Sie denken vielleicht, dass der Kauf von Cannabissamen aus zwei Gründen nicht einfach ist. Der erste Grund ist – es ist schwer, authentische Verkäufer online zu finden und der zweite ist – es gibt eine Reihe von rechtlichen Beschränkungen, die den Verkauf regeln. Wir stimmen Ihren beiden Gedanken zu, aber eines ist nicht zu leugnen – kleine, lokale Einzelhandelsgeschäfte, die Sorten anbieten, verlangen exorbitante Preise.
Nun stellt sich die Frage – welcher Verkäufer ist authentisch um Greenhouse Seeds zu liefern und nicht mehr kostet, sondern wesentlich günstiger als die kleinen lokalen Einzelhandelsgeschäfte ist? Die Antwort ist hier! Es ist der Cannapot Hanfshop, einer der vertrauenswürdigsten Verkäufer von Cannabissamen zu besten Preisen.
Any organization that stores resources or stock in a stockroom need a strong framework to keep track of their goods. One of the most well-known strategies most organizations use is RFID tags that are very helpful in asset tracking. However, choosing the right type of asset tracking for your business can be a gamechanger!
After reading this blog you will be able to get a clear picture of RFID tags either they fit in your organization for your business or not So without wasting any time let us begin!
What Is RFID Technology (RFID Tags)?
RFID means Radio frequency identification. RFID technology comes in the RFID tags form they are small tags and uses radio waves for communication. This technology uses a specific radio wave which enables them to identify items and communicate. It quickly identifies asset movements and keeps track of each asset.
Importance of IT support services:
The main factor that drives every business, small to big increasing the productivity as well as the expansions is IT support team that includes technology experts with good experience and knowledge that enable companies to stay consistently strong in the competitive market.
How does IT support services play a key role in the companies?
• Helps to stay updated related to the latest technologies released in the market.
• Troubleshoot and update continuously with the Existing systems.
• Awareness of the company structure, demands, functionality's operations performed in the projects.
You could be marrying in near time and trying to think about appointing a wedding photographer. You might be trying to think now on which photography expert to prefer for your wedding day. You might be a photographer, trying to know the delicate and confusing psyche of those who connect in wedding planning. While it comes to Wedding taking photos it's always good to appreciate the differences so you are familiar with what to expect from the diverse photographers out there. Several photographers will time and again offer a combination of these styles and capture special elements of your wedding day in diverse ways. Other photographers will shot your wedding day within a definite style of their own.
For all time talk about wedding photography styles through your selected photographer to found the style of wedding photographs that you would be fond of your special day to be shot. If you're looking to book a San Diego Wedding Photographer it’s very vital to know what approach of photography to expect as your Wedding Album and your images will be unique and they will be your personal souvenirs of your special day. A superior wedding photographer should help out make your day go more effortlessly. Aside from being a devoted wedding planner, your photographer is the just vendor who is directed to be spending the whole day with you. The Top Wedding Photographers in San Diego should make things simpler for you. They should resolve problems. The wedding photographer in San Diego is flexible in approach. They are capable to adapt and thrive in hard situations. Discover more about their ability and ask concerning a difficult lighting situation, bad climate, or other disaster and discover how they resolved it in the past. Discover a photographer who desires to spend time getting to be familiar with you thus they know you and your needs best. This is the finest way to realize if they are a superior fit for you.
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Sinking with the technology, the methods we have been using for asset life cycle management are old and no longer can be used in a satisfactory position.
For economic and financial development, we should consider the methods of recent times to get appropriate results.
In the present technology-growing world, advanced methods with enhanced abilities to manage physical assets have increased over the past several years. In addition, such techniques have been gradually incorporated into a management framework.
What is Asset?
An asset can be defined as an item, thing, or entity that has the potential to give actual value to an organization.
Asset Management can be described as a coordinated activity of an organization to realize value from assets.
Assets have always been managed by the officials professionally and also, they were maintained simultaneously from past decades.
Why is Asset Management necessary?
The process of asset management includes the duties of optimizing the delivery of value and making an appropriate decision about the assets.
If the asset is not taken care of then its chances of failure will increase, this is why scheduled maintenance is important. Giving maintenance is a significant part of asset management.
The main objective of asset management is producing the least overall life cost of assets which can be affected by other parameters such as business continuity or risk during the decision-making process.
