Nothing is more necessary for success in business than the leveraging of powerful tools and dynamic talent. These two factors are interwoven into the operations of any effective business model. If they are team-minded, a company’s workforce should be both contributors to and enactors of effective business strategy. However, no one can master their craft unless they have the right tools for the job. Companies must have the right tools on deck for staff to utilize in their day-to-day operations to maximize performance.

Asset managers are the watchful eye maintaining vigilance over a company’s tools and equipment. They have to be mindful of every active asset’s location throughout their facility and know each item’s value. Managing these complicated tasks can be challenging, and asset managers often face many problems executing their duties. Here are some common issues that asset managers face and a few helpful ideas for solving them.

Problem #1: Not Knowing What You Have

One of the biggest challenges asset managers face is merely knowing what assets are on hand and where each individual asset is. In large facilities, it is not uncommon for staff or departments to get rid of items without notifying the asset manager, leading to phantom items that no longer exist. The solution? An automated asset tracking workflow. Instead of manually checking in with warehouse heads on inventory, staff can use the software to perform asset sweeps to monitor the assets they currently have on hand. Frequent checks reduce the possibility of knowledge gaps and give an up-to-date view of your company’s assets.

Problem #2: Poor Communication with Warehouse Managers

Another problem that inhibits managers from asset accuracy is poor communication with those who manage asset storage in warehouses. Many asset managers deal with departments that will dispose of items or misplace items without communicating with the asset team. What’s the answer to poor communication? It’s simple: direct access to asset software. Empower staff to make requests for disposals or asset replacements directly in the tracking system whenever there is a change. It’s a great way to end the exhausting vigilance effort undertaken by asset managers and keep staff in the know about the tools they have.

Problem #3: Poor Product Lifecycle Management

The mark of a good asset manager is a keen understanding of each asset’s lifecycle. A good asset manager not only determines the value of each asset over time but knows when to phase out assets before they become liabilities. This requires a keen sense of regular maintenance cycles and the ability to track performing that maintenance as an item depreciates. Keeping track of all of this by hand can be challenging even for small companies, not to mention the larger companies with assets across multiple facilities. Fortunately, asset managers can reduce room for human error by automating these processes using an asset tracking workflow. Managers can create timed notifications for asset maintenance and repair and suggestions for sunsetting and disposal. Let the asset tracking workflow do the heavy lifting of constantly reminding you where your asset is in its lifecycle; from the moment the asset enters the system, it should be on an automatic timer for maintenance, sunsetting, and disposal.

Are you an asset manager? How are you navigating these problems at your company? Let us know! Email us at [email protected]