The more predictable your business costs are, the more stable your annual budgets and returns.
At a school in Colorado, asset preservation is part of their focus for the summer’s maintenance projects. According to Marcy Cates, business manager for Goshen County School District No. 1;
“Our summer projects are much smaller in scope and quantity, as there was an unknown as to future year’s funding when prioritizing projects.” In fact, “In prioritizing projects, the District Building Committee looked at those projects that were of immediate need, those that could be completed in house, and those that could wait,” Cates said. “Thus, the focus was on not depleting all maintenance dollars given the unknown of future years’ funding.”
This is important for asset management as well. Prioritizing needs in fact, is crucial to most things and helps ensure that the important matters get attention first. When it comes to your assets, knowing when it is time to replace them can really make a difference in your budget.
Staying on budget has never been easier then with asset tracking in a CMMS. It tracks repair history and age of the equipment, giving you an idea of when it is a good time to replace it or spend more on repairs.
“Predicting asset performance can help save your organization thousands of dollars every year. Trending the life expectancy of assets can allow for effective evaluation of spending practices. Forecasting and budgeting for asset replacement can eliminate unnecessary unplanned repair expenditures as well as reduce possible downtime for those key pieces of equipment within your facility. The ability to easily capture and access repair transaction history on software for work orders for any piece of equipment allows for a sustainable process to accurately profile their performance.”
Read More: Use a CMMS Program to Get Ahead of Your Budget Issues
Good software takes all of the effort out of asset tracking and management. You are able to maintain complete equipment lists including things such as make, model, serial number and much more all on your office computer and mobile device. You can even take notes and include them along with the other information.
Capital equipment is the bulk of your expenditures (on average) so it is important to preserve them as much as you can and Asset Management helps you do it.