This makes the condition possible for an organization to study and observe the performance of assets in different stages.
The also comprises the opportunities, balancing the costs, and the threats against the level of performance of assets, which makes it essential for the greatest return on the investment and to maintain the objectives of the organization.
Asset Management Necessities
Also Read: How is Asset Tracking Using NFC Different from Other Technologies?
What is Asset Life Cycle?
A key process of asset management is the understanding of an asset’s life cycle. There are some key stages for maintaining the asset’s lifecycle.
The fixed asset life cycle begins from the time when the company acquires any asset and it ends when the company disposes of the same asset.
The life cycle of an asset includes the depreciation adjustments, its repair, and the upgrades performed on the asset.
Many accounting issues arise throughout the life of an asset based on the requirement of the accountant to make decisions regarding financial reporting or the asset’s value.
What is Asset Life Cycle Management?
Assets are the items that hold the strength of the company. You should know what assets your organization has, where are they, and their condition, it will help in planning for future assignments and meeting business requirements.
Asset life cycle management is the process by which the optimization of profit generated by the assets is kept by the organization throughout its life cycle.
The services offered by the organization tend to address all the stages of an asset’s life cycle nevertheless of their scope, opportunity, scale, or industry.
Also Read: Understanding of Asset Lifecycle Management in the Supply Chain Industry
What are the Stages of Asset Lifecycle Management?
The team involved with asset management manages the organization’s assets. Their aim is to assist the organization in tracking the changes in their assets, how they are configured, and their location.
The asset of any size big or small, cheap or valuable goes through 5 key stages of the asset management lifecycle. The stages are:
Asset Life Cycle Management
Procurement is the first process or stage of maintaining the asset life cycle which holds the actual purchasing of the asset.
With the options available, the best decision will be taken to fulfill the organization’s requirements without exceeding the budget.
Usually, the purchase is made by planning with the needs which are identified from the gathered data, and then the forecasts are made to justify the actual purchase.
Once the asset is purchased it belongs to the company and can be used as it is considered fit and profitable.
Create Purchase Orders
Purchase Order Workflow
Link to Cost Budgets
Purchase Order Approval
Purchase added to the inventory
The deployment stage is the state where all the action takes place before the asset is finally used.
The asset is assembled, and preliminary checks are conducted on it. The inspection is done to check for physical defects as well as design and engineering problems, whether the asset is installed correctly and safely or not.
Also, tests are performed to confirm any kind of issues, with installed barcode tags for tracking purposes.
Asset deployed, transferred from inventory to in-use.
Discover the assets for software and hardware inventory.
Issue software for a hardware asset.
Utilization is the longest stage of asset life cycle management. The asset is finally put to good use for which it was purchased.
The revenue and returns earned on its capital are seen. Any kind of upgrades, patch fixes, purchasing of new licenses, compliance audits, and cost-benefit analysis are part of the utilization stage.
The performance of an asset is continuously checked for issues that might arise unexpectedly during its presence on the production floor. The prime area of focus during the utilization stage is to get the most output from the asset.
Complete Ownership Tracking
Software Compliance and License Management
Asset Depreciation Calculations
Also Read: What is the next trend for Asset Tracking to consider?
The continuous use will put the asset in a wear and tear situation due to which maintenance becomes a common occurrence.
With the growing age of the asset, maintenance help to increase its productive life. Modifications and upgrades are done to make the asset more in sync with the times, making them faster and better. This will only improve the quality of the work.
Maintenance of assets
Notification of expiry dates
Software License Agreements linked to the Software
Till the end of an asset’s useful productive life, it must be disposed of.
The decision to dispose of an asset should be based on the service deliverables. Before disposing of the asset, everything is checked, treated, and processed to ensure that it should not harm nature or society.
For this, all the data must be wiped from the asset. It is then dismantled piece by piece, all the parts which can be used further are stored and those with no use are sent in scrap.
If the asset consists of any part that can cause an environmental hazard, they are to be eliminated and disposed of as dictated by the environmental laws of that geographical area.
State changed from in-use to expired or disposed
All the software issued to the disposed asset will get un-issued
What Are the Benefits of Asset Life Cycle Management?
Here are some of the benefits you will get from asset life cycle management:
Management of the life cycle of an asset will calculate your needs in a better way.
The proper system will assist you in making informed purchase order decisions.
It will improve your dynamic when it comes to the restoration of resources.
