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Assets play important role in success of organization. Whether it’s physical equipment, technology infrastructure, or software applications, managing these assets effectively is essential to maximizing returns on investment.
Asset management is a comprehensive approach used to oversee an organization’s physical assets throughout their lifecycle. It encompasses various stages, including planning, procurement, order management, asset tracking across different locations, transfers, temporary placement management, and write-off procedures. These assets can be either owned by the company or leased.
The lifecycle begins with meticulous planning and procurement, where asset requirements are carefully identified, quantities and specifications are determined, and acquisition plans are established. Once assets are ordered, they are recorded upon arrival at different organizational locations. Transfers between locations may occur, necessitating effective tracking and management during these transitions. It is essential to comply with governmental regulations by maintaining proper transit documents for asset transportation.
For leased assets, effective management of returns and end-of-life (EOL) decisions is critical to improve operational productivity and enhance rental efficiency.
Making informed EOL decisions is crucial when assets near the end of their useful life. Factors such as condition, technological advancements, compliance requirements, and cost-effectiveness are carefully considered to determine whether assets should be disposed of, replaced, or refurbished.
Managing assets in large organizations with distributed locations presents unique challenges. Implementing centralized systems that provide real-time visibility into asset data is essential. This enables organizations to efficiently track assets, streamline maintenance processes, and make well-informed decisions regarding asset allocation, replacement, or disposal. Establishing various touchpoints and conducting third-party audits help maintain effective control over these assets throughout their lifecycle.
By adhering to effective asset management practices, organizations can maintain control and visibility over their assets throughout their entire lifecycle, minimize losses, and optimize asset utilization.
For a consultation on how our configurable SaaS-based solution, ServiceTiket Asset Management, can help your organization improve control over in-house and field-deployed assets, please get in touch with us. We would be happy to assist you and provide further guidance tailored to your specific needs.