What is Asset Management?
Asset management tracks your assets over their entire life cycle to maximize value. You can keep tabs on all asset types, including equipment, buildings, grounds, rooms, and vehicles. Asset management software can help your team gather the right data, as well as help your organization get the most out of its investments.
Organizations know that assets can easily cost more than they’re worth, particularly as they age. Your oldest equipment might be costing you the least amount of money in repairs—or the most—but you’ll only know if the data is there. Using asset maintenance software, you can capture a wealth of data with every work order or scheduled preventive maintenance task.
Asset tracking data helps you make informed decisions about the condition of every asset, and whether it’s better to repair or replace it when the time comes.
Benefits of Asset Management
It’s common for large organizations to have a formal asset management plan. But, it’s just as important for small and medium-sized businesses. Creating a strategic plan can impact the uptime and total life of key assets.
What are the benefits of asset tracking? Asset management really comes into play when it’s time to make important decisions. Here are the 10 most important ones for organizations of all sizes.
- Cost Effectiveness: Know when it’s more cost effective to repair an asset, and when it’s better to replace it.
- Budgeting: Budget wisely for repairs and maintenance, as well as eventual replacement.
- Safety: Establish and maintain a safe environment for employees and customers.
- Customer service: Prevent undesirable customer experiences because an asset breaks or is out of service.
- Equipment usage: Track what equipment is being used, who’s using it, and how much time it’s in use.
- Regulatory compliance: Stay on top of regulatory documentation, particularly for creating procedures and recording maintenance activities.
- Maintenance: Track the associated maintenance costs of specific assets, so you know exactly what they’re costing you.
- Uptime: Know when and why an asset tends to break down, so you can take steps to improve uptime.
- Theft: Reduce risk of loss or theft because you know exactly where everything is and who has it.
- Historical records: Collect historical data for the asset, so you know what happened and when.
Features of Asset Management Software
With asset management software features, you’ll be able to purchase, operate, maintain, upgrade, or dispose of assets in the most cost-effective manner.
Asset management software should enable your team to…
- Identify critical assets: Know which assets most directly impact production capacity, and which ones would take a significant investment to replace.
- Capture purchase information: Document each asset’s purchase date, purchase price, startup date, and warranty expiration date.
- Choose the data: Customize the data you want to collect, track, and report on.
- Create a historical record: Generate records that calculate the labor costs and link the cost of the parts and inventory used for the job.
- Record inventory and parts usage: Track and report on consumption of maintenance and repair parts and supplies.
- Manage inventory: Get real-time visibility of parts and supplies inventory, and manage stocking and reorder levels.
Asset Management for Mobile
Our asset management app uses wireless technology, smartphones, tablets, and/or laptops to help you and your technicians manage, initiate, and complete work orders while you’re away from your desks or in the field.
Technicians simply enter their usual account information to log in to our cloud-based asset management software and…
- Report problems in the field
- Capture data when and where it happens
- Document work with pictures and videos
- Receive and update work assigned to you
- Complete work orders with all required data
- Track hours worked with activity timer
- Find and link inventory using barcodes
- Work offline with seamless background synchronization
Who uses MPulse’s Asset Management Software
More than 2,700 customers around the world use our asset management software for construction, manufacturing, facility management, healthcare, education, government operations, food & beverage, and virtually every other industry imaginable.
MPulse asset management software is designed to grow with any size business, from small organizations with one or two maintenance technicians to global enterprises with locations around the world. Our customers use our software to help them keep facilities operating at peak efficiency and manufacturing assets working at maximum productivity.