The management will improve the quality of IT services in your organization.
You will know the total cost of ownership of an asset every time.
Managers can look at the lifecycle of each asset that will help in making informed decisions such as when assets need to be retired or either to sell or not.
Also Read: Why is Requisition Management Important for an Organization?
Asset life cycle management helps the organization to optimize the performance of the asset throughout its useful life.
The life cycle management starts from the point of the planning stage and moves along in a sequential manner until the product is no longer useful and must be disposed of.
Asset life cycle also helps organizations in keeping their assets well maintained by providing preventive maintenance.
The asset management software would allow an organization to know the operational costs, usage frequency, and performance associated with an asset throughout its lifetime.
This will allow comparison against business numeric to know how your assets fare as compared to the business standards. To maintain a competitive edge in the market it is necessary to have accurate asset lifecycle management.
Frequently Asked Questions (FAQs)
1. Which phase of asset life cycle management is most important?
All phases of asset life are important but if you have to pick one most important phase that is maintenance. If maintenance is done at the right time and effectively. Then the life of the asset can be extended along with that maintenance expenses will be decreased as well.
2. Why is asset management software important for asset life cycle management?
Asset management software is important because it is built for this purpose as it automates the process and simplifies asset life cycle management. Moreover, there are so many factors that one cannot keep up while deciding and this software provides assistance in making a decision.
3. Wich industries can utilize asset management software?
All those industries which are having difficulty in managing their assets & those organization which have assets in abundance can use this software. Those organizations who want to eliminate the manual process and want to shift to automated processes can utilize this software.
Note: This article was originally published at Asset Infinity. You can see the original post here at asset life cycle management
An eCommerce business is a business model that allows organizations to sell their products to individuals & from business to business. An eCommerce business can take place over computers, mobiles, tablets, and so on. We know a big size eCommerce business can have millions of inventories to sell and assets for themselves. That is why it is important to ensure asset tracking is done properly. In this asset tracking guide, you will know various aspects of asset tracking that will help you in the eCommerce business.
What Is Asset Tracking?
Asset tracking is a technique that allows you to monitor your assets and inventories. This feature comes in handy when there are lots of assets and inventories.
You can know where they are located when their barcode tag, QR Code (Quick Response code) tag & RFID (Radio-frequency identification) tag is scanned it lets you know all the information related to assets.
Asset tracking is an important aspect of asset management.
Also Read: Why Asset Tracking System Is Essential in Every Industry?
What Are the Benefits of Asset Tracking?
The benefits of asset tracking are discussed below:
Benefits of Asset Tracking for eCommerce Business
1. Saving from Theft
Theft is one of the main issues in all organizations, especially in the eCommerce business because there are inventories of all sizes big and small. Small inventories can be easily hidden in pockets.
Theft also impacts productivity & decreases the efficiency of the organization. Moreover, when an asset is stolen it directly impacts the bottom line.
Overall organizations suffer from millions of dollars lost every year due to asset theft issues. However, lots of organizations do not pay attention to this issue.
According to the Safe At Last website, “Employee dishonesty costs US businesses $50 billion every year” Bu when you use the asset tracking feature you can easily avoid assets from theft.
2. Avoiding Misplacement
Misplacement of assets is similar to theft in this case asset is not found where it was left. This occurs due to the employees’ utilizing assets and leaving them anywhere and as a result, other employees’ time is wasted.
As they look for an asset it decreases the efficiency of the employees. In the worst-case scenario, an asset is purchased unnecessarily. But you can avoid misplacement of assets as an asset tracking feature will let you know where the asset is located.
It is very beneficial in saving time for employees and eliminates the chances of purchasing assets unnecessarily. It is very important for eCommerce businesses.
3. Reduce Failure Chances
In an organization, maintenance is a major concern if asset failure occurs it can be an expensive repair. When you are keeping track of assets you can avoid asset failure so with proper tracking and monitoring.
You can know when the asset was given last maintenance and when maintenance is due. With asset tracking, you can keep track of maintenance and decrease maintenance expenses as well.
Also Read: How Asset Tracking & Management Helps in Improving Hotel Revenue?
4. Helpful in Audit & Maintain Compliance
The audit is an important process of any organization. It lets you know the asset condition and is helpful in calculating the actual value of assets. However, it is a long and hectic process because assets are in different locations.
