Asset Intelligence and Management

Asset Intelligence and Management

EZOfficeInventory Blogs Asset Tracking Software Optimizes Equipment Life

Make Your Equipment Last Longer with Asset Tracking Software


Regular equipment maintenance is important and necessary for every business. There are companies who even specialize in different types of equipment maintenance. At present, North America has the most sophisticated and technologically advanced types of maintenance programs. Manufacturing industries tend to focus on decreasing production costs by eliminating investments related to people and processes.

As per the Maintenance Study in 2016, it was recorded that 76% of manufacturing industries follow a preventative maintenance strategy whereas 51% of these companies use a CMMS (Computerized Maintenance Management System). The reason for these results is simple – effective equipment management using asset tracking software leads to streamlined business routines.

Why is there a need for cloud-based maintenance software?

One of the most common causes of equipment downtime includes aging equipment. Poorly maintained equipment tends to diminish labor productivity as well. Prolonged equipment downtime causes employees to halt workflows which disrupt the daily working schedule. To tackle equipment mismanagement problems, around 62% of U.S manufacturing industries use a cloud-based asset tracking system. Companies benefit from the use of such a software as it helps raise profit margins through optimal equipment utilization, monitoring and tracking.

Web-based asset management programs are easy-to-use and offer you infinite storage for data security and backup. This means you can eliminate the risk of losing important data due to unforeseen circumstances. Apart from this, asset tracking systems encourage real-time team collaboration. Due to ease of access, multiple employees can view the same document simultaneously. This allows for increased transparency which is often absent in on-premise asset management solutions.

How asset tracking software helps in equipment optimization?

Majority of businesses are migrating to cloud-based asset tracking software for seamless equipment management. Asset tracking software offers robust features for improving your equipment’s performance! Let’s have a look at them below:

Mitigate equipment loss due to theft and misplacement

Everyday business activities require extensive use of tools for various projects. Often times employees travel outside offices and take equipment along to work on the field. Such cases magnify the risk of equipment loss through theft or misplacement. It is no easy job to replace tools every day. This can be costly not to mention regressive for your business as well.

Asset tracking software allows for seamless equipment management through check-ins and check-outs. This way every time a worker wants to check out a tool, it will be updated in the system. This mechanism eliminates the need to enter asset information manually. Automated asset information increases transparency and reduces the risk of theft and misplacement. You can also enable locations for different assets used by your business. By doing so, you will be able to keep track of your assets’ location in real-time.

Read more: 5 Must have small tool tracking software features for your business

Monitor asset utilization to optimize performance   

Past performance of tools and equipment plays an important part to determine how long they can last. For this, you may want to track the general trends of equipment usage. When you have an idea of how an asset has been used over the past years, you can analyze these trends to make future inferences. Through custom reports in asset tracking software, you can create detailed performance reports for all your equipment. These reports make it easier to see how various tools have evolved over time. It is quite common to see malfunctioned equipment pulling down the overall utility function. Such an occurrence usually calls for maintenance. Therefore, timely reports mark out the reasons for poor equipment outcomes and allow you to fix it quickly!

asset tracking software and analytics

Analyze asset usage through custom reports to design equipment maintenance routines 

Schedule maintenance alerts to avoid unnecessary downtime

When it comes to equipment management, it is critical that you arrange for regular maintenance programs. Say, you want to arrange a conference in your office. A few hours before the event you find out that the front stage speakers are not functional. If you are lucky, you will be able to outsource the speakers in little time, and that too at a higher price. In case that is not possible, you will be forced to proceed without the speakers or maybe have to delay/cancel the conference altogether. All this misfortune would have been easily avoided if there had been routine maintenance checks on all your equipment.

Asset tracking software lets you conduct maintenance services by setting timely alerts. Planning repair sessions in advance can prevent last-minute equipment downtime. Such preventative maintenance helps you keep your equipment in shape and makes it last longer as well!

Read More: Reduce costs with maintenance management software

Arrange inventory in advance for unexpected malfunctions

Usually, a piece of machinery or equipment starts to give warning signs before it eventually dies off. The absence of repair alerts on the deteriorating machinery will cause you to dispose of it altogether. But if you are on top of your maintenance schedule, often times it happens that the equipment can be repaired by replacing a faulty part. You can handle such situations by having spare parts ready to be installed in the malfunctioning equipment.  

Asset tracking software helps you create purchase orders for whatever piece of machinery you need. You can also do this by updating purchase orders against specific assets you need to upgrade. This will help you counter unexpected equipment breakdowns and fix machinery for prolonged use.  

maintenance management software

Prepare purchase orders to stock up on spare parts

Read more: Benefits of collaborating with vendors using equipment tracking software

Enable streamlined equipment management for your business via asset tracking software

Cloud-based mechanisms provide cost-effective solutions for your business. With fast deployment and mobile integrated applications, you can manage work anywhere, anytime. Asset tracking software comes with supercharged features which help you gain economies of scale by improving workplace productivity and equipment efficiency.  

Timely maintenance schedules along with real-time analysis reports enable you to design and execute robust and best equipment management practices. You can achieve optimal equipment performance through effective operational procedures. By setting locations for your asset whereabouts, you can eliminate the risk of theft or misplacement. Whereas automatic purchase orders allow you to conduct asset repair on time. Properly maintained equipment has a higher chance of offering a greater return on investment (ROI). Invest in the best asset tracking software to make your equipment last longer!

Have Questions about our Asset Tracking Software?

EZOfficeInventory is the leading asset management software used by small businesses and companies worldwide. Increase your equipment’s life-cycle – start tracking and managing your business assets today!

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