Top 5 Challenges in Asset Management The Firms Face Today!
Companies need assets to augment their value and operational target, and asset management is an essential key to achieve production targets, control costs, and meet corporate and organizational targets. Checking and tracking all types of equipment and tools may be the best approach for managing the assets.
The inevitably increasing waste generation also increases the demand for efficient waste management. Waste management companies may not compensate for this rapid growth, and they face some asset management challenges. Container maintenance status, fullness rate, locations, overflow, and stock-out control are crucial for asset managers to avoid losses, decrease managerial time spent, and prevent customer dissatisfaction.
Here are the five asset management challenges and related problems.
1) Tracking the location of the asset
Inefficient asset management causes some difficulties for both management and operation. The containers' collection time gets longer and longer because of problems finding the location without tracking the assets. Also, equipment loss is a significant problem that asset managers may face due to the lack of protection and tracking. Many assets are reported as loss through misplacement.
2) Controlling the asset status
Knowing the instant status of containers such that their fullness level, the temperature is essential for operational efficiency. Without any knowledge about their status, waste collection is hard to handle. Moreover, the increasing operation cost and time spent are some of the inefficient waste collection results because managers carry out the operation automatically and heuristically. Besides, incidents can not be reported instantly in the field due to a lack of communication, which leads to dissatisfaction later.
3) Lifecycle management and proper operation
Lack of understanding and knowledge about asset design and its capabilities is the common problem of many companies. After that, mostly, they do not know the best operation ranges to optimize the asset lifecycle. So, misuse leads to problems for operations..
4) Decreasing downtime and leading maintenance
Incorrect asset maintenance and aging assets are leading the unforeseen downtime, which keeps the assets unavailable. The container's maintenance is a costly process, and besides this maintenance cost, unscheduled downtime leads to extra cost. For example, if some containers have a breakdown, others are overloaded, resulting in more waste collection operation, fuel consumption, and employee.
5) Stock-out problems and difficulties in near-real-time analytics
When the subject is a stock control and to determine the number of assets to be, stock management can be tricky. Managers may face a stock-out problem if they do not follow up on their current stock. Also, correct forecasting of the near-real-time stock is troublesome to conduct when the recorded or computable data is not enough.
Evreka can help you overcome these problems!
Evreka Asset Management module provides asset tracking, incident management, maintenance management, reporting, inventory management, and asset lifecycle. The Asset Management module helps managers control their assets and reduce the cost and total managerial time spent with a user-friendly interface. Meet Evreka’s All-In-One solution family to take full control of your asset.
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