An asset manager helps you track your property and maintain tabs about you assets. They do not only benefit large scale organisations but also clients and small scale organisations. They come up with an integrated strategic plan which maximises return and help cut costs. They deploy asset management software applications which help business streamline their operations and place asset records in a central database.
Asset Managers Help Improve Acquisition and Use
An asset manager helps you keep track of your assets by maintaining a register which contains all information related to your product such as cost, date of purchase, product description, warranty coverage, resale value, profit return, maintenance costs, cost of insurance etc. Maintaining a clear record of your assets helps you simplify the auditing process, lower insurance premium, pay your taxes on time and conduct periodic maintenance accordingly. An asset record can be used as mortgage in banks to apply for loan.
An Asset Manager Improves Compliance
An Asset manager accounts the revenue incurred by your assets and generate a detailed report. They store the report and asset records in a system database which is encrypted. This encrypted database can be accessed only by authorised personnel this prevents the risk of theft or fraudulent activity. This report comprises of information regarding acquisition of asset, use, disposal of damaged assets. You can experience a 75% reduction in time spent in tracking fixed assets and overall auditing process. It simplifies the data entry process. You don’t have to worry about manual data entry as the database will automatically update itself if the assets are tagged.
An Asset Manager Increases Asset Reliability
An Asset manager will assist you in monitoring maintenance cycles, analyse costs and conduct audit asset availability. In this way you don’t have to miss out on periodic maintenance checks for your assets. Managers design maintenance plans which help balance the cost involved and asset availability. They identify the potential risks faced by the asset and address them beforehand. They identify important assets which require special care and make sure that the assets remain fully functional. They also help you attract potential customers therefore maximising returns.
An Asset Manager Keeps You up to Date
An Asset manager deploys complementary systems which help large scale industries make the most out of your assets. Some widely used lean tools are total productive maintenance (TPM) and 5S.
The TPM tool improves the efficiency of your equipment based on your needs by increasing equipment life cycle cost. They design preventive maintenance on the basis of how the equipment is used, maximise asset availability and conduct periodic updates to increase asset availability. The 5S tool is used to streamline the efficiency of your business by organising you asset records accordingly and restore damaged assets.
They Tag Your Assets
An asset Manager ensures that all your assets are tagged with bar-code labels. They are deployed on all assets which are tangible, intangible, movable or immovable. These tags comprise of a bar-code number which is used for unique identification. Asset tagging is the best solution to prevent loss or theft. An asset manager also help you maintain compliance with regulatory agencies, helps you track costs, coordinate joint use, and further simplify asset tracking. Some asset tags come with an inbuilt GPRS chip which helps business owners and clients keep track of the assets periodically. This helps you maintain a strong bond with the customers.