Top KPIs and SLAs for Asset Managers
Asset management – a job that, in the simplest form, manages the ownership and flow of items within an organization. As your organization grows, so does your inventory, and without a strategy in place to help you scale accordingly, you may find yourself losing time, revenue, and inventory. Having a list of relevant KPIs and SLAs to monitor and an innovative software platform to remain organized is a recipe for success. Here, the asset logistics experts at SCLogic continue our series on the importance of KPIs and SLAs in facilities management and how our in-building logistics platform, Intra, is the perfect solution for your asset management pain points.
KPI & SLA 1: Average Age of Hardware Assets
In the world of asset management, you are likely keeping track of both hardware and software assets. Working from home is a new reality for many organizations. You may find yourself struggling to remain organized as assets are continuously moved in and out of the office. By accurately monitoring your hardware assets’ age, you can maintain a stricter inventory, knowing just what needs to be replaced and when. This improves efficiency and saves money by protecting you from redundant purchases when assets may still be working well. Additionally, this allows you to plan by seeing what hardware is nearing the end of its life cycle so that you can fill out a purchase order in advance.
Concerning SLAs, knowing the average age of your hardware assets can be beneficial in various ways. First, the organization you’re getting your hardware from, such as Honeywell or Zebra, may have an SLA that indicates a minimum lifespan for their hardware. If your hardware assets are depreciating before this time, you can provide this data to the hardware manufacturer and request a change in service or price. On the opposite side, you can also use this metric when forming an SLA with an additional business. For example, if you provide hardware assets to another company, having metrics on these assets’ lifespan may increase your agreement, as you can show that your hardware has a track record of working well.
KPI & SLA 2: Mean Time to Repair (MTTR)
The last thing any asset manager wants is for their equipment not to be functioning correctly. However, if this does happen, do you have a streamlined solution in place to correct it? Mean time to repair, or MTTR, refers to the average time an asset will be out of rotation or available for use. For example, if you are an asset manager for a large company that provides laptops for all employees, how long would it take your team to contact support and correct the problem if a computer got a virus or was dropped and damaged? For asset managers, monitoring this KPI is especially helpful in determining the frequency of asset repairs. If these repairs are time-consuming and costly, this may indicate a gap in your asset logistics workflow or bring up additional issues with third parties if SLAs are not met.
As it relates to SLAs, mean time to repair is essential to consider when forming an SLA with any organization handling your hardware repairs. The longer an asset is unavailable for use, the more time and money that costs your team, as you are working to replace assets quickly and remain on track. Forming a comprehensive SLA with a low maximum MTTR helps all parties find an efficient solution and improve their workflow. At SCLogic, we prioritize efficiency in all areas of service. That is why we developed our Depot Express program. If your handheld device is not functioning correctly, you will have a loaner on-site the next day if you contact us before 3 PM EST the day prior.
KPI & SLA 3: Mean Time Between Failure (MTBF)
Like mean time between repair, mean time between failure is also a primary KPI that should be measured as an asset manager. This metric can be used as a preventative measure for your hardware and software assets, providing insight into the level of performance each of your assets has. You may even be able to prevent failures on the job by pulling certain assets from rotation as they near their maximum time between failures. Not only does this help extend the asset’s life but provides a key metric for those using these assets that instills confidence that their equipment will work properly when they need it most. When discussing SLAs with relevant parties, showing a high mean time between failure can foster a strong relationship with end-users. Additionally, by providing preventative maintenance, your end-users receive a high level of service that goes beyond the minimum of just providing physical assets.
KPI & SLA 4: Assets Without Lifecycle Status
Monitoring asset lifecycle statuses is an absolute must, and if you are missing this as an asset manager, you may find yourself in a troubling situation down the road. As a means of organization, auditing assets frequently is vital to determine asset health and allows you to request maintenance accordingly. This ties in with all three of the KPIs stated above, as inaccurate lifecycle statuses may lead to asset failure and repair, decreasing the life of your hardware assets if not caught quickly. As many assets, especially digital-related equipment including computers, tablets, and phones, are likely getting used excessively as employees work from home, having a comprehensive and easy-to-use solution such as SCLogic’s asset tracking workflow can automate processes and improve accuracy. For SLAs, knowing your assets’ lifecycle status prevents potential instances of failing to meet your SLA with the end-user. Instead of falling below your SLA after devices malfunction or must be replaced, you can keep your assets working perfectly, saving you time and keeping your end-users happy.
Learn More About SCLogic’s Asset Tracking Workflow
At SCLogic, our team has over a quarter-century of experience in facilities management and in-building logistics. When it comes to asset tracking, we have experience with organizations of all sizes. From medium-sized higher education institutions to large-scale enterprise customers, our job is to ensure that you have all the tools necessary to succeed as an asset manager. We know it can be difficult as many of us navigate a hybrid work schedule, which is why we are continuously expanding our offerings and pivoting to suit our customer’s unique needs. We take the stress out of many daily asset management tasks, replacing them with streamlined, integrated solutions customized for you. To learn how our team can assist with your asset tracking needs, email [email protected] or schedule a demo today!