Productivity is very important for business because when assets are in good condition they will perform better and that is good for the business growth. The productivity is crucial, it does not matter what your business type is! As they are key performance indicators (KPI) & asset performance management.
What are the issues that decreases productivity? How to resolve them?
Below we have mentioned some crucial issues that decreases productivity:
Asset breakdown – We know that assets work frequently for long hours and this is where performance start decreasing. It is also considered as an initial sign for asset failure. It is very important to avoid sudden breakdown. It not only decreases productivity of asset but also increases downtime as a result business suffers.
Solution: For increasing productivity it is important for organization to keep their assets and equipment maintained. To do so, asset maintenance is done. For every asset maintenance is important. In asset maintenance activity several jobs are done such as changing air filter, engine oil, servicing, cleaning etc. Maintenance is a part of asset performance management.
Asset lifecycle – Several organizations does not have accurate information about the asset. Information is necessary to make an informed decision, information such as when asset was purchase, what is the expected asset life, when was last maintenance done? Not having correct information results in decreased asset life plus you do not use asset to its full life. It is considered as loss in the business.
Solution – When you have these types of accurate information you can easily know when asset need maintenance, when it needs to be disposed of! However, data accuracy is very important to make effective decisions. Otherwise, that data will be no good for the organization. When you want to increase life, you must emphasize on asset performance management. For increasing asset life providing maintenance on time is important.
Asset theft – One of the most important concern of all the industries and it is a straight loss for the company, that is asset theft. Asset theft directly impact the productivity of the organization. Here is an example, when employees start their daily task first thing, they need is their assets but when an employee does not find its asset, he looks everywhere but founds nowhere as a result asset is lost, productivity of both employee and organization suffers and now organization has to brought a new equipment.
Solution – When assets are essential for business and daily operation. They need to be properly tracked for that purpose each asset is tagged with! They are helpful in avoiding asset theft as they provide location of each asset without compromising accuracy. So, it saves asset not only from theft but employees can find their assets within minutes.
Asset management is one solution for all assets problem:
When you are struggling with all the issues and do not have to look into them. Then you need to invest in asset management software as it can resolve all these above mentioned issues. Furthermore, it can help in several problem such as eliminating ghost and audit process.
It provides extra features because asset management is cloud based such as security. Security is very crucial and sensitive topic for organizations. Organizations have valuable data including client information. But cloud technology keep data in an encrypted way and it provide multi-layer of security. So, you will never have to worry about data security.
Asset management software has a huge market! It is assumed to grow at a great speed. According to Statista, “The global market for fixed asset management software is forecast to grow from 3 billion U.S. dollars in 2019 to 5.2 billion U.S. dollars in 2024. Fixed asset management software is used to streamline maintenance processes, extend the longevity of assets, and improve productivity.”
Conclusion – If these issues are resolved then you will definitely notice a boost in the productivity of the organization and its impact on the organization’s bottom line.
Asset management software is essential part of business. It has the potential to take your business to another if you want to grow your business at the same you want to save expenses then investing in asset management software is a must!
Author Name: Nishtha Kumari
Author Bio: Nishtha Kumari is the content specialist as well as digital marketer. She writes up well-researched content over the latest technology trends for various industries. Her priority is to cover up new technologies in the industry of asset management and tracking. New technologies like depreciation tracking software, inventory management software, Utility management, facility management, asset tracking technologies, remote monitoring, maintenance management software, asset audit software, asset performance management and many more.