With asset tracking, you can easily bring back assets before the audit begins and it becomes a simple process to audit assets. Also, you can easily verify assets physically.
In some industries, asset tracking is important for maintaining regulatory compliance. If an organization is not found following rules, then the organization might have to pay huge penalties. So, these are the few important benefits of asset tracking.
In this asset tracking guide, you must know asset tracking techniques.
Below we have mentioned a few of the techniques:
Barcode, QR Code (Quick Response code), RFID Radio frequency identification, NFC (Near field communication), are used for asset tracking. These technologies have their advantages and disadvantages.
For example, the barcode is simple but cost-effective whereas QR Code is an advanced version of the barcode.
RFID is expensive than a barcode, QR Code but with an RFID scanner you can scan multiple tags at a time, so it is more productive, NFC provides real-time information and works more quickly, and NFC is expensive as well.
What Is the Role of Mobile and Cloud Computing Technology in Asset Management?
In an asset tracking guide, the mobile plays an important role because you can make changes with your mobile without coming to your office in order to make quick decisions.
Mobile applications and cloud computing technology give you the power to work from anywhere across the world. You can access files when you are on an office trip, and you are no longer bound to your office.
Since you are using cloud technology you do not have to worry about data security as well as the cloud service provider will be responsible for data security. Meanwhile, they keep data in an encrypted way.
Asset tracking with mobile apps gives you notifications and alerts as per the requirement. When inventory is below the defined level or whenever any update occurs in the procurement and requisition process.
With a smartphone, you can scan asset tags and labels that come in handy when you are mobile.
In the asset tracking guide, you must use advanced technology such as automated asset management software, mobile technology, asset tracking technique, and cloud computing technology.
You must use utilize these technologies; it is an effective guide for asset tracking. Once you implement these technologies you will see their impact in a positive way and your eCommerce business will grow.
Also Read: What Are Trends to Know About Equipment Maintenance?
Frequently Asked Questions (FAQs)
1. What is an asset tracking application? How does asset tracking work?
The tracking is done with an asset tracking label that is attached to the asset. Whenever you scan the label, it will let you know its information with the location. We know when equipment is not found it leads to a costly delay in production work, disappointing customers. Asset tracking eliminates lots of problems once and for all.
Asset management software is one of the best options you have for asset tracking. It plays a crucial role in effective asset management, and it can increase asset life. With this software you can have all the information such as who has the asset, who is using it when it will be returned, you can know its current location and status as well. Either asset is open, running, or closed when its maintenance is due.
2. Which asset tracking technology is useful for the transport and logistics industry?
GPS is one of the technologies that are very beneficial for the transport and logistics industry because it provides real-time information as it helps drivers in saving time by avoiding traffic jams and saving expenses. Moreover, in the transport and logistics industry delivery on time is very crucial GPS helps in achieving that as well. Furthermore, there are several other benefits as well.
3. Why is asset tracking important?
Below we have mentioned a few of the reasons why asset tracking is important!
1. Asset tracking is helpful in tracking the performance and evaluation of assets.
2. You can gather data on each asset in order to optimize each asset.
3. When you have automated asset tracking software, it will alert you in advance for maintenance and you can implement preventive maintenance.
4. With asset tracking, you can easily identify each asset specifically when there are lots of similar assets.
Note: This article was originally published at Asset Infinity. You can see the original post here at Asset Tracking Guide for eCommerce Business
With passing times, new and innovative skincare products and treatments are becoming extremely popular amongst the populace. One of such unique skin remedies is microneedling, also called the collagen induction therapeutic procedure. Microneedling is one of the most effective and safest methods to restore the skin texture, avoiding any scars, and enhance the appeal of the individuals. The process entails the application of very fine needles of 0.5 to 3 mm affixed to a pen for producing a plenitude of minuscule and imperceptible openings on the skin surface.
Although the holes are tiny and skin-deep, it sends an alarming effect on the skin, helping to stimulate the radiance and strength of the skin. To get the most of microneedling remedies, it is justifiable to apply a serum during and after every session. The professional microneedling serums from Dr. Pen delivers effective and rejuvenating skin ingredients through the created micro-channels allowing up to 300% of specific skin product absorption, thereby reviving the appearance of the face.
What are the Different Serums Used By Dr. Pen for Microneedling Techniques?
