5 Common Asset Management Mistakes and How to Avoid Them

Asset failure can be a common occurrence for some organisations. Either due to defective or overworked components, or assets used way beyond their intended lifespan, asset failure can become inevitable.

Completely normal, right? What if we were to tell you there are some common mistakes businesses are making in their asset management processes that can easily be avoided?

Preventing these mistakes is pretty important when the alternative is delayed production, inefficient workflow and restricted productivity.

From inaccurate lifespan tracking and inadequate maintenance processes to overlooked ROI and missing data, here are the five most common asset management mistakes and how to avoid them.

1. Inaccurate Asset Lifespan Tracking

Every asset has a limited window of full productivity and reliability. One of the main causes of asset failure is a lack of accurate lifespan tracking.

When a company fails to track their asset lifespans, there is no way of knowing when an asset is due to fail or when software is due upgrading. Equipment can break down and usual workflow and delivery of service will be disrupted. Expensive as well as frustrating and damaging to an organisation’s reputation.

All this could be so easily prevented with smart asset management software that ensures 100% accurate tracking, so businesses can see exactly which assets are reaching their end-of-life date, which are due an upgrade and also where they are located.

2. Inadequate Preventative Maintenance

Some companies rely simply on looking out for signs of impending asset failure as part of their maintenance routine, which is an extremely unreliable and inconsistent approach.

Of course, routine checks for wear and tear are extremely useful, as is a maintenance schedule. But wouldn’t it be better to have a system that helps you keep on top of all of that as well as detecting issues before they become big problems?

Proactive preventative or predictive maintenance is key in the asset management process in order to avoid asset failure.

Upgrading to asset management software that includes preventative maintenance systems allows businesses to detect a range of maintenance issues, everything from overheating and breakages to a lack of power and erosion. Any of these could result in asset failure.

Prevent unexpected problems with a detailed maintenance schedule, tailored to every asset and including all the information needed on the maintenance procedures for each asset, easily accessible on one asset management platform.

3. Overlooking TCO and ROI

We can safely speak on behalf of just about any company when we say getting the best return on investment (ROI) on assets is pretty important.

To work that out, the total cost of ownership (TCO) needs to be measured via asset performance and assignment of costs. When companies don’t know the cost of maintaining an asset over its lifetime, they cannot estimate how productive each asset can be or know if they’re getting a good ROI.

Avoid the guessing game with asset management software that tracks past and current trends to predict future performance. A far more accurate (and cheaper) alternative to investing in top spec, expensive assets in the hope this means they’ll have a longer life.

4. Failure to Track Additional Information

You’ll still find some businesses using spreadsheets as their asset management tracking tool. This archaic system, along with other outdated software options, can be restrictive in what information can be included and staff can be spending hours sifting through paperwork searching for the data they require.

Missing insurance or warranty details can lead to unnecessary and time consuming searching for the required information.

All asset information, from date of purchase, model and make to maintenance schedules and estimated value can be added on modern asset management software. Then, as soon as it’s needed, any information on any asset can be immediately accessible, saving valuable time.

5. Missing Location Data

Basic asset management platforms track basic asset information but not always location. Without such data, it can be near impossible to find a particular asset or discover if it has been moved.

Along with location data, other available asset data should include maintenance status, last known users and more. It can even improve security measures and prevent losses or theft that could have previously been overlooked.

The right asset management software will include all of these tracking fields for you, so assets can be tracked and located any time, anywhere.

Intelligent Asset Management Software

Gain complete control over your assets with accurate data and efficient systems, and avoid unexpected and entirely preventable asset failure.

Assetspire’s asset management software is the next generation of managing assets. Easily accessed on a user friendly platform or a smartphone app, gain immediate visibility over all assets with real-time insights into location, maintenance, lifespan, ROI or any custom field your business requires.

No more unplanned and urgent maintenance, easy tracking of TCO and overall streamlined asset management processes means a more efficient, productive and lucrative business.