Efficient government asset tracking is increasingly important as agencies tackle budgetary constraints and increased oversight on public spending. Fixed asset tracking for the government typically means implementing a control system to monitor vehicles, facilities, IT and other equipment used to carry out operations.
Efficient inventory management is a key contributing factor for business efficiency and growth. A big part of your inventory is the consumable items that are either used up during projects or sold off. These can include raw materials, safety stock, finished goods and even work in progress (WIP) items.
Companies are aware that they need proper storage facilities for the inventory while it is not being used. However, not all of them are implementing the measures they should take to ensure their assets are stored efficiently. If you don’t figure out a way to store smartly, then there’s a chance that you might end up wasting time in locating, maintaining, and replacing the assets when you need them.
Your company’s fixed assets include tangible possessions with long life cycles such as buildings, machinery, furniture, equipment and more. These are typically major capital investments that are also constantly depreciating due to regular use. Take complete control of asset lifecycle management and minimize the cost associated with depreciation with frequent asset auditing.
Plant asset management primarily consists of services, software and hardware deployed by a manufacturing company to monitor assets over their lifecycle. This usually includes tracking equipment, parts, and production lines to ensure that everything is working to its full capacity.
Do you know how much equipment failure is costing your business? Statistics show that unplanned downtime incurs a cost of $50 billion annually for industrial manufacturers and equipment failure accounts for 42% of these costs.
Barcodes are one of the most widely used asset labels across the globe. With constant growth over the past years, the global 2D barcode reader market size is expected to reach $11.06 billion by 2028, growing at a rate of 6.7% from 2021 to 2028, according to a recent research report. Barcode labels have a diverse range of applications and are commonly used across a broad spectrum of industries by businesses of varying sizes, including small businesses.
The Asset management landscape has been evolving rapidly amidst digital transformation over the past decade – and a global pandemic for the past year. 2020 saw an increased inclination towards emerging digital transformation trends in asset management. A cloud-based tracking solution can help organizations significantly improve asset management rate of returns, save money, and improve overall business efficiency.
Whether you are a small business or an enterprise, you likely schedule multiple maintenance and service events every day. But do you keep accurate track of how much this work is costing your organization?
Fixed assets are a company’s largest capital investment and have a useful lifespan of five to ten years. A robust fixed asset lifecycle management routine focuses on optimizing useful life while minimizing downtime costs. This strategy is called fixed asset management and includes all aspects related to a business’s critical assets.