Ageing assets and technological improvements all put pressure on the budget. Greater visibility into assets helps organisations make better spending decisions. It also boosts efficiency, productivity, and profits. Organisations need to know about their assets. They need to know what is available to use, who uses them, and why someone bought them. This insight will show where their asset budget is being spent.
Asset visibility is about mapping where your physical asset are located within rooms/floors/buildings and site locations. Asset auditing is verifying your physical assets match the location recorded in your asset management system. This critical process involves:
- Visiting locations
- Recording items found
- Reconciling with asset register data
Modern auditing should utilise mobile applications instead of manual spreadsheets to:
- Minimise human error
- Increase audit success rates
- Provide deeper asset insights
- Keep asset data current
Visibility into assets
The vast amount of assets in an organisation, makes it hard to get clarity for strategic decisions. Regular audits and integration into your purchasing system are vital. This maintains optimal asset visibility and costs. A centralised asset register brings many benefits. These include lifecycle management and better resource planning.
Asset availability and reducing costs
Asset maintenance techniques help organisations extend asset life. They do this through preventive maintenance schedules. They also reduce parts inventory and lifecycle costs. Maintenance and spare parts are a big supply chain challenge in asset-intensive industries. Organisations struggle with parts inventories, high maintenance costs, and poor asset availability.
The complexity of Maintenance and Repair Operations (MRO)
Assets may have thousands of parts. Many organisations still struggle to know which parts they have and where they are. Others are still building robust forecasts for parts demand. They use data on past supply chain performance, asset usage, and failure patterns. Even high-performing organisations face tough challenges. They want to improve availability and cut costs. So, they seek to make the best maintenance and inventory decisions.
Conclusion
By adopting a strategic approach to asset visibility, availability, and their inventory, organisations can unlock a wealth of benefits, from improved decision-making and operational efficiency to cost savings and competitive advantage. Our customers have achieved enormous efficiencies in operating procedures by using our Enterprise Asset Management Solution. Significantly reducing the time taken to audit their assets and provide accurate and timely information needed to manage their asset planning and resource management.
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