Introduction: The Importance of Asset Utilisation in Business Growth
Asset utilisation has a great deal of significance in driving sustainable business growth these days. According to one expert in asset tracking, fixed asset accounting and asset maintenance, FMIS, businesses face severe challenges businesses face in both maintaining and optimising the use of their equipment and assets. Read on to find out more about the crucial relationship that growth and asset utilisation enjoy.
Understanding Equipment Maintenance in the Context of Asset Utilisation
Maintaining equipment makes sense in nearly all business-use cases but simply having important tools and kit repaired when it develops a fault is not proper asset utilisation. In fact, proactive equipment maintenance entails is a critical component of business asset utilisation because it seeks to prevent problems before they occur. When assets are not available due to downtime, huge costs can be incurred by seeking a workaround, such as hiring alternative equipment or outsourcing work. Employees may be idle, too, another significant cost.
The Role of Equipment Maintenance Software in Enhancing Asset Utilisation
One of the problems with proactive equipment maintenance is that it requires careful planning. To help businesses grow effectively, investment in suitable equipment maintenance software is often the best approach to take. Such software is designed to streamline maintenance processes so that engineers can work in the most efficient manner, minimising disruption to the usual role of the asset or assets being maintained. Software is also utilised to schedule preventive maintenance regimes so that faults are picked up at an early stage, thereby minimising equipment downtime.
Operational Efficiency and Cost Savings
With software-run equipment maintenance regimes in place, businesses will see greater operational efficiency. With less outages and the improved use of assets, cost savings are likely. Not only does this boil down to reduced repair costs but the ability to run assets with less energy than would otherwise be the case. In addition, asset utilisation of this sort will lead to extended equipment lifespans and better resource allocation.
Improving Compliance and Risk Management
An often overlooked aspect of asset utilisation is that, in the context of equipment maintenance, the deployment of proper software can assist with compliance. Many industrial regulations and standards can apply to certain asset classes. If so, you might be at risk of non-compliance should your equipment not be maintained to the desired standard. In short, equipment maintenance software can help to mitigate business risks and even prevent costly industrial accidents.
Case Studies: Success Stories in Optimising Asset Utilisation
A good example of asset utilisation being used in the real world is Essex Fire Authority. The authority moved over to the FMIS Fixed Assets system because it wanted to ensure compliance with IFRS, a common accounting standard used by public bodies and private businesses alike. According to their experience, flexible and simplified reporting on all of their assets was one of the keys to success in the adoption of their asset utilisation model. Not only did the authority find greater operational efficiencies but it started to operate more sustainably, too.
The Future of Asset Management: Trends and Innovations
Today, many assets are connected, so one of the major innovations in equipment maintenance software is the self-reporting of issues. Trends in telemetry through the Internet of Things are likely to continue.
Conclusion: Integrating Equipment Maintenance Software for Long-term Success
In summary, effective asset utilisation drives growth potential through operational savings and risk mitigation. With equipment maintenance software, such savings and efficiencies can be even more pronounced.