Optimizing Asset Management for Enhanced Finance and Operations

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.

 

What is Asset Management?

Organisational assets can be either procured through purchasing or leasing. Effective asset management involves planning and controlling the acquisition, operation, maintenance, renewal, and disposal of organisational assets. It’s a process that requires careful attention to detail, pre-planning, proactive decision-making, and the right tools and technologies to support it.

What does Asset Management entail?

Here is  list of tasks involved in asset management
 

  1. Start with a comprehensive asset inventory: Begin by taking stock of all your assets, including equipment, technology, software, and data. Clean inventory data is the first step. 

  2. Create a clear asset management strategy: Develop a strategy that outlines your organisation’s goals, objectives, and priorities for asset management. This should include an asset lifecycle plan that outlines how assets will be acquired, maintained, upgraded, and disposed of over time.

  3. Invest in asset management software: Asset management software can help you track, manage, and optimise your assets more effectively. Look for a solution that offers  asset tracking through various touch points, automated maintenance scheduling, and customisable reporting.

  4. In case of merchandising assets, the asset management solutions should take care of multiple internal, external stakeholders requirements as well the inspections required for asset during GRN and dispatch stages.

  5. Prioritise preventive maintenance: Regular maintenance can help prevent costly breakdowns and extend the lifespan of your assets. Develop a preventive maintenance plan that includes regular inspections, cleaning, and repairs.

  6. Monitor asset performance: Track key performance indicators (KPIs) such as uptime, downtime, and maintenance costs to measure asset performance. This can help you identify areas for improvement and make data-driven decisions about asset management. In case of merchandising assets it is important to track the productivity of assets which will help in redistribution for improved profitability.

  7. Ensure compliance with regulations: Depending on your industry, you may need to comply with various regulations related to asset management. Make sure you understand the requirements and have processes in place to meet them.

  8. Take control of assets through multiple touch points of the assets or through regular beat capture, third party audits and inspections.

By following these best practices, you can achieve effective asset management and maximise your returns on investment. With the right strategies, tools, and processes in place, you can ensure that your assets are performing optimally and contributing to your organisation’s success.

At ServiceTiket, we’re dedicated to helping organisations of all sizes achieve effective asset management, asset placement management. Our customisable software solutions are designed to make asset management simple and effective, allowing you to focus on growing your business. 

Contact us today to learn more!