Identifying Underutilized Assets in your Organization

underutilized asset

There are companies that own several equipment and machines that are helping their organizations to function the business. The machines are recognized as tangible assets and they are frequently used by the organizations to generate revenue.

The profit of the business is calculated by the number of products resulted from the utility of these machines.

Underutilized Asset

In the course of, some machines may not be able to yield full capacity, they are supposed to produce due to unaware of the shortcoming. The under-performing machine is also known as an underutilized asset.

The other machines which are still in good condition may also stop functioning if they have no regular maintenance service.

Also Read: Why are Fixed Assets Important for a Business?

A Snowball Can Cause An Avalanche

Malfunction of a small component inside a big machine could crumple the whole system. If you forcefully use a machine without knowing it has a flaw in a its part, the whole machine body could be eroded.

As an example, a food processing company has several workstations at different locations. About nine months ago, it has purchased seven maize milling machines. During the first six months, each of the milling machines was producing 90 tons of cornflour per day.

Now, one of them is producing only 50 tons per day. This kind of slow produce could reduce the target profit.

Asset Management Software to help Identify Underutilized Assets

Lack of maintenance management could stimulate such kind of under performance of machine. A small breakdown can give a big blow to the whole system. The company needs to implement equipment maintenance software to take care of tangible assets.

Asset Infinity, the online enterprise asset management software (EAM) can track the assets of the company and find out their condition and utility.

When the company purchases a new machine, the equipment maintenance software can record the information of the specific asset. By using EAM, the company can tag the assets and equipment at the time of allocation and record their movement history.

This application allows users to add or remove any asset information. The registration is done in digital entry and the application is easy to use.

Preventive Maintenance Software For long-Lasting Assets

By using preventive maintenance management software, the users can record assets information like asset names, purchase date, utility, annual depreciation, and the location where the assets are kept.

With Asset Infinity, the users can schedule the asset maintenance plan so that the defected machine could be fixed in time before it is too late.

The maintenance programme can be scheduled on a regular basis like yearly, monthly, weekly, or custom. The company can prevent itself from losing a huge sum of money in purchasing new machines.

Also Read: How to Monitor & Keep Track of Each Purchase Order Efficiently?

Asset Infinity allows the users to create and design multiple barcodes or QR code for each and every asset. When the owners want to retrieve the assets, they will use a scanner to read the codes and find their valuable properties in a short period of time.

Share Your Asset Information With Concern People

Users of asset tracking management software can share the assets information with other multiple users. For instance, the company has several work departments. All the concerned people in the business can be added to Asset Infinity software.

The users can access information about the assets, and they can find out the whereabouts of the assets and in whose possession. They will know the history of specific asset movements.

With its user management system, multiple users also add several levels of admin and employee. The admins of the EAM can give permission to multiple users of the different departments to view specific assets belonging to their respective departments.

For instance, users from the accountant department can view information about the assets of their department. Meanwhile, users from food catering services and get access to information about assets in their department.

Manage Your Assets with User-Friendly Software

If a company has several workstations in different locations, the users of asset tracking software can access the application from their respective places. Asset Infinity is a mobile-friendly application.

Users can manage the assets from anywhere they go. Unlike a bulky paper-based register, the mobile asset tracking software is easy to use and the information in it is accurate.

With this web and mobile application, any user can create user work group for a helpdesk for the different type of tickets. A new ticket based on the location can be raised by users or admins.

Also Read: 5 Common Asset Tracking Issues That Need to Be Addressed

Wrap Up:

Asset Infinity is the leading asset management software and app provider. It enables you to track your assets using Barcode tagging, QR code tagging, RFID tags tracking, NFC tags tracking.

There are more features such as Auditing of your assets & Physical verification, Maintenance management, Utility Monitoring, and report on the equipment you can use from anywhere, at any time. Asset Infinity offers a free 14-day trial - no credit card required!

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