| March 2022 |
If you find that any of the following problems related to your assets are slowing down your operations or leading to loss of income, read on to learn how to overcome these shortcomings with a digital management system that best suits your needs.
According to a recent study, outdated equipment and lack of time to perform maintenance are the leading causes of unplanned downtime in an enterprise. Companies struggling with equipment failures should upgrade their service programmes by implementing a rigorous maintenance schedule. Preventive maintenance is crucial because it eliminates unwanted downtime by:
- Improving the efficiency and productivity of tools
- Reduce maintenance costs
- Increasing the uptime and lifetime of assets
- Reduce work stoppage
Reports show that this is no small matter: companies can lose a great deal of revenue due to poor security. Theft or loss of corporate assets is a common occurrence that every industry struggles with, and much money can be saved if asset management is done properly.
For example, with a smart asset tracking solution, managers can tag all tools and equipment with the appropriate sensors and assign a unique serial number to each of the objects. This makes it easy to locate and track property in the event of unauthorised use or lost assets.
Equipment theft has a negative impact on any business because when equipment is lost or stolen, operational performance is affected and project deadlines are extended. Moreover, losses also have a direct impact on a company's bottom line and productivity.
Unfortunately, this problem is inevitable because we make mistakes even when we don't try or want to. This is where more traditional methods of tracking company assets can increase the likelihood of this problem and require many more hours of work in the long run. While the spreadsheet tracking method is cost-effective and relatively easy to implement, it is hugely prone to error due to many employees manually entering data at the same time. As a result, overall productivity can be affected.
Misplaced assets and equipment can adversely affect a company and its operations through lost working hours, work stoppages, delayed project results and more. If a required item is not found, operations may be delayed or become inefficient as employees have to wait until a replacement tool is available.
The lack of a proper workflow structure can lead to the discontinuation of routine operations and work orders that are not completed on time.
Benefits of tracking your business assets that you should know about
Locating and managing your business assets has numerous benefits and almost all of them contribute to improving a company's bottom line, provided that the asset management process is properly implemented.
These are some of the benefits companies can enjoy by implementing a digital asset management system.
Perhaps the most obvious benefit of asset tracking is the variety of technology that can be implemented based on the geographical needs and size of an organisation. For example, RFID tags, GPS and QR codes are just some of the many technology options available for passive or active asset tracking.
Managers of companies using asset tracking can benefit from the ability to monitor the exact locations of their equipment and machines as well as their operational status. In addition, by scanning a QR code, users of an asset can, for example, download a manual or report a fault or defect. Having access to an asset's location and being able to remotely take actions that ensure continuity of operation not only provides peace of mind, but also allows employees to correct possible errors in the future.
Since asset tracking collects all the necessary information for users, organising your fleet, machinery and storage areas becomes much easier and faster. "Users can not only track which company assets are grouped together to create a more efficient organisation, but they can also reduce the amount of time it takes to locate assets.
Have this blog answered your questions and are you ready to talk to us about an asset tracking solution for your business? Call us for an exploratory meeting: 03 289 55 35, or contact us online below. We'll explain how tracking technology can work for you, answer your questions and send you a no-obligation proposal that's 100% tailored to your needs.
After reading this blog, are you curious about which tracking and digital solutions All-Connects offers? Ask us your question and we will answer you as soon as possible.
