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6 Signs of Poor Asset Management to Look Out For

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Poor asset management can result in missing, obsolete, or under serviced assets. This can negatively affect your operations and bottom line and, in a worst-case scenario, eventually lead to business failure. To prevent this from happening, here we give you six signs of poor asset management to look out for, and tips on how to make a change before it negatively impacts your business.

1. Inefficient maintenance

Poor asset management can lead to inefficient maintenance, where you spend unnecessary time and resources on maintaining assets, or you fail to make the best use of them. For efficient maintenance,  you should utilise automated processes in your asset management system. It’s also a good idea to create a regular servicing and preventative maintenance program so you know when to perform maintenance tasks, how often they should occur, and the resources you need.

Also consider integrating platforms such as fuel monitoring and management systems, or enterprise resource planning that lets you upload data without manual migration or double handling of data. This can help streamline the asset management process for scheduling preventative maintenance or obtaining real-time updates.

2. Higher frequency of asset issues

Do you have damaged, obsolete, or malfunctioning assets listed as active assets in your tracking system? If so, you can assume that your asset management is the root of the problem. By improving your asset management and updating the status of assets in a timely manner, you can have complete and accurate records, giving you a better view of your assets and the ability to make better asset-related decisions. Conducting periodic audits can also help you pinpoint problematic or faulty assets and ensure they’re efficiently fixed or replaced.

3. Difficulty budgeting

If assets aren’t tracked effectively, it’ll be harder to forecast how much you’ll need to spend on maintenance. For example, if you’re using an asset tracking softwarethat isn’t integrated with a finance system, you could have incomplete or inaccurate information and won’t be able to track financial and maintenance data. The solution here is to record asset purchases, costs, servicing schedules, and disposal data in the software and integrate it with a finance system. This way, it’ll be easier for you to determine the costs of acquiring, maintaining, and replacing assets.

4. Higher rates of theft

Poor management of assets can result in assets going missing, such as laptops, stationery, and other office or tech equipment. If you find that some assets are being stolen often, you should use an automated asset management software, such as the one offered by Smart Asset, to reduce the risk of asset theft. You should also create and maintain a detailed log of all assets, identify the location and primary users of the assets, account for all assets at all times, and uncover changes that might indicate asset theft, like the creation of new passwords.

5. Poor visibility of assets

When you don’t manage your assets effectively, it’s difficult to measure their performance, including their reliability, uptimes, and downtimes. By using an asset management software and the reporting and analytics features, you’ll have full visibility of your assets. This includes all types of assets you have, such as hardware and software, mobile devices, vehicles and facilities equipment, as well as reporting information like upgrades or issue resolutions. You’ll be able to see the assets that are performing well and those that aren’t, which can help you make more informed asset-related decisions.

Smart Asset’s mobile app allows your personnel and field technicians to track assets off-site so you’ll know what’s going on with all assets. The software also has powerful reporting functionalities that make it an essential partner for making smarter decisions about your assets.

6. Higher rate of servicing errors

Poor asset management and tracking can lead to over-servicing or under-servicing assets. Over-servicing assets is when you perform intrusive maintenance tasks frequently. Not only will this cost money, it’ll also take up a lot of time which can result in errors if the workload is too much for staff to handle. Under-servicing assets is when you don’t perform maintenance tasks as required and the maintenance technicians lack the skills and tools to do precise work, which again can lead to errors.

To deal with this problem, you should identify your most important assets and determine how often they should be serviced. Then choose the best people to perform the tasks and figure out how much it’ll cost overall.

Improve your asset management today

You can prevent all of these problems by improving your asset management. This can then help you to streamline business operations, reduce unnecessary expenses, and boost asset performance. Smart Asset offers a best in class asset management software that can help you track your assets, including from their locations, check ins and checkouts, and reservations. To find out more, contact us today - with our software, managing assets has never been easier.

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