Asset management comes into play here. It involves fixing an identification tag to an asset, that is tangible. Fixed asset tagging system involves a unique ID, barcode/ QR code equivalent of the ID, company name and logo, which is usually made of paper, polyester, plastic or metal.
What is asset management?
So, what is asset management? In the most simplest of terms – if you consider that fleet management incorporates all aspects that correlate to managing a fleet, asset management is similar, but manages all assets across the business – and that includes those within your fleet too.
Buildings, plant machinery and equipment tools – in fact, anything that is tangible or intangible, can be effectively managed from one central point. In addition to mobility management, asset management is seen as the next step in the evolution of fleet management. The good news – the software technology is already in place!
Why asset management?
Having such a system in place allows managers to track the overall performance of their assets. This helps to ensure that they’re being utilised efficiently, allowing for performance to be reviewed and helping to prevent any unnecessary, additional costs being incurred due to incidents such as unscheduled downtime.
Asset management and inventory verification process / software lets you,
- Monitor physical assets and inventory
- Track serial or model numbers with the help of barcode tags like RFID tags, Void tags, Metal tags.
- Secure your assets and inventory
- Make more informed decisions regarding physical inventory
- Track the movement of assets
- Prevent misappropriation of assets
- Simplify documentation
- Keep a track of all assets
- Manage assets from different locations
- Provide an opportunity to plan against financial, operational and legal risk
- Define the service levels
- Organize the asset portfolio
- Create a more efficient operation with the ability to track performance
- Improve time management
- Measure and monitor life-cycle costs
- Promote the economic stability and growth of your company