Think about the assets in your business and how they are used and maintained.
Now think about how they are abused - are they over or under utilized?
Do you know who is using them and what they are being used for?
In most cases people will be able to list the big ticket items that come to mind and some will have an asset register for insurance purposes but many find themselves scratching their heads when it comes down to budgeting and planning for the equipment that is not part of the core business operations but still critical to running an efficient business.
If we look at equipment like computers which are essential to daily productivity we often find staff who have machines that are outdated, not working correctly and ultimately hampering the performance of the expensive human resources that use them. On the other hand we find that some equipment that is not in everyday use has gone missing altogether, nobody knows where it is and yet you are still paying insurance on an item you don't have in your possession.
Do you currently have control of your Assets
Before you spend money on new equipment, you should take a step back and start making informed decisions about what you own and where it is.
Ask yourself the following questions:
- Who owns the assets and do they have an asset register?
- Who uses the assets?
- What are their attributes and what are they used for?
- How much does it cost to maintain the assets?
- Are there any issues with the assets, other than normal wear and tear?
- Are they insured?
- When do they need to be serviced?
- Who needs to maintain the assets and do they have a fixed asset verification process?
- Do they have a warranty and or service plan?
- When should they be replaced?
- Are you getting a return on your investment?
- Does the management & finance team have the information they need to plan and monitor usage?
If you don't have a clear answer to any or some of these questions then it might be time to consider an alternative way of managing the equipment that your team needs to get the job done.
You may be interested in reading our article on why digital inspections are the key to your success.
How bad can it be if I can’t answer these questions
The big question is if you don’t have an accurate and up to date record of your equipment, tools and technology how do you know that they are not being abused or stolen?
In the USA it is estimated that tool loss / theft costs the industry $400 million dollars per year and that's just the cost of the equipment. This total cost is estimated to be 4 X that in terms of lost productivity and time wasted looking for misplaced equipment.
Asset management can be simple and add huge benefits to your business
Asset management and the tracking of equipment in the field is challenging but with the introduction of smart inspection software you can take back control and put a process in place to reduce wastage, theft and inefficiency in your business.
Asset management has never been easier. With intelligent inspection software, you can track your assets from day 1 and make informed decisions about which initiatives will improve performance.
Reduce your costs and increase performance with intelligent asset management software that tracks every aspect of your assets.
Want to learn more about how the AssetPool Smart Inspection Platform? Book a demo now for a consultant to be in contact.