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.
Maintenance management is a comprehensive process that involves maintaining a company’s assets while controlling costs and ensuring efficient equipment performance.Continue reading
Give your business an efficiency boost by always staying on top of important events and alerts. Whether it’s a low inventory stock warning or a piece of equipment that is due for regular maintenance, the relevant people within the organization should be alerted on time. Businesses should automate notifications and alerts so teams can remain updated at all times.
Want to optimize asset procurement, lifecycle, and retirement? Then you need to pay attention to a key element – fixed asset depreciation.