Why you should invest in asset management solutions?

Capital expenditures usually represent one of the largest item expenses of organization’s account statements. These expenses are usually are disbursed for the acquisition of assets: machinery, inventory and raw materials. The lifetime value of these assets decreases over time. Returns from capital also declines and it is important to maximize returns from equipment life cycle. Hence, it is necessary to maximize value which can be obtained throughout the life cycle of these assets. To achieve this, data is a key component. Smart asset tracking is an asset management solution which utilizes GPS technology to get data about asset utilization. Important insights are then obtained from asset performance to optimize operations.

Many companies rely on traditional stock keeping and manual methods to manage assets. Unfortunately, these approaches provide no access to real time data on asset performance and insights. These assets are also expensive to manage. This is why data is required to ensure maintenance costs are effectively optimized. One common misconception about asset tracking is that it is only limited to tracking location of assets and that is very far from the truth. All phases of an asset life cycle can be optimized as empowered by the implemented tracking solution. This is why with Hanatech’s robust smart asset tracking and management solution, usage and utilization of assets are also monitored such that in some cases manufacturing processes are optimized to have better quality control.

There many problems that arise due to a lack of proper asset management systems in place. Some of these are easy to identify as earlier mentioned like loss of valuable or critical data, lack of reporting systems, inability to meet maximum asset productivity levels, machine breakdown, inefficient asset performance tracking and inability to establish relationships between information technology and operational technology assets. All issues can be attributed to the following:

• Lack of data. The lack of data makes it impossible to observe trends in operations and the resulting consequences. There is also no reporting in place and no access to insights for holding employees accountable. Data is also key for refining business processes and supply chain.
• Staff productivity impacted due to the time wasted in looking for assets which can result in equipment downtime or interfere with maintenance schedules
• No dashboard where all individual asset performance can be tracked and equipped with alert systems for unusual events.

Asset management enables organizations to avoid unplanned interruptions to services which can negatively impact productivity around the organization. There are numerous benefits of implementing asset tracking solutions into your operations:

• Efficient and easy management of all assets
• Increased efficiency of business processes and organization in general
• Identify trends in operations and improve productivity
• Anticipate organization needs in advance avoiding delays to business processes
• Gain competitive edge over market competitors

To avoid the above-mentioned issues, take advantage of the benefits of asset tracking discussed by implementing our solutions into your business processes. With our asset management solution, you can track real time status from anywhere and on any device. Contact us at (902) 801-7922 or email [email protected] to discuss your operations and we can look into the best way to help your organization with implementing asset tracking into your business processes.