Facility asset management is a critical part of running any business. It helps to ensure that the key equipment used in the facility is properly maintained and, when necessary, replaced in a timely manner. This can help to reduce costs associated with repairs or replacement of components, minimize down time, and maximize the potential usage of those assets. It also allows businesses to make better-informed decisions about asset utilization.
For us at Data Fleet, the essence of effective fixed asset inventory management service is really about developing expertise in information management. That means:
- Collecting relevant data about the asset;
- Organizing that data sensibly; and
- Allowing users to easily find that data as needed.
Our groundbreaking Property Echo platform accomplishes just that.
Asset information management (AIM) using Property Echo is doubly useful in that it helps companies comply with regulations and ensure safety standards are being met. With proper facility asset management, businesses can more easily monitor the condition of their assets and anticipate any potential hazards that could arise. This helps to prevent costly delays, repairs, or fines due to unforeseen circumstances. Ultimately, effective asset information management helps a company optimize their resources and maximize efficiency.
Bear in mind, however, that the tool is only as good as the data it collects. Here are three pro tips for getting the best use out of Property Echo.
1. Prioritize Physical Asset Information Collected
The plethora of information that can be collected on any given piece of equipment can quickly overwhelm the facility manager with useless detail. You only need to collect the information that matters!
When it comes to defining the priority of physical asset information, there are several key pieces of data you should consider. The first is the asset profile. This includes details such as make and model, serial number, age, and condition. Having a comprehensive understanding of these factors can help you to prioritize assets according to their relative importance or value. Additionally, any proprietary or specialized components associated with an asset can also be taken into account when establishing its priority in the event of an emergency or other unforeseen circumstance. Finally, considering the potential consequences that could arise from losing a certain asset can also be useful in helping determine its relative priority within your organization’s operations. By taking all these factors into account, you can ensure that your company’s physical assets remain well-managed and protected.
At the end of the day, it is important to establish a set of criteria for determining the priority of your physical asset information. By doing so, you can ensure that any assets are properly managed and protected in order to provide maximum value for your organization. Additionally, by understanding how best to prioritize your assets, you can make sure that they are readily available when needed, minimizing the potential for disruption or loss. Taking the time to define the priority of your physical asset information can go a long way in helping you maintain and protect your company’s valuable assets.
2. Ensure the Accuracy of Physical Asset Data
Accurate physical asset data of business property is essential for effective asset management. By tracking the life cycle of assets from acquisition to disposal, companies can ensure that their investments in physical assets are managed responsibly and efficiently. To do this effectively, businesses must collect detailed information about each asset throughout its life cycle.
The best way to collect accurate data is to start at the beginning of an asset’s life cycle by analyzing the purchase order or invoice. This information includes product description, make/model number, serial number, purchase date, warranty status, and more. With Property Echo, all these details are recorded in a secure database for easy access and retrieval.
It is also important to create a process that requires any necessary updates, such as additional parts or service, to be entered into the system. This will help ensure that all information is current and accurate. Additionally, a process should be established for confirming correct warranty expiration dates on all assets to ensure proper repair and maintenance when needed.
Finally, when it comes time for disposal of an asset, the company must document that process as well. This would include any physical equipment being removed from active inventory. The goal is to keep a complete record, from initial acquisition to final disposal, in order to have a complete digital record of the asset life cycle.
By collecting accurate information throughout an asset’s life cycle, businesses can effectively manage their physical assets and realize beneficial returns on investment.
Here are just a few examples of the types of physical assets, in various industries, that should be monitored:
3. Implement Timely Maintenance Scheduling for Assets
Implementing a maintenance scheduling system for physical assets of a business is essential to ensure that these assets can be kept in proper working condition and remain operational. Maintenance scheduling involves planning, organizing, and coordinating activities related to the maintenance of an asset or group of assets over their life cycle. This is where the asset profile recorded in Property Echo shows its true value.
Next, review the manufacturer’s recommendations for preventive maintenance on each item and develop a schedule based on its expected operating conditions. Then assign tasks and responsibilities to employees responsible for performing the scheduled maintenance activities. Finally, monitor performance through periodic inspections or tests to identify potential problems before they become serious. By regularly monitoring and maintaining physical assets, companies can increase their lifespan and reduce the risk of costly unplanned outages or repairs.
It is important to note that maintenance scheduling should be tailored to each business’s needs, as operational conditions and asset profiles vary from one organization to another. Making sure that the right maintenance activities are completed at the right time can help maximize the life cycle of physical assets while minimizing repair costs. By properly implementing a maintenance scheduling system, businesses can ensure that their assets remain in top condition for years to come.
Data Fleet’s Property Echo asset lifecycle management platform helps ensure that a business’s physical assets remain operational and in top condition over the long term, avoiding outages or repairs that could cost time and money. Starting with a complete, accurate, and organized database of asset profiles, Property Echo ensures that a scheduled maintenance program will reduce downtime and increase productivity. This proactive approach to asset management is essential for businesses to have an organized system in place to maintain the integrity of their assets.
Are you ready to put Property Echo to the test? Contact Data Fleet and let’s schedule a meeting.