There is a multitude of resources that are utilized in the successful running of a business and efficient management of these resources is critical for profitability. Asset management applies to all resources, whether it is the raw material, machinery, manpower, software, or even time. Industries use asset management solutions to ensure that these resources are used well for boosting productivity and avoiding misuse of resources. But to optimize the use of these solutions, one must verify certain features of the same:
- Project Management
All project details and requirements should be easily manageable through the software application. There should also be coordination between projects, so the shared resources can be put to optimal use. The project managers, i.e. the planners and executors, should be able to input the requirement and check the availability of resources. If there is anything lacking, immediate action can thus be taken to replenish the same. For human resources, a shuffling should be possible for optimizing outputs of multiple projects.
- Precise Data Input
A system that updates the inventory automatically as and when the resources get used up is a boon. This way, it becomes easy to know when to place an order for replenishing a particular resource. For this, it is also important to ensure that the requirements of a project are input correctly. Only then can the estimates be right and the system can work well. The correct input can estimate the requirement of raw materials, the usage of machinery, the need for maintenance during the project cycle, the need for the human workforce, and the timelines
- Inventory Management
Materials that are critical to the industry must always be in stock and need to be replenished on a timely basis. For that, the system must be in sync with the project timelines and the quantity getting used up. As the inventory approaches a lower limit, the system must release a reminder to the procurement team to replenish the stocks. Once stocks have been acquired, they must be updated in the system. One missed update to the system, such as the purchase of a commodity, can change the output completely in terms of finances as well as stocks.
- Asset Maintenance
All assets in an enterprise need to be running smoothly. Just as the supply of materials must be kept updated, the assets like machinery and software must be in working order. Maintenance of these products must be scheduled depending on their utilization. While software would have a license-renewal scheduled periodically, the machinery would need the same. For machinery, the maintenance should be linked to its usage, which could be high or low depending on the workload.
- Human Resource Management
Human resources are key to absolutely any industry because, without it, it would be nearly impossible to operate. Whatever the size of the force is, this must be managed well. Hence, when pitching for a project, the availability of these sources must be kept in mind. The availability of technicians, the labor, the supervisor, the project manager – all must be considered and input in the system for a realistic picture of the project timelines. It must keep in mind the working hours and the leave schedules of the workforce and also account for any emergencies.
These 5 stages of asset management, when incorporated in one solution, can make it smooth to run the organization without a hitch. In case of any unprecedented hiccups, the system can raise an alarm well in advance to give sufficient time to rework the schedules and juggle between projects to ensure timely delivery of the output. This optimization of asset management solutions is dependent on the efficiency of the team.
