• Register
  • Login
Finance Talk
Write for Us
  • Home
  • Business
  • Finance
  • Insurance
  • Investment
  • Automotive
  • Legal
  • Technology
  • More
    • Credit Card
    • eCommerce
    • Loan
    • Mortgage
    • Real Estate
    • Retirement
    • TAX
    • Travel
    • Cryptocurrency
    • Marketing
No Result
View All Result
Finance Talk
No Result
View All Result
Home Business

How to increase the productivity of an Asset in the organization?

January 26, 2021
in Business
Reading Time: 3 min
0
How to increase the productivity of an Asset in the organization?

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 Details:

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.

Share80Tweet50
Previous Post

Investors Looking For Cash In As The Gaming Industry Grows Up

Next Post

Reasons Why Small Businesses Must Invest In Digital Transformation Of HR Processes

Related Posts

How to Use Digital Marketing to Promote your Business?
Business

How to Use Digital Marketing to Promote your Business?

April 4, 2021
How to Reduce Employee Churn in a Virtual Work Environment
Business

How to Reduce Employee Churn in a Virtual Work Environment

April 4, 2021
Is Your Business Making the Most of These 5 Advantages of Green Manufacturing Practices?
Business

Is Your Business Making the Most of These 5 Advantages of Green Manufacturing Practices?

April 4, 2021
Benefits of Outsourcing Your Accounts Receivable
Business

Benefits of Outsourcing Your Accounts Receivable

March 1, 2021
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Overview of the Paycheck Protection Program: Complete Guide of the Program Under CARES Act

Overview of the Paycheck Protection Program: Complete Guide of the Program Under CARES Act

April 22, 2021
On the Move: How to Sell Your House When You’re on a Time Crunch

On the Move: How to Sell Your House When You’re on a Time Crunch

April 9, 2021
Social Security Disability Benefits And Your Finances

Social Security Disability Benefits And Your Finances

April 9, 2021
Is Buying or Selling a Structured Settlement Part of your 2020-21 Finance Plan?

Is Buying or Selling a Structured Settlement Part of your 2020-21 Finance Plan?

April 4, 2021
How to Use Digital Marketing to Promote your Business?

How to Use Digital Marketing to Promote your Business?

April 4, 2021
Things That You Might Not Know About When Finding The Right Property

Things That You Might Not Know About When Finding The Right Property

April 4, 2021
Finance Talk

FinanceTalk a business financial blog that outlines solutions for people who are looking to resolve their tax, loans, banking, retirement, mortgage, credit and other personal finance issues.

Categories

  • Automotive
  • Business
  • Credit Card
  • Cryptocurrency
  • eCommerce
  • Finance
  • Forex
  • Insurance
  • Investment
  • Legal
  • Loan
  • Marketing
  • Real Estate
  • Retirement
  • TAX
  • Technology
  • Uncategorized
  • Business Magazine
  • ForTech
  • Write For us
  • Contact us

© 2019 Finance Talk - Latest Ideas about Business Finance - All Rights Reserved.

No Result
View All Result
  • Home
  • Business
  • Finance
  • Insurance
  • Investment
  • Automotive
  • Legal
  • Technology
  • More
    • Credit Card
    • eCommerce
    • Loan
    • Mortgage
    • Real Estate
    • Retirement
    • TAX
    • Travel
    • Cryptocurrency
    • Marketing

© 2019 Finance Talk - Latest Ideas about Business Finance - All Rights Reserved.