The innovative and skin-adaptable ingredient is popular globally for its moistening attribute. When this serum is applied to the skin through microneedling, it assists in moisturizing the dry and peeled-off skin with the needles hydrating the skin layers deep into the dermis. Besides, as these serums are capable of holding up to 1000 times of water of their weight, they can effectively saturate the skin, without jamming the pores.
This type of serum aids in the faster restoration of the skin issues, while mitigating the itchiness on the skin. It forms nearly 50% of the topmost skin texture, comprising of fatty acids acting as a beneficial barrier to the skin texture and holding up the moisture. It keeps the skin texture moisturized and reinforces its pliability.
The unique serums containing Vitamin C are widely known to have the most effective antioxidants and collagen catalysts. This type of serum works in perfect synchronization with the nano-needling treatments without causing any skin irritability. It helps to restore the skin texture and acts as an anti-aging stimulant to remove the skin disparity with soothing effects.
Why the Microneedling Serums from Dr. Pen are so Beneficial for the Skin?
Aids in Scar and Acne Treatment
As the microneedling triggers the elastin and collagen formation in the skin, it proves extremely beneficial in mitigating the effect of acne and scars on the skin surface. Herein, collagen induction therapy reduces the different scars of acne, post-surgical marks, or stretch marks. Besides, a nano-needling method helps to control the changes in skin color and blemishes. When the sterilized needles prick tiny vents on the topmost skin layer they aid in eliminating the source of recurrent blackheads and acne from the skin texture. Herein, after the remedial process, the skin pores will significantly look tinier, mainly around the nose area. As per research studies, the microneedling process enhances the appearance of the skin texture by around 80% with long-lasting effects. Again, some scars can lead to stickiness around the scar area that can be painful. Through the nano-needling remedy with the scars, the associated pains are also mitigated.
Thwarts Signs of Aging
Such skin treatment works as anti-aging routine therapy, effectively thwarting the aging skin and averting any new wrinkles to form on the skin. Besides, when such nano-needling remedial sessions come with highly effective antioxidant serums of Vitamin C, it makes the skin appears rejuvenated and active. Herein, the therapy transforms the dusky appearance of the skin by a lustrous glow, and tightens the skin texture, averting the loosening effect. It targets the fine lines and wrinkles, by stimulating the growth factors and restoring the skin texture. Moreover, the remedy helps in boosting up the natural creation of collagen, strengthening the skin, and mitigating skin wrinkles.
Diminishing the Effects from Sun Damage
Again, microneedling is highly effective in mitigating the sun damage effects on the skin, especially the hyper-pigmentation and a brownish skin texture. The therapy aids in restoring the skin by enhancing the levels of new collagen and skin cells, thereby stabilizing the skin tone.
Acknowledging the prime upsides of the professional microneedling serums, it would be a smart proposition to order such effective skin rejuvenating therapy only from Dr. Pen, thereby adding strength and structure to the texture of the skin making it energetic and nourished.
Managing assets can be an overwhelming task but unquestionably it is an important task. So, to manage assets efficiently, asset management software can help your organization. Asset management software consists of several modules, and we have created an asset management checklist that can assist you when you consider investing in it.
Therefore, in this blog, we will go through each & every important part of asset management. We have created an asset management checklist for your assistance.
Here Is the Asset Management Checklist for Your Assistance
Also Read: Asset Maintenance: Types with Benefits and Drawbacks [Infographic]
Asset Management Checklist - Infographic
Asset Management Checklist – Infographic – Asset Infinity
1. Asset Life Cycle Management
Every asset has a life; this software lets you know that a particular asset is in which phase and how much value it is providing to your organization.
In their life cycle, assets go through many stages and generate a lot of data from their maintenance, repairing, operations.
These types of information are crucial for a business in the long run. With this software, you can monitor asset conditions as well.
Asset monitoring & tracking
Service history tracking
Also Read: Basics of Cloud-Based Asset Management [Infographic]
2. Inventory Management
It incorporates the management of raw materials, finished products. Inventory is crucial for effective business management. A shortage of inventory will affect business, especially in peak season.
Therefore, in business, it is crucial to maintain the right level of stock at the required place.
However, inventory management is not only important in terms of maintaining the right stock, but it also saves your business from overstock. It allows you to set alerts and notifications.
In simple words, whenever inventory level goes below the set par it will notify the person responsible and then he can start the process of refilling inventory.
