Mismanaged Assets in Your Business Are Risky - Take Back the Power

If you want to run a successful business today, asset management should be an integral part of your growth strategy. It can give you a clear picture of which assets make up your business and where the real risks to those assets are so that you can develop a good asset risk management plan and achieve a high level of transparency across your business’ verticals. 

 

And a dedicated smart inspection platform can help you immediately see the state of your business as well as improve efficiency and profitability within your organisation.

 

Computer screen with line graph

Source: Image

What is risk management?

Quite simply, risk management is the identification of risks to mitigate losses caused by damaged business assets. 

 

It is the process of securing your assets against natural disasters, theft, vandalism and any number of imaginable threats that are common to your industry.

 

Traditionally, only businesses that dealt with large amounts of physical commodities considered asset risk management as an important part of risk profiling. This was mostly because such companies were the only lot that could afford expert insights on risk management.  

 

But today, it is especially important for SMBs to create a risk management program to track and control their valuable assets - primarily because they have limited resources to work with. 

 

 

Potential risks in a business

Risky assets can have a negative impact on your business. Asset damage, loss, or theft can cause a plethora of financial problems to your organisation, including an interruption in service, increased costs for replacement, or even a potential loss of customers due to an overall process failure.

 

Simply put, the more valuable your assets, the higher risk or danger of loss they pose to your business. That’s why an effective risk management program needs to lay out a comprehensive approach to protecting assets. 

 

 

How can a smart inspection platform help me manage these risks?

Asset management is all about limiting any risk to your company, its reputation and its bottom line. And you can achieve this by controlling, monitoring, and reducing negative impacts on assets using a dedicated smart inspection platform. 

 

Having a smart inspection system to control assets, including physical assets (such as real estate properties) and intangible assets (such as intellectual property) will allow you to continue trading, offering new services, developing new products and everything else that's required for your business’s continued success.

 

Here are six ways that easy-to-use software can make organizing your business simple for you. 

  • Asset registration (A “Digital Twin”)

Our smart inspection platform allows you to connect your assets (to the cloud) with software for easy monitoring. You can identify each asset using the unique QR, barcode or RFID tags assigned to them and make onboarding and tracking assets across portfolios a cakewalk. Additionally, the software will also help you understand the gaps that accompany commonly mismanaged assets (Unauthorised use, Damage, inadequate repairs etc).

 

  • Asset classification

Once you have registered your assets on the software, it will allow you to maintain your assets. You can keep a checklist to see which assets pass the compliance laws and which fail to meet the regulations to stay on top of your game. 

 

  • Geo-location enablement

AssetPool’s smart inspection software allows you to know exactly where your assets are at a given point in time. With the geolocation service, you can identify missing assets at the drop of a hat and instantly set off a risk management plan to deal with the loss. 

 

  • Push notifications

Our platform will allow you to get notified every time there is a change in your assets’ activities. You can set up reminders and alarms to see any unusual movement in your assets’ performance, location, or settings. 

 

  • Private cloud hosting

Virtual doesn’t mean risk-free. Cloud servers are still at the risk of being hacked. AssetPool offers you a secure 256-bit AES-TLS encryption aside from a lightning-fast infrastructure. 

Because you have dedicated hosting, nobody can hack into your private server and steal your classified asset information or data. 

 

  • Data-based asset risk calculation

The unexpected is the enemy of better business performance. Understanding where asset gaps reside in your business is key to making informed decisions that drive high performance and mitigate risks. With a smart inspection platform, you can calculate the asset risks by zone, site or activity based on the data available on your dashboard at every second. 

 

A dedicated, paperless asset registration and maintenance software can help you keep a bird’s eye view of your entire business. And these features are just the tip of the iceberg. Learn more about what a data-oriented smart inspection platform from AssetPool can do for your business. 

 

 

Conclusion

An asset is considered to be "mismanaged" when it is not managed in a way that best represents your company’s investment goals. 

 

AssetPool’s smart inspection software can help you customise not only your dashboard but also the way you run your business - all using a single platform. 

 

You can also prevent yourself from drowning in paperwork, eliminate the risks of human errors, and increase professionalism in your company. 

 

The platform will offer you complete control of your data while providing your company with a central point of business intelligence to improve efficiency in risk management.

 

You can reduce friction in your operations and access your data from anywhere in the world using any device, owing to our app’s low-data consumption feature.  

 

And with our flexible, affordable payment options that work within their budget, even small businesses can achieve all this without burning a hole in their pocket. 

 

Taking back the power over your assets is an important step in achieving financial freedom and bringing your investments back under your control. Sign up for a free trial as proof of concept before you invest in AssetPool’s smart inspection platform full-time. 

Sign up for 14 day free trial

To stay in the loop with the latest news and insights on asset management, subscribe for blog updates

Subscribe

Back to Blog