedule Maintenance
Scheduled maintenance is essential for all businesses not for growing businesses but for saving from unnecessary maintenance expenses. When assets are provided regular maintenance, it decreases sudden asset failure chances.
Sudden asset failure is more expensive than regular maintenance. That is why scheduling maintenance can be helpful to the business in saving maintenance costs.
3. Maximizing Asset Value
Lots of businesses are smaller in size and they do not have a lot of budgets, that is why they need to maximize asset value. The budget allocation is less for acquiring assets and for achieving maximum value from the asset, automated asset management software can be really helpful to the organization as it keeps track of each asset and alerts you when assets need maintenance or when asset performance is decreased.
4. Saving Assets from Misplacement & Theft
Asset misplacement & theft is a common issue. It not only impacts the bottom line negatively but also hinders daily operations which impact business productivity.
Asset management software not only keeps assets saved from theft but also provides assets with a real-time location. So, misplacement issues will also not occur anymore. Employees will not have to waste their time finding assets.
5. Work Order Visibility
Work order tracking can be very helpful to businesses. When you do work order tracking you can find crucial information that will be useful to your business.
For instance, you can find the average time to finish a work order & how you can optimize that time. With this software you can prioritize and categorize assets automatically that will be helpful to your business.
6. Inventory Tracking
Inventory tracking is also an important aspect of the logistics industry. Because inventory can be the source of revenue generation or inventory can be MRO (maintenance repair operation) part.
It needs to be tracked properly. For example, if the maintenance team is performing maintenance, then they need inventory in hand so that effective maintenance is delivered.
If they do not have inventory in hand, they will have to repeat the maintenance work. Inventory can be raw material as well which is required to make the final product.
Therefore, inventory tracking is important for businesses to keep business optimized.
7. Reports & Statistics
It does not matter what is your business type, reports & statistics are helpful to all businesses including logistics businesses. Reports such as MTBF, MTTR, Machine-wise breakdown analysis are required for quality management & asset performance optimization.
Asset Management Reports provide complete number representation in a graphical way, where you are spending & where you can invest more what will be the outcome after spending.
You can achieve all these benefits with Asset Infinity's application features. There are lots of businesses that somehow depend on the logistics industry.
Asset management software can be the icebreaker for your organization. It can provide security for your assets & keep your asset optimized and maintained.
Moreover, it can provide crucial data that can help in business growth. You can increase the productivity and efficiency of the organization and save a lot of expenses.
There is no doubt asset management software can be fruitful for your logistics business. It can take your business to a whole new level.
Frequently Asked Questions (FAQs)
1. How can you get the real-time location of assets?
You can get the real-time location of assets with the help of asset tracking techniques. There are several types of techniques available such as Barcode, QR Code, RFID, NFC, GPS, BLE, IoT. Asset tracking techniques come in the form of tags or labels. These labels provide a real-time location, and you can put several other information in each label.
2. What are the various stages of the asset life cycle?
3. What are the benefits of asset management software?
Maximizing profit & revenue generation, increased return on investment (ROI), extending asset life, maintained assets. It sends an alert when asset maintenance is due. You can create a checklist in each work order that helps the maintenance team in finishing the work order quickly. You can get reports of each work order specifically to know maintenance expenses or inventory used in each work order.