Maintenance and repair of assets. can often end up being a costly and time consuming procedure. Checking your assets manually could cost you a fair amount of time per month, ending up in fairly hefty yearly sums. Manually managing your assets isn’t the only way to lost money during maintenance and repair; unkown manufactuing defect, admin costs and missed DPP coverage can all cost company money.
Let’s have a look at a couple of examples: Monitoring turn-time would (on average) take around 5 days per month if you were checking manually, which at a full time wage could translate into around £3,000 per year. Manufacturing defects can also cost thousands per year - if you had just 1% of 10,000 units with an unknown £100 repair defect (which is conservative, it would more likely be 2-5%), that could cost the company approx £10,000 per year.
So how can you effectively manage your maintenance and repair process in a way that drastically reduces operational expenditure?
The ideal solution would be comprehensive asset management software, which will cut down yearly expenditure via detailed and comprehensive asset tracking. The use of this kind of specialist software allows for more efficient use of company assets, totally minimising any downtime of equipment. Asset management software can also provide you with several automated functions, including providing automated reports which are capable of re-allocating costs from third party suppliers to the end customers, and automated monitoring of equipment turn-time, ensuring they’re always ready to go for the next job. The programs can also keep track of your DPP (Damage Protection Plan) coverage, tracking and updating your policies automatically.
Getting the right sotware for the effective management of fixed assets will only help to make a business more profitable and help any company be more competitive in an ever increasing global market.