The main goal of every business is to increase revenue while reducing operational costs. Everyone looks for ways to achieve this goal without altering the processes drastically. In the maintenance department, you can optimize the processes by implementing an asset management solution. It allows you locate an asset quickly thus saving the time and trouble of manual tracking. Hence, it won’t be incorrect to say that an asset management solution helps you save time as well as money.

6 Ways an Asset management Solution Helps In Saving Time and Money

One Stop Access to Asset Information

CMMS acts like a supermarket store where you can get all the necessary information about the assets and equipment in your facility. You can store information such as serial numbers, warranty details, O&M manuals, ID tags, general documents, etc. This can be easily accessed by multiple users, at any time, from any location through smart and mobile devices. This ease of access helps standardize processes and ensures efficiency as compared to traditional paper-based or multiple spreadsheet systems.

Understanding the Value of Assets

When you know precise details of the assets you possess, such as location, purchase dates, and depreciation values, you are able to assess their total value accurately. This proves to be an important factor in designing developmental strategies and recovery asset processes. It also helps in attracting investors and increasing the overall organizational value. Moreover, the efficient development strategies give you an exact representation of what your asset recovery strategies could potentially yield.

Gain improved insight into Inventory Management

CMMS systems now have asset inventory software combined with inventory management. This software centralizes asset information and thus provides better insight. With the help of strong inventory management, you can –

  • Know how many spare parts are currently available for each asset/equipment
  • Know exactly which part is needed to fix a specific unit and the quantity of that particular part available
  • Know when a particular part reaches the minimum quantity threshold through email notifications

This helps you ensure faster repairs, reduced equipment downtime and availability of critical parts when required. The result is optimized operations.

Develop a Robust Preventive Maintenance Program

CMMS software schedules asset inspections. This results in increased longevity of your assets. A strong preventive maintenance program ensures that your operations run smoothly and also increases productivity. Asset management software provides you with relevant data for designing an efficient preventive maintenance strategy.

Capitalize On Lower Insurance Premiums

You can control your insurance premiums by ensuring multiple assets, staying claim-free and understanding your asset value. An EAM software helps you track and manage asset inventory, and schedule timely inspections and preventative maintenance programs. All these contribute to keeping your insurance premiums as low as possible.

Offers Benefits of Visual Asset Mapping

Some CMMS systems have advanced dashboards that allow you to locate your assets and equipment directly from the interactive floor plans. The assets can be plotted across an organization’s floor plan and their exact location can be mapped out within each section of the facility. It also allows you to graphically interact with equipment information by clicking on the asset’s icon. From there you can view information regarding all assets and their corresponding work order history.

Asset management software which best fits your system’s requirement can work wonders on the company’s profits. We at NEXGEN can help you make a smooth transition to the most appropriate asset management software. So, get in touch with us today to boost your gains.