Asset management services can be equally important to your business as managing your inventory. Although inventory is sold to realize sales and profit, the assets used to generate that inventory are directly responsible for facilitating the profit.
Your assets are the equipment on your premises that you use every day. This may include machinery, paperwork, computers, vehicles, office equipment, etc. Assets may also include intellectual property such as marketing materials, documents, etc. All of it must be functional to carry out the job each day. Tracking machinery and equipment to ensure it is working properly, serviced when it is not, and can be quickly fixed with inventory maintenance items on hand are all part of the process to make your business run smoothly.
How Asset Management Services Operate
Asset management tracks the entire life cycle of an asset from acquisition to disposal, logging its condition, performance, repairs, etc. for the entire duration of its use.
- List and track all assets and their locations
- Log condition, maintenance, repairs, and upgrades, and time in use
- Track asset performance
Some assets will require different tracking features, i.e., a vehicle can be moved so there will be a log of its locations.
The end goal is to have the least amount of downtime so production can function on schedule to meet demand while regarding safety and lowering operating costs.
Assets can be tracked with barcodes, GPS or RFID tags that are scanned to enter information into a system regarding their names, descriptions, and other pertinent information. Each time an asset is moved, used, repaired, etc. that information will be entered to build the tracking profile of the asset. Asset management services keep your business in the know about chain of custody so you can quickly locate an asset or determine who used it last.
Asset management services reduce theft because they create accountability. They also help to determine depreciation over time as they log accrued costs for the lifetime of the item.
The ability to track assets will save your staff time trying to locate them. And when you know the condition of an asset, you can arrange repairs and upgrades in a timely manner to ensure business continuity.
When you work with the professionals at The Advance Group, asset management services will be up and running quickly to get your premises in order, facilitate smooth operations, reduce labor costs and keep track of all asset costs and conditions. We look forward to setting your business up for success with the right tools and guidance to increase profitability for years to come.