There is no doubt that operational budgets are getting low these days, while repair and maintenance costs of several types of equipment are rapidly increasing. According to the Food Marketing Institute, the maintenance cost is about 2 percent of the revenue earned.
However, if you want to control this cost, it is necessary to look out for new ways to get the most from your assets, increase uptime, and prepare for unexpected failures. You can utilise some equipment to get a constant stream of data like energy consumption, error codes, and faults, etc.
For instance, assets like gas pumps, refrigerator items, and lighting possess intelligence embedded in them. Hence, using an asset tracking system can provide you with a detailed view of each piece of equipment. There are many other benefits of using such a system that will benefit your asset and save your precious time, too. So, if you are interested in knowing them, keep reading this article!
Why Is It Beneficial To Opt For Asset Tracking?
When we talk about industrial and retail sectors, assets are dispersed completely. But, utilising the historical and real-time information about the assets, business owners are likely to find the best solution for their problems. By using analytics to get additional insight about their assets, they can indicate downtime and improve their assets’ performance.
For instance, with an asset tracking program, they can determine when any compressor or energy pump is consuming more energy than expected. Thus, it indicates that they can schedule to fix or replace the pump before it fails permanently.
This assertive approach permits their facility managers to enhance productivity, decrease repair costs, and lower energy consumption.
Some Benefits Of Using An Asset Tracking Program
After describing the basic information of the asset tracking program, let us tell you about the benefits of integrating such a system for your company:
- Asset Location
One of the major advantages of this system is that the operator gets access to the asset’s location in real-time. Moreover, assets can be transferred among sites if it is curial along with maintenance history.
- Better Purchasing Decisions
You can easily obtain initial purchasing data that can be easily and quickly evaluated along with ongoing maintenance data. It provides you with some extra insight into the asset performance.
- Better Fix/Replace Decision-Making
The maintenance threshold is obtainable from the tracked assets, and you can mark the “Not to Exceed” limitation on any particular piece of equipment. This way, you will receive alerts for evaluation or replacement if required.
- Comprehensive Insight Into Equipment Performance
Another advantage of an asset tracking system is that it allows the retail facility managers to conserve money, decrease equipment downtime, and control stock loss.
- Rectify Accuracy
The asset tracking system is beneficial for the retailers as they can get the correct service provider or any technician at the desired place and the right time, along with the right tools.
It will save you a lot of time and money, and the cost of multiple visits will be reduced. Further, the time-saved can be used for other jobs, and the frustration of reaching the wrong place for the wrong job will also be lessened.
- Insight Of The Total Value Of Ownership For Assets
With an asset tracking system, maintenance teams can manage their expenses in a better way by using the value of their assets. Besides this, different efforts are conducted to support the asset.
Decision-makers can easily make decisions about the repair or replacement and conduct advanced-level capital budgeting evaluations.
- Warranty Tracking
One of the essential things about an asset tracking system is that it provides perfect records of the equipment under warranty.
This system will issue alerts when an order is created, send them to the warranty contractors for giving service, and make sure that the equipment’s repair is covered with a warranty.
After understanding all the benefits of an asset tracking system, you can’t deny its importance for your business. Therefore, if you want to save expense and maintenance costs of your equipment along with your valuable time, you must go for an asset tracking system. As time is getting advanced, you can meet all of your business requirements with the help of the latest technology.