Managing Physical Assets with Enterprise Asset Management

You’re moving forward with a large project and you need to account for the inventory required, but can’t find it. This isn’t uncommon and for manufacturing professionals, but it should be a wakeup call.

We know it is important to organize our assets, but some organizations only properly maintain their non-physical assets, such as finances. If you want to have a complete look at everything and ensure you’re ready with the right amount of physical assets, it’s time to use your enterprise asset management system to organize your physical assets, too.

Let’s look at some of the benefits to keeping tabs on physical assets and why it isn’t optional anymore: it’s essential.

Using Enterprise Asset Management

1. Tells you where everything is – Enterprise asset management helps us track and file products, expenses and documents; it makes sense to use this in a physical sense, too. By using EAM to track physical assets, you get things, like:

Organization of your physical assets – No guessing or thinking materials are available – you already know exactly how much is on-hand.

Establish and maintain operational procedures – Utilizing enterprise asset management for both non-physical and physical assets, you can now easily develop and maintain procedures for them.

2. Mobility – It used to be that you might need to visit physical asset locations, make notes on those assets, then go back to your computer location and input that information. With enterprise asset management integration, that’s no longer an issue.

Now you can physically go to the assets, account for them through innovative apps with a mobile device instantaneously, and cut out the time and expense of handling the same data twice.

3. Plan production– Going on my first point, knowing where everything is works great, but there’s another benefit: planning out your path from design to production.

When you track physical assets with enterprise asset management, you know exactly how much inventory you have and what capabilities are available to carry out task such as quote work, establish timelines and plan out budgets for future growth of your operations.

Going forward, if you’re only managing non-physical assets with your enterprise asset management system, go back and start thinking both physical and non-physical. When you know what’s there, get mobile and have data to plan, you can be sure you will see higher productivity and more cost savings.

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