If you are a business that has fixed physical assets (a long-term tangible piece of property), then you may be used to dealing with the cost burden that inevitably comes from attempting to operate and maintain them. Additionally, managing comprehensive, detailed, and current fixed asset reports is a daunting task that may demand more time and resources than you can provide.

For this reason, more companies around the world are looking to utilize a fixed asset management software solution for handling assets and their correlated data, so that the process is streamlined and the insight is easier to access.

If you are curious to learn more, read on to learn about three benefits of implementing Asset Lifecycle Management software in your business.

1.  Streamline your processes

First and foremost, by implementing Asset Lifecycle Management software in your business, you are taking a significant step toward streamlining all of your FM and Asset Maintenance processes so that you can start operating as efficiently as possible. Furthermore, by choosing a cloud-based system, the easy access to asset records will enable you to create customized reports promptly, no matter where you are located.

By streamlining your process, you are also increasing the organization of your asset data by enabling multiple users to obtain and update the asset records in real-time, through one comprehensive database. Due to these more detailed asset records, you can utilize user-defined fields and customizable choices to guarantee that you are prepared to seize all required asset data.

2. Reduce expensive emergency maintenance issues

The best Asset Lifecycle Management software helps you to reduce the likelihood of having to deal with expensive emergency maintenance issues. How? By preventing warning signs from going unnoticed while also extending the serviceable life of your valuable assets.

This software will inform the appropriate workers about scheduled maintenance to guarantee that there is no delay and that you don't fall behind in maintenance management because you were using manual methods to track the schedules.

In a similar vein, by designating asset owners, you will know who can give you the required answers during the inventory process.

By tracking the condition of your assets, as well as their necessary maintenance appointments, through easy-to-comprehend logs, this type of software provides you with an accurate representation of your fixed assets and a better understanding of the costs and timeline necessary for their replacement. As well as monitoring and anticipating the devaluation of your fixed assets, the system also helps you to locate unproductive items that may be hindering your operational efficiency and leading to unnecessary costs.

3.  Make more mindful CAPEX decisions

CAPEX spending is essential if you want to maintain your current fixed assets, while also investing in new technology and other types of property or equipment intended for future growth. However, it can be challenging to know where and when to invest, and where and when to refrain. Luckily, the data and analytics that are gathered through a fixed asset management software solution can help significantly in this regard.

To get the most significant benefit, make sure to work with a company that offers web and mobile dashboards – such as the Aladdin Mobile Requester, for example – to ensure that you can obtain real-time, accurate data to eradicate inefficiency and to produce impactful decisions.

After all, how can you expect to foresee where CAPEX spending needs to happen if you don't have a complete picture of your company’s current financial health?

Utilizing a fixed asset management software solution ensures that you can know exactly where you stand by accurately taking into account the value of property, plant, vehicles, and hardware that you have working to keep your business development moving, your production lines operating, and your employees producing.

Does your business have fixed physical assets? If so, have you ever considered utilizing Asset Lifecycle Management software? Why or why not? Let us know your thoughts and any experiences you may have concerning this topic in the comments below!

AUTHOR BIO

Mohammad Daudi is the Chief Revenue Officer at SGE Group International, a multidisciplinary group of companies with core business interests in Asset Lifecycle Management, Land Development and Software. Aladdin is SGE's proprietary Asset Lifecycle Management software, designed to empower FM, Maintenance and Asset teams across multiple industry sectors.