For organizations of any size and scale, managing its costs is the cornerstone of running an efficient and fiscally responsible organization. As organizations grow and become more complex managing costs becomes equally challenging, cumbersome and a highly complex process.

For such organizations procuring, tracking, controlling and disposing of assets is a major function that not only affects the costs, but also productivity and efficiency as a whole. From tangible assets like plant, machinery, computers, vehicles to intangible assets like software licenses and IP’s, every item has a cost associated with owning an asset.

All such organizations need to answer the following questions:

  • How can we keep the costs of owning an asset down while providing transparency and efficiency in their operations?
  • How can we track our assets, predict future needs and have bird’s eye view of the asset usage?

Asset management: Don’t make it a liability!

Over time organizations have been relying on human capital, account systems and spreadsheet to produce, track and manage assets. While processes are put in place with the right intentions, enforcing them becomes challenging. Overall it becomes a liability over time to keep track of assets as an inordinate amount of time is spent following the process rather than actually doing the work!

This is where looking at the problem needs a process automaton mindset. Technology and human capital are deployed in the right balance, can make the world of a difference. This is a space where organizations can leverage Asset Management solutions and use technology to enforce compliance, create transparency, streamline the procurement process and provide end to end visibility into the asset life cycle.

Evaluating asset efficiency to find opportunities

Assets have a lifecycle that starts with their procurement and continues until the asset is retired and disposed of.  How well the asset is managed throughout that lifecycle plays a big part in determining both the cost of the asset to the organization and the value/benefits the asset is generating for the business.  Asset Management is all about managing the portfolio of assets as they progress through their lifecycle to make sure the company has the right IT components available to fulfil the business needs in the most cost-effective way possible – asset efficiency.

Flologic Automation provides the best in the class asset management solution, for more information click HERE.