Around the clock, somewhere or the other, there are unspeakable frights happening to turn your day into a nightmare. Being an asset manager you must be facing pitfalls lurking around every corner, and hidden costs can encounter you to slaughter your profits. These asset management nightmares can engulf you before you even know what’s happening.
So, what are the terrors that keep plaguing against assets managers? Get ready to know the untold horrors
Number 1: Unaware of lurks in the organisation
Maintaining an up-to-date and accurate asset record can be a frightening ordeal. Assets are acquired at various times, by various people, from various places. That means data entry is done by different people at different times; some will be more detailed and some very less. Unless you have a straightforward and detailed system in place for recording the asset information, your current records can be woefully inadequate
What to be done: A good system in place will help you track the assets information. The last thing you want is to turn a dark corner to a perfect server sitter. Ease right. Escape this nightmare by having an organization-wide method for recording asset information.
Number 2: Unaware of the ill fate asserts
Imagine you taking a trip through your office and what would you feel if the underutilized equipment reaching out to grab your ankles and make you scream. Scary dream eh?
What to be done: Surviving this particular asset management nightmare is by proper record keeping and communications between departments, managers, and staff. You being an operational manager, it is your job to know the most critical assets and their conditions. Make sure you have a comprehensive disposal policy as well. Unfortunately, many businesses fall short in this area. The result is that assets are used replaced until they have been used in other departments to the core. Asset Management Software nightmares like these can boil the profits by slowing down operations, and increasing capital costs.
Number 3: Unaware of the fainted assets and the ones which are already in deathbed
Sometimes, you might decide to dispose equipment even before learning that it can be used if repaired.
What to be done: Maintaining accurate records regarding the lifecycle costs of every asset, including the purchase price, the maintenance cost, and the residual value of the asset at the time of disposal is important. Before you can make the decision to dispose the equipment, consider its maintenance history, cost of repairs, and tax implications.
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