Fundamental aspects of asset maintenance: How to devise a successful business strategy?
For a company to function at its optimal levels, it is important to build up robust management processes. In order to do this, you need to plan and execute a structure which not only utilizes capital investment but does it in the best manner possible. This can be achieved through implementing automated maintenance sessions for all your business assets. But, how does one go about this? Your organization can proceed to do so by following these simple steps:
- Identify asset attributes: While this may sound very straightforward, it actually isn’t. A business requires a substantial amount of inventory to carry out its daily functions. To derive the maximum possible outcomes, it is critical that you are aware of the quality and type of assets in your possession.
- Assess the current asset condition: The first step in maintenance is to examine your assets’ lifecycle. An estimation of the wear and tear of your tools gives you an idea of the type of service sessions required.
- Formulate a suitable maintenance strategy: An organization’s inventory base is bound to have various types of assets which are at different stages in their life cycle. This makes it tough for your company to stick to a single maintenance routine. To cater to individual needs, you need to implement suitable care programs.
Your company can easily comply with the stages outlined above, with the use of a cloud-based fixed asset management software features. Such programs can be utilized as a single solution package to raise overall business efficiency levels.
Take a look at what the software has to offer to help you upgrade your maintenance practices:
One: Run depreciation reports to gain optimal stock value
Deprecation is defined as the reduction in the total value of an asset over the years due to wear and tear and usage. This is an important part of asset lifecycle management as it allows you to deliberate the remaining useful years of equipment. When you record devaluation of assets, you are able to lay down the fundamentals for a customized maintenance regime for your tools and machines.
With the help of a fixed asset maintenance software, you can run regular depreciation reports to achieve the following benefits:
- Accurate depiction of an asset’s worth in your finances
- Streamlined tax calculation on your inventory
- It allows you to determine the salvage value
- It makes an asset worthy of resale
Maintenance practices are much more effective if they are performed exactly according to the needs of the equipment. Track different stages of the lifecycle to implement specialized service routines.
Read more: All You Need To Know: Retiring Assets Through Fixed Asset Tracking Software
Two: Configure calibration alerts for timely maintenance
Majority of firms oftentimes suffer from unexpected asset breakdowns. Occurrences such as this, not only disrupt business events but tend to incur overhead expenses as well. In order to avoid such unfortunate circumstances, it is best to plan maintenance workshops in advance. You can do this by using a fixed asset maintenance software to configure the system to send out alerts. So, whenever any particular piece of equipment undergoes extensive wear and tear, you can send it for service before it actually breaks down.
Setting up maintenance schedule lets you contact the respective vendors for seamless repair events. With the option of advance planning, you can also add customized details regarding the type of maintenance session for different types of assets. Enable optimized utilization of tools and machines with pre-planned repair and service sessions.
Send out maintenance alerts to schedule repair sessions on time
Three: Use a single point of access for service vendor management
A cloud-based software program offers you a secure system to store all your valuable information. This comes in extremely handy to help you design a robust maintenance strategy for all your assets. Say, for instance, asset ABC is scheduled for repair in the coming week. In order to carry out this task, your employee needs access to a list of service vendors. This is where a fixed asset maintenance software comes in.
The software lets you save details related to specific repair sessions. These include the model number, service type, and expected costs. When you have all this information readily available, it becomes easier to shortlist the required vendors. Define a secure maintenance database for easy access to save time and raise overall efficiency levels.
Did you know? With the use of a cloud-based management system, equipment performance goes up by 35% to 50%.
Four: Track usage history to forecast future performance
As a business expands, it is likely to change its asset portfolio as well. This basically means that an organization might not have the same tools and machines it operated with five years ago. While this transition has a positive impact on the company, it is crucial to record these changes as well. You can do exactly this with the help of a fixed asset maintenance software. Diverse features of this software let you keep a track of usage history of all your assets. By studying these reports, you can formulate current and future trends in costs and consumption. An in-depth analysis of such data also reveals the necessary changes in stock due to increased or decreased depreciation rates. Generate performance reports to forecast changes in asset usage for streamlined management processes.
Create actionable reports to analyze usage history
Read more: Fixed Asset Tracking Software and Audits: An Overview
Choose EZOfficeInventory to redefine asset maintenance practices for higher productivity levels
In contrast to the popular belief, maintenance doesn’t only need to be performed sporadically. Investing in specialized service and repair sessions can have a long-lasting positive impact on your business. A cloud-based system can help you build up operational efficacy to achieve yearly targets in a more cost-effective manner. EZOfficeInventory is a type of a fixed asset maintenance software which is extensively designed to cater to small and medium business equipment fixture needs.
Using this software allows you to pull up your revenues by opting for the most constructive management processes. With the ability to constantly track and monitor, EZOfficeInventory offers to label all your assets through barcode tags. Doing this streamlines check-in and checkout procedures for maintenance events. Due to this practice, your system gets notified every time an employee takes out a piece of equipment for use. Transparent asset utilization lowers risk associated with theft and fraud.
Read more: Fixed Asset Management Software Made Easy
EZOfficeInventory also lets you conduct mass actions at once with the use of RFID tracking facilities. With the option of customized fields available to store data, you can enter all unique details of your assets. A comprehensive information system makes it easier to assign calibration schedules. Upgrade your asset maintenance routines to generate higher profits with EZOfficeInventory!
Need more information about our fixed asset maintenance software?
EZOfficeInventory is a cloud-based fixed asset management software designed for small and medium businesses and organizations to enable them to carry out effective equipment lifecycle management to gain higher revenues
