The Strongest Organizations Rely on Asset Management Products: Is Your Business One of Them?

Most companies, especially those with multiple assets located across different locations, would be highly dependent on efficient asset inventory to be highly sustainable in the long run. Many large companies which get bigger and bigger, thus become more complicated, would eventually have to make use of asset management products that are capable to address the needs of the 21st century and able to present the most detailed information needed for effective asset monitoring capability.

For years now, thousands of organizations have been relying on out of date asset management products, many based on the most basic spreadsheet tools. While management teams often fret about marketing approach, personnel management and other important considerations, they seem content to rely on an out-of-date approach to the management of key equipment.

Every organization relies, to one degree or another, on the productivity of its asset inventory in order to survive and prosper. Many companies have a wide range of assets, spread across a number of disparate locations. The more complicated your organization, the more you need asset management products that are 21st century in reach and capable of providing you with intensely granular detail.

It is impossible to manage unless you monitor carefully and comprehensively. Each and every asset must "earn its keep" and produce a near perfect return on investment. If such will not be possible, any organization will find it difficult to function efficiently which could be in a bad position against competition, most especially in the hard economic times. It's important for the management team to make critical decisions, at pertinent times and this can be a very difficult proposition unless they are using up-to-date asset management products.

"Software as a service" platforms are some of the available asset management products in the market which can provide unmatched insights when it comes to the true working statistics for your business. Remember that the spreadsheet only records at one moment in time and is far from dynamic. By the time the information has been entered into the sheet, it is likely out of date. By making software-based asset management products custom-made, this can make real-time asset management.

Asset replacement requires capital planning and can be a worrying proposition in recessionary times. It is vitally important to make the right decision at the right time and to do this, management must be in possession of granular detail. They need to know how a particular piece of equipment has performed, its maintenance log and its warranted history in order to formulate a decision.

Often, asset performance is based on its productivity as measured against a specific purpose. For example, how many "widgets" it is able to produce during the span of an hour. Despite asset performance being a critical aspect, it has traditional been unmeasured against energy consumption. There are relatively too few organizations which actually have figures on energy consumption relevant to asset performance.

Modern asset management products start with a clean sheet of paper (pun intended). Each and every piece of equipment will be tagged and recorded and its vital statistics entered into the system. This begins the process of benchmarking. Once the total inventory is registered, its ongoing performance can be monitored in real-time. This provides the vital intelligence necessary for informed decision-making.

It's time for each business executive to understand how inadequate the traditional asset management products are. A company that relies on data contained in spreadsheets and other outdated solutions cannot hope to be ultimately competitive, when true corporate performance is dependent upon micromanagement of each asset.

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