• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer
  • Home
  • Subscribe
  • Your Membership
    • Edit Your Profile
  • Services
    • Advertising
    • Case studies
    • Design
    • Email marketing
    • Lead generation
    • Magazine
    • Press releases
    • Publishing
    • Sponsored posts
    • Webcasting
    • Webinars
    • White papers
    • Writing
  • Shop
    • My Account
    • Cart
  • About
    • Contact
    • Privacy
    • Terms of use
  • Events

Robotics & Automation News

Market trends and business perspectives

  • News
  • Features
  • Video
  • Webinars
  • White papers
  • Press releases
  • Featured companies
    • AMD Xilinx
    • BlueBotics
    • Elite Robot
    • RGo Robotics
    • SICK Sensor Intelligence
    • Vicor Power

How to Best Optimize your Business Operations through Asset Management Software

February 19, 2023 by Mark Allinson Leave a Comment

Assets, both tangible and intangible, are a major and valuable investment in your business. Asset management software provides you with a centralized platform that enables smooth asset tracking and allows you to have greater visibility of your assets. This helps improve asset management processes like maintenance, tracking, cost optimization, and more.

With a holistic view of your assets and associated costs, you can make wiser decisions pertaining to procurement and management. You can also better manage your assets by taking several actions, as simple as checking asset management metrics in a faster and more convenient way.

MarketsandMarkets reports that the asset management software market is likely to hit $4.8 billion by 2026. Some reasons for this are being compliant with regulations, optimization of asset purchase, maintenance, and deployment – the core driving factors of asset management software.

Here’s how you can optimize your business operations by employing an asset management tool:

1. Advanced asset reservation: How many times does it happen that the asset you aim to use has already been in the custody of another user? This is frustrating and wastes time, halting important business processes. It is, therefore, advisable to prepare yourself in advance to maintain productivity.

Asset management software allows you to reserve assets prior to the dates you require them. This means that you can reserve assets as per your needs before time, which also makes it easier to share office resources and develop a collaborative work environment. Saving you from the hassle of unavailable or overbooked resources, you can automatically reserve and better utilize the available assets.

You can also leverage the availability calendar in the solution. It gives you a detailed view of whether the asset you aim to reserve is available on that particular date or not. This greatly helps get rid of administrative complexities and makes asset management more optimized.

2. Preventive maintenance: Maintaining assets before they experience major breakdowns is a well-known tactic to prolong the life of an asset. Preventive maintenance is carried out periodically so that an asset does not age quickly, keeps functioning well for its useful years and your business does not have to suffer from lost productivity due to unexpected asset failures.

It is, therefore, advisable for every industry to implement preventive maintenance so that workflows can be optimized. Using asset management software, assets can be sent for maintenance and the status of the equipment is updated as “In maintenance”- this will notify users that the asset is unavailable. In this way, maintenance is never compromised because of the asset’s unavailability. For example, an asset will be sent for maintenance after every 3 months for regular checks and repairs.

Adopting preventive maintenance also prompts your technicians to improve response time and optimize workflows, improving operational efficiency. Not only does preventive maintenance ensure that your assets remain in the best shape, but also plays a vital role in ensuring equipment longevity.

3. Timely audits: To prevent financial loss and expedite asset management, it is imperative to conduct regular audits. Not only do audits keep you updated with important asset information, but help identify gaps in good asset maintenance and management. Audits make you aware of your operational and financial condition which makes it easier to strategize and make specific asset-related decisions.

By conducting location and custody audits through asset management software, you always know where your assets are located and in whose custody it belongs, along with the total amount invested in them. Once you conduct an audit, you have a complete list of asset quantities available, know whether they are over or under stocked, present in the wrong location, or need special attention. This allows you to take corrective measures and carry out better future planning.

Moreover, with audits, you are able to allocate a budget wisely because you can easily analyze business needs. Further, you know exactly which assets need immediate replacement, and repair so that you never suffer from halted business operations.

4. Efficient work order management: Work orders play a huge role in always staying updated with your current operations. Let’s say, you want to send a monitor for maintenance and want to make sure it is completed in a certain time frame. By using asset management software, you can send it for repair by creating a work order request, setting its time frame, and even attaching a checklist with it so that the maintenance is done based on your needs.

This also helps improve collaboration between teams because the stakeholders involved can always go back to the work order and check if the checklist has been completed, and the repair has been done based on priority. By providing all details in one place, you can ensure that the provided instructions are being followed.

Through work orders, you can cut down on necessary costs, and keep your operations organized which streamlines asset management. You will have the necessary information right in front of you so you can cross-check for confirmation.

5. Generate customizable reports: Interpreting and deriving meaningful statistics from large amounts of data can be a real struggle. Asset management software provides you with a platform to generate reports that better display data along with statistics and present the data in easy-to-read formats. You can even incorporate visualizations, such as customizable graphs, for improved data displays and analysis.

