Reduce Capital Expense With Simple Planning

Reduce Capital Expense With Simple Planning

Reduce capital expense with simple planning
The biggest problems faced by organizations across the globe is the effective tracking, monitoring, and maintenance of assets spread across different locations. Critical information like asset owner details, the location of assets, maintenance schedule, warranty information, etc. are very difficult to trace. An asset tracking system offers a complete solution for easy tracking and proper management of assets.

How does an asset tracking system help?
In the recent years, asset tracking systems have become heavily advanced and can readily be managed using mobile devices.

  • Assets move from one location to another starting from their purchase to their disposal. Here, an asset tracking system helps in the tracking of these assets from point to point, throughout their journey.
  • It also creates signup sheets in a movement lock whenever they are transferred.
  • Asset tracking systems help in creating a customized label which can store critical information. Simply scanning the barcodes or QR codes can fetch the required information.
  • Advanced tracking systems in the market also allow you to create reminders and schedules for asset maintenance, therefore; cataloging a record of warranties, AMC’s and other related activities.
  • It assists in reporting the breakdowns within the system in order to resolve the issues quickly and avoid any losses.
  • You can also define the minimum stock levels to receive alerts whenever the inventory falls below a certain level.
  • An asset tracking system makes it simple to assign the verification of assets to the users of your organization.

What kind of industries does an asset tracking system support?

  • IT and Software
  • Oil and gas
  • Government
  • Hospitality
  • Healthcare
  • Media
  • Education
  • Manufacturing
  • Non-Profit

Which asset information is required for tracking an asset?

  • Specific asset code
  • Series need to be generated for an asset code
  • Define your own asset code format
  • You may need to attach an image of the asset
  • You may need to capture information related to the brand, model, and serial number.
  • Mark your assets under different status and condition
  • Attach documents such as purchase orders, warranty, and insurance
  • Assets should be linked together to create a group of assets so that they move together
  • Information about the owners or partners of assets, this would be useful if your assets are on lease or rent
  • Capture all the purchase information such as purchase price, purchase date, vendor information, etc.
  • Custom information about your assets
  • Link your assets to the system by adding multiple files
  • Add multiple assets using excel templates
  • Keep tracking all the updates done regarding the asset information by any of your employees of the organization.

What are the preventive maintenance options that you should keep in mind?

  • Activities for single or multiple assets should be scheduled
  • Activities should be scheduled without linking any assets as well
  • Multiple schedules must be created for multiple assets
  • Your own activity type must be created such as monthly calibrations, weekly service or daily inspections
  • Classify your activity types based on the amount to be paid, amount to be received or no amount associated

What kind of schedule should you follow for an effective asset tracking report?

  • The occurrence of the schedule should be defined as weekly, monthly yearly, daily or custom
  • One time schedules should be created that create only one activity for a given time and date
  • A user should be assigned the entire schedule
  • Attach files and add descriptions
  • Receive reminders and alerts for the activities of a particular schedule
  • Store additional custom information with the schedules
  • Default values to be set for activities generated within the schedule
  • Keep updating or deleting all active schedules from a separate schedule report
  • Colour coding for activities

How can one make this system more effective?

  • Activities with updated details should be saved
  • Mark the activities that are done
  • Inventory items must be attached with an activity
  • Close multiple activities at one time
  • Manage your pending activities by exporting them to excel
  • Always have an option to view deleted activities just in case any pending activity is deleted by anyone
  • Make a separate report for the activities that are completed
  • View the activities that are marked as done with all the information related to it
  • Keep a track on the amount spent on completed activities
  • Start filtering activities that are completed based on the assignee, type of the activity, the category of the asset, the vendor of the asset, the asset itself and the completion date range.
  • All activities should have a free text search option along with filters like a self-owned or partner-owned asset and whether the amount has been received, paid, or there was no such amount associated.
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