Solutions and strategies to track your business’s most valuable assets

Asset tracking can have many business challenges. However, it is a good way to assess the efficiency of your most valuable resources. Here are a few tips on how to successfully track your assets.

Know what you need to track – You should ensure that you track your equipment maintenance schedule, equipment up time, downtime and the user on each machine. This will help you to increase the availability of production equipment and reduce the overall costs by better maintenance.

Consider the full project management lifecycle – If you are using equipment for a particular project, then you should cost that equipment’s maintenance costs, operation cost and finally the cost of refit.

Evaluate and prioritize your company’s requirements – Start off by defining and prioritizing the requirements of a fixed asset or software package. You should then evaluate how the asset measures against your initial goals.

Gain visibility by selecting software with reporting and analytics functionality – It is a good idea to choose assets that have a built-in tool that measures its performance. A bonus is if the measuring tools offer dashboards that are understood by most of the staff that handles the asset.

Visibility is critical before asset acquisition – It is a good idea to know what assets you have on hand to avoid purchasing more of the same assets. This approach can leave you with the ability to move assets from one project to another and save the company money that can be used for other resources.