Using software to improve asset management

Using software to improve asset management

For many companies, managing equipment, assets and tools is a cumbersome and time-consuming process that requires multiple personnel to achieve the desired result. This, however, may not be the most efficient way to perform asset management functions, considering the advancements of software solutions that have give any member of an organization the ability to monitor asset use.

According to Utility Products, these solutions weren't developed simply to improve the convenience of asset managers, but are a part of a growing trend to help companies bolster their competitiveness in an increasingly challenging business environment.

The demand for asset management solutions has taken off in recent decades as companies experience rising labor costs, prompting many of them to turn to machinery and equipment rather than a larger workforce. With more assets comes more of a need for ensure efficiency. There are myriad ways for companies to keep track of asset function, performance and location, ranging from staff teams and whiteboards to computerized spreadsheets, however all seem to fall flat compared to the latest trend in asset management – a fully integrated program that can do far more than any whiteboard, tool-tracking system or spreadsheet.

One of the most immediate gains companies will notice after implementing such a solution will be the amount of time that is saved on asset management. In older methods, if a piece of equipment undergoes any change, it must be physically noted by personnel. Over the span of one year, these processes can lead to major downtime time due to redundant data entry.

Under new systems, however, there is no need for an administrative staff to keep track of asset records.

"Instead, all employees have access to one database that contains information about the entire fleet. If a worker moves a backhoe from one jobsite to another, the system can be updated from a wireless device," wrote asset management expert Jim Wenninger. "If someone from the shop completes a truck oil change, a record can also be made of that. All of the information is real-time, so everyone can see the latest updates when they are made."

The next most obvious trend is the ability to derive more money from existing assets. Using advanced software can help asset managers understand factors such as depreciation, insurance, repair needs, rust time and others that can be instrumental in determining an asset maintenance schedule. This data can also be used to help businesses assess how profitable an asset it, and its contribution to the overall operation.

One of the most overlooked aspects of such programs is their ability to keep detailed records of asset performance, which are crucial for complying with inspections from the Occupational Safety and Health Administration, should they arise. 

To learn more about eRPortal, visit www.erportalsoftware.com

Both comments and pings are currently closed.

Comments are closed.

Subscribe to RSS Feed