Be it a restaurant, manufacturing plant, corporate office or any other type of business establishment, irrespective of their sizes, all organizations have a unique and common set of facility assets. These assets are acquired at a cost and incur additional expenses as they live out their lifespans in companies.
It is important to manage facility assets right from when they are purchased until the time they are disposed of. By doing so, organizations can reap more value out of their assets. Otherwise, poorly managed assets can quickly rack up a myriad of problems that can attract hefty expenses and prolonged downtimes. So what is the most effective asset management system for facilities you might ask. The answer is to use a facility asset management software. Here’s why.
What are facility assets?
Besides the building of an organization itself, there are many assets that fall within the facility umbrella. Every resource of value within a company’s infrastructure is a facility asset. It includes:
- HVAC equipment
- Floors
- Lighting
- Desks
- Chairs
- Paint
- Break room appliances
- IT equipment
- Software licenses
- Vehicles
- Uniforms
When these assets are maintained properly, they function properly. And as a result, business operations can proceed smoothly and as planned. To ensure that they are consistently working and in good condition, they must be routinely inspected. Overall, an effective asset management strategy must be deployed.
What is facility asset management?
Facility assets age over time, leading to asset value depreciation. In addition to that, they may require regular servicing and maintenance. In order to prevent them from depreciating steeply and undergoing repairs frequently, it is crucial to record and track comprehensive asset data right from when they are acquired.
By keeping an accurate tab on information like the physical condition of the assets, their location and their depreciation values, you will be able to make informed and result-driven asset management decisions. This entire process contributes to the process known as facility asset management.
Facility asset management results in reduced costs, improved operational efficiency, enhanced asset lifespans, regulatory compliance, improved security and increased returns on investment.
Traditionally, companies relied on spreadsheets to manage facility assets. But in today’s business scenario, spreadsheets can hamper productivity and business prospects more than it can help boost them. The reason is that they are manually operated and lack integrations. The best way to manage facility assets is to employ a facilities management asset tracking software.
How do facility asset management software solutions work?
Facility asset management software is a centralized application that allows you to take control of all your facility assets with just a few clicks of a button. It can perform a broad range of asset management functions at incredible speeds and with exceptional accuracy. Here’s how they help manage facility assets more in detail.
Track inventory
Facility asset management software solutions can store comprehensive asset-related information in an organized manner. They can categorically store and track asset data like model numbers, cost of acquisition, license terms, recovery period, depreciation values and more. These digital management systems are also compatible with tracking technologies like barcode scanners, making it easy to retrieve information instantly and devoid of errors.
Maintain assets
In a facility asset tracking system, you can seamlessly define and set up maintenance and replacement schedules. Be it a long term plan or a day-to-day schedule, they can easily be integrated and tracked through the software. As a preventative maintenance measure, the software reminds you of fast approaching maintenance schedules via notifications.
Audit assets
Every once in a while you will have to determine the value of all the facility assets in your organization. This is best carried out with a facility asset tracking solution. Using tracking technologies, the management system can quickly detect and update its databases with information like what is available in the inventory, what assets are no longer in use and finally what assets need to be acquired for better business operations.
Business insights
One of the most crucial features of a facility asset management software is its ability to generate reports. By crawling through the extensive amount of data stored within its database, the system produces business insights that reveal what your budget is being spent on the most, what assets incur most expenses, what assets undergo frequent maintenance and more. Using this information, you can optimize your facility asset usage for minimized expenses and enhanced savings.
Conclusion
Streamline your facility asset management workflow with a cutting-edge system designed to oversee acquisition, operation, maintenance, renewal and disposal of assets. I highly recommend SmartAMS from SmartPoint. It is easy-to-use, packed with features and has great technical support. Contact them to purchase your copy today.
