Industries Which Need Asset Management System in a Pandemic Situation

The pandemic situation impacts all industries and sectors adversely. But there are a few sectors which double their operations with even more effort and dedication, underscoring their responsibility.

A pandemic is an epidemic disease that has spread its tentacles across a wide geographical region like continents or even worldwide. Human history is replete with outbreaks of a pandemic. Some of the most frightening ones are mentioned below:

• HIV/AIDS (2005-12): Total deaths - 36 million
• Influenza (1968): Total deaths - 1 million
• Asian Flu (1956-58): Total deaths- 2 million
• Influenza (1918): Total deaths - 20 - 50 million

The list can go on, but these are the recent ones. The latest pandemic that is afflicting the world now is COVID-19, with a devastating loss of lives.

What happens during a Pandemic?

Everyone gets very cautious about the disease and its exponential growth potential. Regulations are put in place and people are required to stay at home and work remotely.

Every industry has to work in a digital way under remote working conditions as they cannot afford to stop or slow down their business. However, there are some industries that need to work in the frontlines during such pandemic emergency situations.

These industries include healthcare and related sectors like medical supplies, testing laboratories, medical centers, nursing homes, pharmaceuticals, etc.

These industries and their personnel cannot work remotely. They have to work at the forefront, even risking their own health and even lives, in the course of providing patients with medical care.  These industries have to continue working in a selfless manner as they are providing critical care for the people.

It goes without saying, therefore, that the healthcare industry should always be equipped with all essential medical supplies, pharmaceuticals, equipment, and machines. For them, out of stock is not an option. They need to be prepared in advance with all materials ready to provide care whenever needed.

Obviously, doctors cannot risk patients' lives due to the non-availability of pharmaceuticals or medical supplies.

Also Read: How Effective Are Mobile Audits to a Business?

What is the need of the Asset Management System?

Asset Management is a systematic way to operate, maintain, upgrade and dispose of assets in a most cost-effective manner, while managing cost, risk and performance parameters.

Asset Management Software is an application tool used for recording and tracking an asset throughout its life cycle, from procurement until its disposal.

Asset Management Software tool helps an organization to gather information on their assets like location, the user, condition and manner of usage, and other important details.

Asset management software has its leading benefits like maximizing utilization and value of assets, informed decision making through cost transparency, proactive software licensing compliance, managing services as well as assets, tracking vendor performance through transparent metrics, and optimized allocations of assets for optimized Return on Assets (ROA).

The Software solution can:

• Keep a track of all assets
• Manage assets from different locations
• Provide an opportunity to plan against financial, operational, and legal risks
• Define service levels
• Organize the asset portfolio
• Create a more efficient operation with the ability to track performance
• Improve time management
• Measure and monitor life cycle costs
• Promote economic stability and growth of the company

Also Read: How Asset Management helps Hospital and Pharmaceutical Industry?

Asset Management System is helpful for several Industries in a Pandemic situation

1. Healthcare Industry

Hospitals have implantable medical devices such as surgical clips, which are expensive but small in size.  With the inventory management system, such medical devices would have a serial number through which their movement can be tracked, their consumption for patient care, or when their stocks are about to finish.

• Asset Tagging for Check in check out process
• Efficient Stock management
• Use analytics to make effective decisions
• Real-time tracking

The focus of healthcare is caring for patients and satisfaction with assurance of the availability of high-quality equipment and material required for their treatment.

2. Medical Supplies

Consumption of excess resources and ineffective treatment may end up denying proper treatment to other patients who would have benefited had the resources been better utilized.

Key Elements of Operational Healthcare & Medical Supplies:

• Planning
• Acquisition
• Operation and Maintenance
• Performance Management and Monitoring

3. Research and Medical Laboratories

A comprehensive solution can provide accurate and efficient tracking of all laboratory equipment:

• Eliminate unnecessary time spent in searching for an equipment
• Program alerts and notifications about upcoming Preventive Maintenance or Calibrations
• Provide notification on equipment lease expiry or their due date of return
• Allow laboratory personnel to reserve equipment efficiently
• Help with information on every aspect of all the assets
• Manage assets from different locations
• Provide an opportunity to plan against financial, operational, and legal risks
• Define service levels
• Organize the asset portfolio
• Create a more efficient operation structure with the ability to monitor performance
• Improve time management
• Measure and monitor life cycle costs
• Promote the economic stability and growth of the company

4. Pharmaceuticals

As pharmaceuticals and surgical equipment are among the most utilized items in a hospital, each hospital has to consistently keep up decent stocks of medicines.

The expiry of a drug patent is a big factor for the pharma industry producing drugs and medicines. For example, if a patent gets expired and escapes the attention and action for its renewal, it can create havoc in the production schedule and supply of the medicine.

An unnoticed patent expiry not only causes losses in production and packaging but also in financial damages and loss of business reputation.

Through asset management software, the entity can track the patent expiry and get notified through alerts and e-mails before the eventual date of expiry and for their timely renewal.

5. Asset Tracking

Asset Tracking is the system of capturing an asset's complete data on status, location, condition, etc. by utilizing scanners to read barcodes or RFID tags. It provides accurate real-time data.

Benefits of Asset Tracking:

• Extending the life of assets
• Reduced maintenance expenses
• Streamlined audits and smooth operations
• Recovery and GPS location tracking
• Increased productivity
• Scheduling and monitoring of asset maintenance
• Accurate check-in/check-out

Also Read: 7 Best Tips for Increasing Productivity via Asset Management

Conclusion

All the above industries asset management is important for the welfare of the society at any point in the time. These industries cannot afford to fail. We are so much dependent on our doctors, nurses, researchers, etc. Without their effective working, we cannot survive through pandemic times.

Such critical industries cannot, therefore, be left to any kind of negligence. They need an asset management system implemented in their workflow so that they can discharge their responsibilities in an effective and easier way. They cannot be made to run out of stocks of medical supplies or equipment, as they are battling in a life and death situation when a pandemic rages on.