Asset Management Challenges and Solutions
2024-11-04
“What gets measured gets managed” – Peter Drucker
This quote beautifully describes the need for tracking the assets in organizations. If they are tracked well, asset management challenges are overcome with ease. Asset management plays an important role in an organization’s development. It not only increases operational efficiency but also contributes to long-term profitability and sustainability. Asset maintenance software ensures that the physical and financial resources are optimally utilized.
According to a report by Deloitte, companies that prioritize asset management can reduce costs up to 30% while improving asset availability and performance. However, in spite of the varied benefits of asset management system, a number of companies still face challenges in it. In this blog, we will discuss in detail about the asset management industry challenges and the solutions for the same. AntMyERP understands the challenges in the asset management industry and provides the best asset management software for tackling the issues. Let’s look into them in some more detail.
Challenges Faced by Asset Management Industry
The challenges for asset management industry increases with the increase in size of the companies. Improper asset management processes can adversely affect the business and lead to its significant downfall. Let us look at some of the major challenges of asset management.
Tracking of Assets
One of the prime asset management challenges is lack of visibility of the assets in real-time. The companies expand with growth and so does the demand for physical and fixed assets. Here, the asset management challenges include keeping track of the asset status, location and usage. Without an asset inventory management system, real-time asset management becomes difficult as it leads to various inefficiencies. This can result in higher operational costs and incur financial losses.
Maintenance Schedules
Effective maintenance is the key to longevity and performance of assets. However, big organizations face challenges in scheduling preventive and reactive maintenance tasks. Missed maintenance not only hampers the asset’s life but also results in regulatory compliances. Many industries like the solar power or construction industry work in accordance with certain stringent regulations. The failure of these can lead to penalties, reputation damage and even safety risks. These asset management challenges are faced in absence of an efficient asset management platform.
Cost Management
One of the prime asset management challenges that the management faces is handling the costs associated with asset acquisition, maintenance and disposal. Without a proper asset tracking software in place, the organizations may face unexpected repair costs, inefficient use of assets etc. Additionally, without proper preventive maintenance tools, it becomes difficult to predict the investments on maintenance tasks. It becomes difficult for the managers for hardware asset management without a proper enterprise asset management software.
Integration Issues
Inventory asset management is not proper if there is no integration within the organization. If the data is scattered, it becomes difficult for the asset managers to gauge the performance of the assets. They need asset management solutions to integrate effortlessly with the other existing systems in the organization. For example, the fixed asset tracking software should integrate with the financial management software to get an overview of the data related to both. If the asset monitoring solution fails to integrate with the other systems, operational efficiency becomes unachievable.
Asset Lifecycle Management
Managing assets from procurement to disposal with maintenance in between is a humongous task. Organizations without software asset management lifecycle lack an asset check in and check out system. This clearly means that they are not able to track asset health and asset records. Without clear visibility into asset lifecycle, the management is not able to make informed decisions on either the maintenance requirements or the disposal of the assets. These asset management challenges lead to lost opportunities and gradual poor performance of the assets.
Downtime Management
Operations can come to a standstill leading to loss of productivity in case of asset downtime. The unplanned downtime and lack of asset availability can result in huge revenue losses. Managing the assets and the related maintenance is one of the biggest asset management challenges. They require a proactive maintenance approach instead of reactive ones. The data analytics in deciding the maintenance schedules helps to achieve a favorable result for the organization.
AntMyERP : Your Ultimate Asset Management Solution
AntMyERP provides state of the art solutions to tackle all the asset management challenges mentioned above. It is a unified platform that provides all aspects related to asset management. The services include asset grouping, asset tracking, preventive maintenance and asset lifecycle management. AntMyERP also has the QR code scanning feature that makes asset tracking a piece of cake. Preventive maintenance is our forte and hence we streamline all your maintenance scheduling whether proactive or corrective. The detailed asset reporting feature helps the asset managers to make informed decisions for the betterment of the organization. These features along with the best after sales service we provide, can soar your business to greater heights. So, whether you are sitting in an office in an IT company or are out and about in remote locations for construction business, we have got you covered.
Let us know the challenges your industry faces in managing assets and we will be happy to help.
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