Assets such as equipment and trucks are vital to business in industries like construction and HVAC. If they are not well maintained, they will perform poorly, reducing productivity. Thus, proper asset tracking is crucial. This is a process that involves things like knowing the location of your assets and their condition. Let’s see about asset management maintenance in 2021.
What is Asset Maintenance Management?
It is the methodological process of keeping your assets up to date and in good working condition. A company’s assets are only efficient if they are in excellent condition. For instance, work is usually slowed down at a construction site if the excavators or tower cranes are in poor condition.
Why Asset Management Maintenance is Important
If you do not manage your assets in a competitive industry, your rivals will move miles ahead, making it difficult to catch up. Asset management maintenance plays a key role in boosting efficiency. Not performing asset maintenance is one of the major reasons for reduced productivity in many businesses.
When things seem to be running smoothly, many business owners tend to forget about regularly checking the condition of their equipment. Unfortunately, it’s usually difficult to tell if a vehicle has a mechanical issue during the early stages. The best way to deal with problems early enough is to observe maintenance schedules. This way, you won’t have to incur huge costs on repairs or replacements.
Components of Asset Management
Identifying Your Assets
Having a complete record of all your assets is vital. It’s usually challenging to maintain or monitor your assets if you don’t know all of them. You can use spreadsheets to record all your assets, but they are prone to errors. The best solution is to use tracking software which also helps with tasks like generating inventory reports.
Knowing Where Your Assets are Located
Theft and loss of equipment are some of the main issues companies face. Note that some of the assets are quite costly, so businesses stand to lose thousands of dollars if they do not secure their assets. Asset tracking software allows you to get real-time updates on the location of your vehicle. Aside from that, you get proactive alerts such as zone exit alerts and low battery alerts. Even when an asset is stolen, you still get these alerts, and you can use them to recover it.
Knowing the Condition
The only way to ensure the efficiency of your assets is to assess their condition regularly. When assets break down, it normally takes hours or days to fix them. You can avoid this by frequently monitoring the state of your assets.
Understanding Your Assets’ Design and Specifications
Knowing your assets’ design and specifications is important. For example, if you want to add an asset, go for one that will perform a specific task efficiently. Understanding your assets inside out also helps speed up the maintenance process.
Creating a Basic Asset Maintenance Plan
Business owners need to create a solid asset maintenance plan. It allows you to prevent common issues such as theft, loss, and breakdowns.
Cellutrak Asset Tracking is the ideal solution if you are looking for an asset maintenance tool. It enables you to access real-time information on your fleets through a mobile application or web-based software. You can also use it to track engine hours, scheduled maintenance, and secure your assets.
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