The Major Issues Your Enterprise Asset Management Platform Must Address

Does your business rely on company-owned assets to meet your goals and objectives? An enterprise asset management strategy allows your business to control and optimize physical assets.  You will be able to monitor the design, construction, quantity, operation, and maintenance of each asset.  This task is not without its challenges, however. Here are four of the biggest challenges your asset management strategy should be addressing:

Inventory

Inventory is about so much more than just counting what you have.  It also needs to be managed throughout its entire lifecycle. The first step is to set up a platform that is capable of properly managing the assets that they have. Taking inventory of your assets, knowing how they affect the operation and strategic plan, and consolidating their records if they are in multiple locations are all key to getting this platform off the ground.

Maintenance

Consider this example: your business owns a fleet of vehicles. By performing routine inspections and properly maintaining them, you will increase their lifespan, ensure the safety of staff and clients, and lower the operating costs of each vehicle. Enterprise asset management is about proactively tracking and scheduling asset maintenance. This is in turn saves you time and money and consequently lowers the risks associated with faulty assets.

Operation

If an asset is being in use improperly, it could shorten its lifespan. This in turn increases maintenance costs and pose a safety risk. Assets being in use beyond their design and scope can create a significant risk for staff and customers alike. To avoid this, make sure you and your staff understand your use policy. They should know what happens when they don’t follow the policy and consequently mitigate any possible risks.

Efficiency

Most companies use enterprise asset management systems to electronically track their assets. These systems are paid services and consequently you should make the most of them! Many companies implement these products and only scratch the surface of their capabilities. Be sure to consult a specialist that will be able to adapt a system to your needs.  You’ll want to best practices for your business, to let you use it as efficiently as possible.

Enterprise asset management is an important element for your business to operate as cost-effectively and safely as possible. By tracking, maintaining, and using your assets to their fullest potential, you will get more out of your business.