CMMS Asset Management is Critical for the Longevity of Your Business

In the global marketplace, most of the things businesses and organizations rely upon to succeed are undergoing significant change. From technology to resource acquisition, to public expectations, the business world is in transition. The security of a “known business environment” enjoyed for years by businesses large and small is gone. One thing you can still count on is your company’s assets.  They are the rock upon which your business stands. How effectively and efficiently you manage them is critically important to the welfare and longevity of your business.

A contemporary asset management framework enables you to:

  • understand what you have
  • where it is
  • what it’s worth
  • what you need to do to improve it
  • what the marginal gains are from multiple sources
  • and who is involved in managing the asset

To accomplish these things, you must have an integrated focus: a database system that gives you the engineering, economic analytical tools, and simplicity you need to keep your assets rock solid.

Does your business asset management framework meet today’s high demands? At a bare minimum, it should include these fundamental features:

  • It should track all of your assets, including virtual ones, and tell you when they were obtained, how they are used, and what their original value was
  • It should describe where your assets are located when they have been modified or repaired, what their current condition is, and what their maintenance schedule is
  • It should ensure the amortization rates for your assets are accurate, and their value is accurately reflected in financial statements
  • It should remove assets that have been sold, replaced, or scrapped
  • It should identify “ghost assets,” items that have been inaccurately recorded, lost, or stolen, and remove them from your inventory
  • And, it should ease asset recovery

With a comprehensive asset management framework emphasizing these features, you are better able to assess your company’s financial strength and flexibility. You are better equipped to understand the capabilities of your assets. And, you are better prepared to optimize them to your greatest advantage.

Additionally, this framework can save you money. Comprehensive asset management allows you to perform sound risk assessments and find solutions for potential losses and liabilities before anything negative occurs. It also enables you to better maintain your assets through maintenance scheduling and it prepares you better for future events, such as costly asset purchases and replacements.

And, finally, maintaining accurate asset control reduces theft and enhances asset recovery.

Today, asset management is more complex than ever and there are no shortcuts. But, there are solutions. To effectively compete and remain optimized, you need an integrated Computerized Asset Management System like Eagle Technology’s Proteus MMX.