Why you should adopt asset management systems this 2023?
Updated: Feb 25
Most companies today operate on huge scales that require multiple hierarchical levels to manage the functionalities within themselves. Gone are the days with which paper trails, long thick piles of documentation, and complex excel sheets are used for inventory and stock management. Be it your neighborhood grocery store, or online retail giants like Amazon, the efficiency with which asset management is done lay the building blocks of a successful business. Like stores running out of supplies, the implications of a poorly managed asset/inventory process can be far folded. In the world of instrument calibration, all dependent institutions from laboratories to end-user systems rely on efficient gage/asset management systems to tackle their time-dependent maintenance of instruments.
So, what ideally is an asset management system?
A well-planned, detailed system that can help keep track of all assets a company has from vehicles, and instruments to investments. Constant monitoring and tabs on assets such as test equipment and measuring equipment in the field of calibration help decide whether to keep them in or dispose of them off and help build an efficient model for success.
Now that we are aware of what asset management is, let us analyze why your company might need asset management software?
1. The one-stop solution.
An asset management tool provides an opportunity for employees across teams to update and view inventory details without having to rely on multiple, version-less excel sheets. This way, they get to track the flow of an asset across inventory spaces without the hassle of duplicate information.
2. Seamless end to end flow
This system ensures that the proper flow of tracking and usage is maintained so that suppliers to end-users and calibration laboratories do not need to get on multiple calls and emails to track statuses and other information related to an asset.
3. The importance of deadlines.
Everybody knows the importance of deadlines and timelines when it comes to maintaining asset health. A missed calibration can lead to unnecessary downtimes which in turn cause huge financial losses for the parent company.
4. Budget planning and traceability
An asset management solution would ensure proper tracking and provide historical data on budget schedules that help plan financial dependencies with maximum efficiency. Get the hawk eye view of your assets and planning your budget is all you need to do!
Even with this plethora of advantages, an asset management system provides full visibility of the calibration process – allowing you to track your equipment from beginning to end. See when your items have arrived at the laboratory, what their calibration status is, and when your calibrated equipment is due back with you. This 360-degree view helps streamline the entire asset management process and brings forth various avenues to help you fine-tune your business. It also provides an added avenue to maintain and adhere to audit compliance measures and ensure high-quality assurance.
The future in the field of asset management enables the use of cloud and AI, bringing along features such as predictive analysis to up the game. The usage of such asset management tools will be incorporated on a global basis and will become the new norm in doing active business in any field. Such a culture would make the business itself across industries on unified platforms with maximum outreach and transparency, easing the load on business owners, investors, end-users, and employees alike.
So, why wait and drown yourself in paperwork and deadlines, when you have such efficient systems to ease the load for you?