Growth and expansion are two words that make every business or company owner smile like a child on Christmas day. Unlike the child who expects and knows they’re getting a special treat on Christmas, the business/company owner is and can never be certain of growth and expansion unless they are intentional and strategic about it. This includes accurate data for asset management efficiency.
It is a fact that a company or business’s profitability and growth are dependent on how well its assets are managed. This means growth and expansion are impossible without efficient and effective asset management. Asset management, on the other hand, cannot be effective or efficient without one key ingredient – data.
When we talk about data in asset management, we’re talking about quality, relevant and accurate data. Accurate data is what every company needs to achieve the bulk of efficient asset management. This is because a level of precision and detail is needed throughout the asset management process, and the lifeblood that makes these processes efficient is accurate data.
An accurate total of all the data, past, current and future (insights), is needed to ensure asset management efficiency. So with all this said, why is data, and not just any data but accurate data, important for asset management efficiency?
Proper Inventory
If it’s not already obvious, accurate data is the core part of asset monitoring, which forms one of the integral parts of asset management. Accurate data is needed to keep a proper inventory of a company’s assets. Accurate data ensures that company owners or managers are constantly updated on the number of assets in the company, their location at every given time, spare equipment and assets, asset check-outs and check-ins down to asset movements.
Paper-based asset management methods and spreadsheets are detrimental to data accuracy. Instead of traditional asset management methods, digital asset management tools ensure that accurate data for asset management is more than just a possibility.
Proper Maintenance
Another integral part of efficient asset management is maintenance, and for there to be proper maintenance of assets in a company, there must be accurate data. Accurate data ensures that everything from maintenance planning and strategizing to execution is timely and properly done.
Inaccurate data for asset maintenance means your company or business will likely suffer from several issues. Issues like poor knowledge of asset working conditions, underutilization of assets due to inaccurate or no data records, lack of proper asset reports, audits and maintenance history, and so on.
These issues can lead to general problems in your company’s asset management, such as frequent asset downtime, sudden asset failures due to lack of maintenance, unavailability of spares, stressful and time-consuming employee working conditions and customer dissatisfaction.
To remedy this, accurate data – that can only be gotten from fully automated software tools are needed. This is to ensure round-the-clock data on asset conditions, maintenance history, and timely updates.
Improved Processes
The opposite of growth and expansion in business is loss and more loss. Poor asset management is the reason many businesses experience exponential loss globally. Lack of proper data to monitor and maintain business operations and processes means inefficiency and productivity in your company or business. It’s not rocket science.
With accurate data, all the processes involved in asset management from asset acquisition, developing, operating, and maintaining to disposal or reselling, are seamlessly and efficiently handled. Employees and outsourced hands involved in these processes have access to up-to-date and accurate data to ensure the smooth and improved operation of all asset management processes.
Cost-effectiveness
Accurate data not only saves you time and energy but money as well. With accurate data, a company’s or business’ finances are effectively and efficiently managed. Accurate data enables pro-activeness in handling all asset management and maintenance operations and processes, thereby saving time and money.
Accurate data ensures protection against finance-wasting situations like unexpected equipment failures and downtimes, improper maintenance schedules, lack of proper inventory and so on. With accurate data, you as an asset manager or business owner can stay ahead of these issues and save time and money effectively.
Accurate data is indispensable when you talk about asset management efficiency. If you want effective and efficient management, maintenance and tracking of your company’s assets then you must be ready to invest in having accurate data.
Accurate data keeps you knowledgeable, proactive, efficient, and financially secure on all issues concerning your asset management.
Accurate data for efficient asset management can only be actualized using the proper tools. That’s why investing in a fully automated and digital asset management software tool like Rayda is the best way to ensure your asset data is accurate and your business’ expansion and growth are possible.
Also read 5 Importance of Asset Management for Your Business