Complete inventory list
Alert & notification
Set reorder level
Detail inventory reports
3. Work Order Management
On a single dashboard, you get all the details related to the work order such as what is the status of which work order, which technician is working on it, how many tasks are completed, and how many are left. How much time is it taking to complete a work order!
Alert & notification
Work order status
Work order priority
4. Audit Management
An audit is one of the pain points for all industries because assets are moved from one place to another. So, asset loss chances are increased but with this software, assets are tagged with asset tracking technology that will provide you with accurate and real-time location of assets. It decreases the chances of asset loss.
Assets Physical verification
5. Maintenance Management
This software allows you to maintain the asset in top condition and keep the asset optimized which reduces the asset breakdown failure chances. It also keeps your asset productive & optimized.
You can get reports and analytics about maintenance. Moreover, you can know maintenance history too, through which you can identify if an asset is acquiring more maintenance, which will assist you in making a better business decision.
In maintenance, how many expenses are done, and expenses history can be seen in cost tracking. Asset management checklist cannot be completed without maintenance management.
Create/manage maintenance schedules/activities
Service history tracking
6. Utility Management
This module records the consumption of a utility such as electricity and water. Also, alerts & warns you when consumption jumps the decided parameter value.
By monitoring consumption, this software can help in taking control and reduce your utility bills. Preventing over usage and wastage of utilities.
Utility consumption tracking
Alert & warning for consumption
7. Incident Management
The procedure of handling an unexpected disruption is known as incident management. For example, while working on something in your office your laptop hangs, that is disruption and then the process for solving the problem is called incident management.
Priority of Ticket
Ticket reports and analytics
8. Purchase and Requisition
A purchase requisition is initiated from the employee’s end then the manager checks and approves it as per the budget and after that management checks it and approved it.
And finally, a purchase order is created, and the goods received note confirms that products have been received as per the purchase order. Meanwhile, you can monitor and track the purchase order as well.
Track purchase order
Asset management software can be very helpful in managing assets efficiently & an asset management checklist can help you decide is it what you want or not.
Without any question, asset management software is a powerful tool that can play a crucial role in growing your business.
According to the markets and markets, The Asset Management System Market is projected to grow from USD 16.8 billion in 2020 to USD 27.4 billion by 2025; it is expected to grow at a CAGR of 10.3% from 2020 to 2025.
It’s important to keep up with technology otherwise you will be left behind. If you want to take your business to another level, we will be happy to help you out. You can contact us, or we can schedule a demo for you. We are just a few clicks away.
Also Read: Predictive Maintenance Software
Frequently Asked Questions (FAQs)
1. What are the main types of assets?
Mainly there are two types of assets:
A. Tangible assets such as vehicles, furniture, etc.
B. Intangible assets such as contracts, goodwill, etc.
2. What is a purchase requisition?
An employee uses a purchase requisition (official & formal document) form to inform management that he requires one or many products (as per the requirement) for official use on the organization’s behalf.
After that, the manager looks at it and checks how important it is and how much quantity is required! Then, the manager approves the purchase requested product.
3. What is a purchase order?
When purchase requisition (PR) is approved then purchase order (PO) is issued. After that, the employee is provided with the required product(s). Finally, the goods received note (GRN) is sent to the supplier.
Note: This article was originally published at Asset Infinity. You can see the original post here at Asset Management Checklist
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Physical asset management is an important activity that helps organizations in keeping their assets. If an organization does not take care of its assets physically then asset performance will start decreasing & asset failure can occur.
In today’s marketplace, no organization can bear mistakes as it can be lethal for business. In today’s world businesses are so competitive and they need to be competitive otherwise competitors can take over.
That is why physical asset management is significant so that their assets are maintained, and their performance always stays on top.
What Exactly Is Physical Asset Management?
Physical asset management is the management of fixed assets such as equipment, vehicles, machines, HVAC, chillers, etc. Physical asset management is a systematic approach for better management of assets.
The purpose of physical asset management is to prolong asset life and keep these in good condition. Another objective of physical asset management is to better manage asset lifecycle from procurement to disposal.
Also Read: How Does Asset Management Benefits Facilities Across an Organization?
Making assets efficient is important because assets add value to the organization & they are the backbone of an organization.
For What Reason Is Physical Asset Management Important?
To comprehend why physical asset management is significant, you need to see how the assets are utilized in the business and improving the assets to capitalize on them before they are decommissioned.
