Implementing asset tracking and management software solutions into business processes is becoming a key advantage for organizations within the manufacturing industry. Unlike any other industry, manufacturers deal with significant operational and capital costs regularly. Therefore, they need to have functional asset management and tracking software in place to minimize costs and optimize processes.
Using a dynamic asset tracking system, organizations can monitor equipment, manage inventory, reduce maintenance costs, and predict future infrastructure expenses. However, making the right choice of asset management and tracking software can be challenging with so many options floating in the market. This article will go in-depth at features you should look for from asset management and tracking platform to extend asset life cycles and enhance operations.
1. Inventory Management
Inventory is a vital component for manufacturing products. By knowing your inventory, you can ensure sufficient stock levels and plan ahead in case of rising supply costs or increased product demand.
A robust asset tracking solution is brimming with powerful inventory management capabilities that let manufacturers monitor supplies and equipment they use to run their operations. Asset management platforms also centralize your operations to ensure that no wrong data is transmitted.
Often, manufacturers with several factories across the globe cannot centralize their processes, ultimately resulting in work mismanagement. With its inventory management plugin, you can store all stocks in a single yet centralized location to increase productivity, prevent the business loss, and ensure timely delivery.
2. Potent Tracking Features
Continuous tracking is a crucial aspect of comprehensive asset management. An industry-standard asset tracking app boasts potent monitoring technologies like Radio-Frequency Identification (RFID), Bluetooth monitoring, barcodes, global positioning systems (GPS), and QR code scanning to simplify asset tracking.
Through in-depth asset tracking, you can identify and verify the assets your organization owns to prevent compliance issues and ensure continuous business operations. Robust tracking technologies also let you know the exact asset location and details in real-time.
This makes it easier for manufacturers to schedule maintenance to improve overall asset lifespan from acquisition and usage until disposal. By maximizing asset lifespan, manufacturers can increase the asset’s overall value while simultaneously reducing costs.
3. Cloud Hosting
Cloud-based asset management is more than a buzzword within the manufacturing circles thanks to its ability to help organizations make informed decisions quickly. Recent numbers show that 62% of organizations use cloud-based technologies to manage digital assets.
As organizations shift to remote working, monitoring assets in real-time from anywhere is too important to ignore and could very well spell the difference for success. Opting for cloud-based IT asset management software allows you to maximize asset potential, minimize wastage, and optimize efficiency.
The advantage of cloud-based asset management and tracking platforms is it can scale up and down with demands to cater to your processing and storage needs. Having the luxury to adjust to existing business demands empowers manufacturers to break barriers and stand out from competitors, resulting in a higher return on investments (ROI). You can check IT asset management software to compare how well it does with the manual asset tracking process in managing inventory and equipment.
4. Predictive Maintenance
Regular asset maintenance is essential in reducing failure and ensuring effective asset performance for continuous growth. However, performing asset maintenance can be challenging since manufacturers need to line up schedules at regular intervals to prevent massive disruption.
One way to resolve this issue is to utilize the predictive maintenance plugin of modern asset management and tracking platforms. Through predictive maintenance, you can plan out asset maintenance schedules to take place at occasions and in ways that will cause the least interruption.
Technically, progressive asset tracking and management apps help you accomplish this by splitting jobs into smaller and manageable tasks. This way, you can save considerable financial resources that would otherwise be lost due to unpredictable downtime.
5. Comprehensive Reporting
Reports are valuable tools for manufacturers to evaluate asset performance and overall health while simultaneously determining opportunities for growth and improvement areas.
Taking advantage of the comprehensive reporting plugin of existing asset management and tracking solutions allows you to understand information regarding the cost of asset production, transferred assets, and input units.
It can also produce detailed reports on future replacement and maintenance expenses, projected depreciation, asset turnover ratio, and other essential key performance indicators (KPI).
This way, you can make regulatory and accounting compliance of assets much more efficient and easier since the information is reliable and accurate. By achieving better reporting, manufacturers can make educated decisions and better asset predictions, allowing them to get ahead of the competition.
Ensuring Efficiency at Reduced Costs with Asset Management and Tracking
Maximizing your tangible assets is key to reducing maintenance overheads, simplifying asset lifecycle management, and reducing asset downtime. An excellent way of doing that is to utilize asset management and tracking solutions with innovative features that allow you to adapt to evolving business conditions. One of the leading asset management and tracking solutions that can help you is TeroTAM.
TeroTAM is a user-friendly and unified computerized maintenance management system (CMMS) that is built to improve maintenance management, task management, asset tracking and management, and customer management. It uses powerful analytics to enhance asset performance levels and extend its life cycle. TeroTAM’s pricing is only available upon the customer’s request.