These asset reports help improve the management, tracking, and reporting of assets- making the processes efficient and smooth. Without using reports to consolidate data, you are at risk of losing important asset information; if you are especially using spreadsheets, there is a huge chance of human error. Reports ease the process of auditing as well since with the help of reports you can showcase your financials, some being expenses and other being investments on assets.

You can generate different kinds of reports, such as location reports, work order reports, inventory reports, and even customized reports, allowing you to develop more efficiency in asset management, and be a step closer to achieving your financial goals with data-based analysis.

How has asset management improved now?

With the rapidly changing technology and new means of handling assets, SaaS-based companies have taken a significant step ahead. Asset management has revolutionized, offering several breakthrough functionalities that have surely helped enhance business productivity and operations.

With asset management software, you can smoothly take care of your assets, control costs, and find the best ways to better utilize your current resources- executing asset-driven operations across major industries. Therefore, your overall business goals can be managed with much more efficiency and effectiveness.

Print Friendly, PDF & Email

Share this:

  • Print
  • Facebook
  • LinkedIn
  • Reddit
  • Twitter
  • Tumblr
  • Pinterest
  • Skype
  • WhatsApp
  • Telegram
  • Pocket

You might also like…

Filed Under: Business Tagged With: asset, assets, maintenance, management, reports, software

Join the Robotics & Automation News community

Reader Interactions

You must log in to post a comment.

Primary Sidebar

Latest articles

  • Big Joe Forklifts launches autonomous pallet mover in partnership with Thoro.ai
  • Wingtra lands $22 million funding round for its commercial drones
  • DeepRoute.ai launches $1,000 ‘map-free’ self-driving solution
  • MobileDrive builds next generation ADAS with Siemens’ digital twin technology
  • Seegrid releases software to enable its warehouse robots to work together
  • Ambi Robotics unveils fleet management and business intelligence platform
  • Geodis almost doubles case picking throughput with Vecna Robotics solution
  • How to Automate the Mechanical Tasks in Your Company Better
  • What to Wear for Cycling in Cold Weather
  • The evolution of car technology

Most Read

  • Best Fat Tire Electric Bike: The Ultimate All-Terrain Companion
    Best Fat Tire Electric Bike: The Ultimate All-Terrain Companion
  • Top 20 electric vehicle charging station companies
    Top 20 electric vehicle charging station companies
  • Indian startup Unbox Robotics launches sortation robots in the US
    Indian startup Unbox Robotics launches sortation robots in the US
  • Difference Between Three-Phase and Single-Phase Power
    Difference Between Three-Phase and Single-Phase Power
  • Scientists have found more water in space than they ever knew possible
    Scientists have found more water in space than they ever knew possible
  • Top 20 programmable logic controller manufacturers
    Top 20 programmable logic controller manufacturers
  • Stiga launches ‘world’s smartest’ autonomous lawn mower
    Stiga launches ‘world’s smartest’ autonomous lawn mower
  • Built Robotics launches fully autonomous solar piling system
    Built Robotics launches fully autonomous solar piling system
  • ABB launches new version of its Swifti collaborative cobot
    ABB launches new version of its Swifti collaborative cobot
  • Investment attractiveness of the Anya project in Dubai
    Investment attractiveness of the Anya project in Dubai

Overused words

ai applications automated automation automotive autonomous business companies company control customers data design development digital electric global industrial industry logistics machine manufacturing market mobile operations platform process production robot robotic robotics robots safety software solution solutions system systems technologies technology time vehicle vehicles warehouse work

Secondary Sidebar

Latest news

  • Big Joe Forklifts launches autonomous pallet mover in partnership with Thoro.ai
  • Wingtra lands $22 million funding round for its commercial drones
  • DeepRoute.ai launches $1,000 ‘map-free’ self-driving solution
  • MobileDrive builds next generation ADAS with Siemens’ digital twin technology
  • Seegrid releases software to enable its warehouse robots to work together
  • Ambi Robotics unveils fleet management and business intelligence platform
  • Geodis almost doubles case picking throughput with Vecna Robotics solution
  • How to Automate the Mechanical Tasks in Your Company Better
  • What to Wear for Cycling in Cold Weather
  • The evolution of car technology

Footer

We are…

Robotics and Automation News was established in May, 2015, and is now one of the most widely-read websites in its category.

Please consider supporting us by becoming a paying subscriber, or through advertising and sponsorships, or by purchasing products and services through our shop – or a combination of all of the above.

Thank you.

Independent

Archivists

February 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728  
« Jan   Mar »

Complex

Old-skool

This website and its associated magazine, and weekly newsletter, are all produced by a small team of experienced journalists and media professionals.

If you have any suggestions or comments, feel free to contact us at any of the email addresses on our contact page.

We’d be happy to hear from you, and will always reply as soon as possible.

Future-facing

Free, fair and legal

We support the principles of net neutrality and equal opportunities.

Member of The Internet Defense League

Copyright © 2023 · News Pro on Genesis Framework · WordPress · Log in

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT