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5 Effective Tips for Increasing Productivity via Asset Management Software
by Pranab Bhandari Content marketing ManagerNowadays, asset management software is a necessity for an organization with several assets. The assets owned by a company can be categorized into tangible and intangible assets. Managing assets is a difficult and time-consuming task, especially when your organization is spread across multiple locations and has several assets. Instead of manual tracking, implementing asset management via software would be better and much more advantageous. The process will not only produce accurate results but also reduce the chances of asset loss and misplacements.
To help you out we have come up with 5 Effective Tips for Increasing Productivity via Asset Management Software:
- Effective Re-orders: Inventory is the most important asset of an organization. Shortage of inventory during the peak season will badly affect the business. Hence, it is important to maintain the right amount of stock at the appropriate place. Knowing how and when to reorder, which warehouse branch needs a reorder, these are some very basic things. Asset maintenance management software has a “set re-order level” feature, which notifies the manager about the re-ordering necessities whenever required.
- Systematic Tracking: When a company fails to track the assets regularly, it affects the company’s bottom line. The company might be paying for unnecessary assets like insurance, taxes or maintenance, which might not even be necessary sometimes. Apart from this, if there is an unavailability of assets and the company is not able to deliver to the client before the specific date, the company might start losing clients.
- Elimination of Assets: Eliminating futile assets might save the company a lot of money. An asset has a limited life, it can vary from 2 years to 20 years. The lifetime also depends on usage. The amount of asset usage, maintenance requirements and the frequency of usage are necessary to know for accurate retirement or elimination. The assets that are missing or are mentioned in the record books but physically absent should also be taken care of. If you do physical asset audits regularly these type of assets can be easily eliminated.
- Analyzing the Asset Life Cycle: Understanding and analyzing the life cycle of an asset is very important for the organization. You should be able to estimate how long you can utilize as an asset efficiently. Usually, the facility manager manages the assets. However, sometimes the assets need to be replaced, and that is the responsibility of the asset manager.
- Eliminate the use of spreadsheets: Spreadsheets may work fine for small companies with few assets but for medium and big companies it will not be appropriate. Spreadsheet usage is manual and hence, chances of error and inaccuracy are more. This will result in asset loss and misplacement. Hence, spreadsheets cannot be of much help when there are too many assets to be tracked.
Software for asset management is important to an organization as it will monitor and manage the organization with a systematic approach. Improvement in productivity and efficiency helps the business to expand and get to a better position.
Asset maintenance management software will help an organization in optimizing its assets and help the organization make an appropriate decision about assets.
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About Pranab Bhandari 
Content marketing Manager
19 connections, 0 recommendations, 55 honor points.Joined APSense since, May 2nd, 2019, From Hyderabad, India.
Created on Oct 27th 2020 08:47. Viewed 457 times.
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