With an Asset Management software system, inventory can be more rapidly deployed with
accurate, up to date information about assets on hand and status. The time it takes to financially recognize the
deployment of inventory will be significantly reduced through tracking receipts
and installation in real-time. This will reduce the time to revenue of CAPEX items. The capital work-in-progress (CWIP) will be
considerably reduced because new inventory and projects can be more quickly assembled and deployed.
Stranded assets were deployed
and lost due to poor processes and the lack of any documentation. They are undocumented assets that are not currently identified in the fixed
asset register or any other system. These assets would have been taken
as lost and financially written off. Such assets will be identified and
inventoried because of Asset Management and companies will regain
visibility into these stranded assets and can optimize their use.
Idle assets are inactive assets where operations are suspended with no immediate plans to bring them back into service. Asset Management will help improve repurposing and redeployment thereby reducing new purchase of assets.
The purchase of older technology or near
obsolete equipment can be reduced and decommissioned items can be used
instead. For instance, sharing of information where equipment might be obsolete may be shared with
others still purchasing the older technology.
The performance of repair vendors can be
tracked, and Service Level Agreements (SLA) better managed with full visibility
into the return and repair process. View number of times an asset was repaired over time or view how often a particular item at a location is replaced.
Repair costs are reduced through warranty
tracking. By tracking the exact date that equipment is put into service, companies
can make use of the maximum effective warranty period instead of having the
warranty start from an arbitrary date such as shipped date.
After engaging with more than fifty major
brands over two decades to help organizations establish an Asset Management practice,
we are uniquely qualified to help you optimize the potential
benefits your organization can realize through Asset Management covering the full lifecycle: Receiving, Stocking, Picking, Manage Spares, Transfers, Installation, Repairs and Returns, Replenishment, Retiring & Disposal, Cycle Counts & Audits