Businesses nowadays are facing a lot of challenges due to their assets and their maintenance. Some of the assets companies belong to are not located in the same area that the other operations are being handled which makes the management process difficult and dragging unnecessarily. This is where the importance of occupying the ‘Mobile Asset Management’ enters the business context.
Mobile asset management is an all-inclusive approach and technique for assisting business activities. Businesses are able to manage their assets more efficiently with the assistance of mobile devices, due to ongoing advances in mobile technology and software technology. As a result, mobile asset management has become an essential component of corporate operations in a massive collection of industries in Singapore. In this article, you will gain more knowledge on mobile asset management and how it optimises the processing of the modern workplace.
What Does it Refer to as 'Mobile Asset Management'?
As the name suggests, Mobile asset management is the entire practice of managing company assets using mobile devices and downloadable applications. It does not imply that mobile devices have completely replaced asset management. Mobile asset management, on the other hand, takes away a massive weight from asset managers and teams when it comes to ensuring the company assets are maintained and managed well.
If put in simple words, mobile asset management is a sort of centralised asset management. On the same platform, managers and employees have quick access to widely shared information. Employees and authorities could access and update asset information from anywhere with mobile asset management.
Top 5 Risks Companies Encounter When Managing Assets Manually
Prone to Human Errors
It is common knowledge that when people are interfered with in any case, errors are a definite thing that the authorities should expect. The errors or mistakes can vary from missing a number when counting, noting down wrong figures, not noticing the necessity of the assets to be fixed, etc. One small mistake in asset management might cost millions of dollars, mess up the whole operational process, and finally affect data-driven decision-making as well.
It is similar to when we fail to fulfil our duty, except on a far larger scale. Companies should utilise clever computer systems to assist them manage their items effectively and avoid these human blunders to avoid these challenges.
Prone to Theft
One major aspect the asset managers and stakeholders should not forget is that their assets are highly prone to theft. Not everything can be stolen but there are certain assets that the company should identify as high-risk equipment. When the companies are handling them without integrating with a robust system, it will end up in huge losses to the company.
If explained more, this invites potential losses ranging from office supplies to costly equipment. Manual administration lacks the protections that contemporary technology provides, making it simpler for malicious persons to exploit flaws.
Mismanaging Inventory
Since the business operations occur in a complex environment one of the major issues that the companies encounter is mishandling of their inventories. Most of the time, companies struggle to strike a good balance between accurately monitoring their stock and controlling the stocks of products without wasting money.
Mismanaging inventory can result in overstocking, creating financial hardship, or understocking, resulting in missed opportunities. When compared to automated solutions, human limitations in tracking, predicting, and restocking are emphasised.
Reduced Efficiency
It is not an easy task to strike a balance between operations and assets in the business context. Reducing the efficiency levels is something that needs to be expected by the authorities if the asset management is done manually which will make road to financial issues and missed opportunities.
Companies that embrace technology can precisely solve this inventory puzzle, ensuring they always have the right number of each component, eliminating waste, and keeping their processes operating smoothly.
Unexpected Downtime
This suggests that companies could face unplanned downtime when critical assets such as machinery and equipment collapse. This downtime could represent a major issue since it slows operations and costs a lot of money to repair.
When businesses manage their assets manually, they risk missing concerns before they become major difficulties. This is why numerous companies are turning to technology and smart solutions to keep things operating smoothly and avoid unexpected downtime.
How Can Mobile Asset Management Optimise the Overall Quality of Modern Workplace?
A Precise Asset Record with Real-Time Data
Any asset management system must begin with a company registering its assets. Following that, corporations assign asset tags to each investment. These assets include the company’s maintenance equipment as well as its automobiles. Also, asset data must include the assets’ location, value, and estimated life cycle.
Any employee with a mobile device and the right software can access this data. Managers as well as employees who can see their assets represent an enormous expansion over the manual technique when data sharing was delayed owing to a lack of strengthened asset data. In addition, with an up-to-date asset registry, organisations could save money by removing ghost assets. Also, because a corporation can track assets on the road, theft will be prevented, saving even more money.
Access and Manage Data during Field Operations
All the asset data that belongs to the company should be recorded as we mentioned above. Real-time monitoring is useful for asset security and is required during field operations. Also, if the data is captured in advance, businesses could track and monitor physical asset utilisation in real time. Mobile asset management enables employees to amend work orders while on the move using their mobile devices. Supervisors, operators, and technicians can address problems faster since they have real-time access to the same information. This way, the coordination among departments will also improve.
One of the most useful aspects of mobile asset management software is the dashboard. For example, using flexible dashboards, both managers and employees can examine all aspects of a work order. An adaptable dashboard also allows companies to track asset performance and usage over time.
Prompt Customer Care
This modern technology not only brings convenience to the authorities but also to the clients. When a company implements a robust system like this, it will be easier to attend to customer requirements and solve matters in real time. Through the utilisation of mobile devices to manage assets, businesses can heighten the satisfaction of customers.
Whether addressing problems or resolving crises, the easier communication enabled by mobile asset management eventually leads to faster issue resolution and increased service quality, benefiting both businesses and their valued consumers.
Simple Accessibility to Maintenance
Managing maintenance plans to increase an asset’s life cycle has never been quicker with the help of a mobile device. When workers maintain an asset, they can utilise the mobile app to retrieve records of prior maintenance operations and plan future asset and equipment services. Alerts for future asset service dates can also be automated, ensuring that they never miss a planned maintenance activity.
Work orders can also be generated by executives and customers via any mobile device. This feature is useful for normal asset maintenance and is required for dispatching workers to perform maintenance and arranging tools, trucks, and equipment required for emergency maintenance.
Enhancing Productivity
Latter plays an important role in enhancing workplace productivity. Employees can quickly track, manage, and maintain assets like equipment and tools by using mobile applications and technologies. This methodical approach saves time, eliminates mistakes, and ensures that everything is in its proper place. As a consequence, work is completed more quickly and smoothly, resulting in higher productivity.
Employees spend less time looking for items and more time on critical activities when assets are well-managed using mobile technologies. This optimisation not only improves everyday operations but also raises the overall quality of the contemporary workplace, making it more structured, productive, and gratifying for everyone.
Providing Analysis of Assets
One of the most beneficial aspects of mobile asset management is its data analysis capacity. It also means that vital information on assets, such as where they are, how much they cost, and what they are utilised for, will be collected. This information is then located in a central location where both managers and employees can easily access it. Employees can examine this information whenever and wherever they wish using mobile devices.
As a result, if they need to learn more about an asset, they can accomplish it immediately using their phones or tablets. This feature assists everyone in making sound judgments and keeping things operating smoothly. Simply said, the system collects all relevant data in one centralised platform and transmits it via several asset reports.
Taking Control Over Company Assets is Now Easier with Modern Technology
If you are still struggling with managing the assets your company belongs to, then it is high time for you to consider opting for modern technology such as ‘Mobile Asset Management’ which makes the space for the people who are responsible to access real-time data and analysis even on the go. What we need to emphasise is purchasing the best software solution as the success of your asset management is going to completely depend on the cutting-edge features and functionalities of the system.
