Asset Management in an asset-intensive industry is one of the most, if not the most important, processes within a business to ensure the longevity of your highly-valued assets.
So what are the benefits of implementing this process?
Benefit 1:
Live Asset Reporting
Assets are essential foundations in your business – similarly to a foundation, one would need to ensure that these assets are maintained and working effectively. Asset management software affords you the ability to keep track of all your assets in real-time, making managing assets easier for long term integrity and realizing ghost assets.
Benefit 2:
Cost Reduction
An excellent example of this advantage is Cisco systems. They reported that by utilizing an asset management system, they could reduce their hardware costs by half (Cisco 2007). Implementing an asset management system has exposed unnecessary purchasing practices and helped create better buying practices.
Benefit 3:
Good Business Practice
As a business owner, it is always useful to plan, which also means long-term financial planning. With a solid financial plan, you can then prioritize which objectives are then translated into focusing on which assets are essential to the firm long-term. Additionally, having an efficient asset management software eases the financial reporting process by giving you the full picture.
Benefit 4:
Risk Management
Utilizing asset management software provides you an overall view of your assets; with this, you can identify risks ahead of time within your asset pool. This allows you to plan ahead of time and prepare for future risks.
Benefit 5:
Improved Compliance
Whatever your business type, a comprehensive report on assets is essential for compliance, which is expected for all. A good asset management software will aid and simplify this reporting process in a singular database. This database will contain all the necessary reports needed to access at the end of your financial year and improve your necessary compliance process.
References
CISCO. 2007. “How Cisco IT Reduced Costs Through PC Asset Management.”
View our infographic on the “Importance of Asset Management to your business” below!
The Fundamentals: Damage Mechanisms
Download "Challenges you might face with Asset Integrity" infographic
Importance of Asset Management to your Business
Asset Management in an asset-intensive industry is one of the most, if not the most important, processes within a business to ensure the longevity of your highly-valued assets. So what are the benefits of [...]
FREE 30 MINUTE WEBINAR – Realise the Power of your Inspection Data with AXIS
Are you currently operating in an asset-intensive industry? Do you deal with asset integrity and get bogged down by spreadsheets or complicated and data-hungry software? Cygnus recognized a gap in the market for a [...]
Challenges Your Business Might be Facing with Asset Integrity
Challenges your business might be facing with asset integrity Equipment failures cost the U.S refining industry over $4 billion per year and $75 billion in well integrity failures (Scott 2016). Asset management is the systematic [...]
Non-Intrusive Inspection: A Growing Trend
Non-intrusive inspection is a growing trend in many asset-intensive industries.The traditional approach of confined space entry where personnel would need to enter the vessel to gain the internal condition of said pressure vessel. This approach [...]
The DNA of Incidents: Root Cause Analysis
Download "The DNA of Incidents: Root Cause Analysis" info graphic
“If you are looking to kick start your data-driven decision making and a streamlined database that allow you to easily access critical data reports- look no further. We are introducing AXIS, our proprietary Asset Management software – critical decision making one database.”
AXIS Software
Our proprietary asset management software is a user-friendly, intuitive, and web-based software. It is specifically designed to manage data collection and offers an efficient method in minimizing risk to critical assets. A valuable addition to your asset integrity process at any stage of your business.