The stock should be seen to guarantee it doesn’t run its timeframe of realistic usability prior to being sold. Gear should be kept up with and adjusted so it doesn’t cause vacation when it breaks.
Physical asset management utilizes procedures and cycles that spotlights forestalling these conceivable outcomes while as yet helping your association bring down the complete expense of possession.
It is an extremely modern cycle that should be managed by experts who will consistently search for approaches to further develop it.
When appropriately conveyed, you will get a drawn-out advantage that impacts your primary concern as well as the wellbeing and dependability of all your actual assets.
What Are the Best Practices of Physical Asset Management?
Although asset management practices change from organization to organization and from industry to industry. However, we have mentioned some generic practices that are implemented in all industries.
Best practices of physical asset management are discussed below:
Best Practices of Physical Asset Management
1. Utilize Asset Management Software
The most basic need is to utilize asset management software that helps in managing all types of assets. In all aspects of asset management, this software has a role to play.
If an organization is not equipped with this software, then there is a lot of room for improvement.
2. Keep Track of Assets
How many assets do you have? Where are they located? Who is using them? These types of information are essential in order to keep track of assets. Keeping track of asset saves from theft and misplacement.
Also Read: 5 Reasons Why You Need to Invest in Asset Tracking Software
However, when you are equipped with asset management software you can easily retrieve information.
3. Provide Schedule Maintenance
When you have a lot of assets then keeping them maintained especially when you are highly dependent on pieces of equipment. Maintenance is one of the major aspects that organizations ignore as a result growth is not much seen as expected.
Equipment needs maintenance otherwise they can break; their performance decrease or equipment failure can occur. Only providing maintenance on time can decrease a lot of expenses for the organization.
It can save from sudden failure and increase asset life.
4. Emphasize Improving Staff Performance
Increasing productivity is not a simple job. There are several activities are done precisely then you will notice some improvement in performance either staff or assets.
Ensuring that employees are working as per the system. Furthermore, they should be equipped with technology so that error chances are minimized, and efficiency can be improved.
For instance, they can use a barcode scanner as it will be time-saving and productivity will increase as well.
5. Take Informative Decision
Several businesses do this mistake, which is making decisions based on assumptions, as a result, they do not get the expected outcome and they disappoint. Therefore, it is important that you collect data from all aspects data is very crucial in order to grow a business.
Data is the key to business growth, tracking trends, and so on. Even when you know the business inside out data assistance shall be taken while making crucial business decisions.
This is important that you make a data-based informed decision rather than making a decision based on assumptions.
Why Asset Management Software Is Essential for Physical Asset Management?
Asset management software is built to resolve this issue as it automates the maintenance process, and you don’t have to remember manually. It will alert your maintenance team about upcoming maintenance activities and tasks.
With this software, you will notice maintenance expenses reduced, better asset performance, improved return on investment (ROI). There is no doubt that every business wants to improve its bottom line. This software can help you in achieving your goal.
According to Markets and Markets, “The global Enterprise Asset Management (EAM) market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period, to reach USD 5.5 billion by 2026 from USD 3.3 billion in 2020.”
These practices will help your business in optimizing operation and saving time. Moreover, physical asset management needs to do because pieces of equipment are the backbone of an organization especially for industries such as construction, manufacturing, hospital, oil & gas, etc.
However, managing them becomes hectic because there are so many assets and which asset is maintained which is not becomes hectic that is why asset management software becomes more significant.
If your organization want to improve their maintenance, then investing in asset management software is necessary.
Also Read: Cloud-Based Vs On-Premise Asset Management: Which Is Better?
Frequently Asked Questions (FAQs)
1. What are the various stages of the asset lifecycle?
Various stages of the asset life cycle are as follow:
1. Asset procurement /Acquisition
2. Commission asset
2. What are the advantages of asset management software?
Asset management software provides several benefits that are given below:
1. Asset lifecycle management
2. Extending asset life
3. Scheduling maintenance
4. Saving maintenance expenses
5. Increasing productivity
6. Saving assets from theft & misplacement
7. Asset tracking
3. What is the difference between CMMS and asset management software?
Computerized maintenance management software is focused on maintenance whereas asset management is focused on asset maintenance and asset lifecycle management as well. Asset management software has more features, and it is more advanced than CMMS.
Note: This article was originally published at Asset Infinity. You can see the original post here at Physical asset management