3 Asset Management Nightmares
Around every corner lurks terrors and unspeakable frights ready to turn your day into a nightmare. No, we’re not talking about zombies or ski masked men with chainsaws; we’re talking about improper asset management nightmares.
Being an asset manager can be terrifying work. There are pitfalls lurking around every corner, and hidden costs can ambush you to slaughter your profits. (There is even a group of equipment management bandits on the loose, wreaking havoc far and wide! Even worse, without a good system in place, these asset management nightmares can engulf you before you even know what’s happening. No one is safe. Any asset manager can fall victim.
You can stay alive during the day-to-day management of your assets, but only if you can avoid the most commonly feared asset management nightmares. What are the terrors plaguing assets managers? You might be headed for untold horror if:
Asset management nightmare #1: You don’t know what assets are already lurking around your organization
Maintaining an up-to-date and accurate asset record can be a frightening ordeal. Assets are acquired at various times, by various people, from various places. That means everything is entered by different people at different times, and some will be more detailed than others when recording pertinent information regarding these acquisitions. Unless you have a straightforward and detailed system in place for recording the asset information, your current records can be woefully inadequate. Preventing asset management nightmares starts with a good system In place to track your assets. The last thing you want is to turn a dark corner to find a perfectly good server sitting in the back of a closet when you just approved a $5,000 purchase order for the terrified villagers to purchase a new one. Escape this nightmare by having an organization-wide method for recording asset information.
Asset management nightmare #2: You don’t know which assets have already met an ill fate
A trip through your office should not feel like a trip through Zombieland, with dead and underutilized equipment reaching out to grab your ankles and cause you to scream. Surviving this particular asset management nightmare boils down to proper record keeping and communications between departments, managers, and staff. As an assets or operations manager, it is your job to know what your most critical assets are, and what condition they are in. It’s important to have a comprehensive disposal policy as well. Unfortunately, many businesses fall short in this area. The result is that assets aren’t replaced until they’ve seen better days, or equipment that can be used in other departments sits underutilized. Asset management nightmares like these can murder profits by increasing maintenance costs, slowing down operations, and increasing capital costs.
Asset management nightmare #3: You don’t have enough information to know which assets should be sent to the graveyard and which can be rescued
It’s important to maintain accurate records regarding the lifecycle costs of every asset, including the purchase price, the cost of maintenance, and the residual value of the asset at the time of disposal. Before you can make the decision to dispose of equipment, you need to have easy access to information regarding its maintenance history, cost of repairs, and tax implications.
While each of these asset management nightmares can be, well, the stuff of scream-inducing nightmares, there are strategies to help you avoid such pitfalls. You may have enterprise management software systems in place, such as accounting programs and reminders to let you know when equipment should be serviced or inspected, but if these applications don’t “talk” to each other to keep every aspect of asset management in sync and integrated, you could wind up dealing with yet another dark and gloomy situation: wasted time.
Visual Asset Manager is enterprise asset management software that ends asset management nightmares. It is designed to integrate the best practices in asset management as outlined in PAS 55 (Publically Available Specification in Asset Management). It can help you stay on track while adhering to the latest guidelines, so your organization can live to see the light of another day, and you won’t have to work yourself into an early grave.