Setting Up an Asset Management Software Plan

November 17, 2014
1 min

Being in charge of a maintenance facility is more than just setting up maintenance tasks for your employees; you also are in charge of your equipment. Whether it is a maintenance facility in charge of handling a healthcare center or you run a processing plant, the equipment is important to your bottom line as well as your return on investment. 



One way to ensure that you are getting the most out of your expenditures is to set up an asset management plan.


What to Consider

There are a few things to include in your asset management plan such as:

  • How much does it cost to maintain?
  • What are the repair costs involved?
  • Your initial investment as compared to repair costs.


While you may not be the deciding factor in whether or not to invest in new equipment, your input is definitely needed and by having an asset management plan, whether you run a small business with equipment that costs in the hundreds or a large corporation where equipment can costs millions, without a plan in place, your money expenditures can be miscalculated and bad decisions can be made.


One way to help determine and implement an asset management plan is with Asset Management Software. This software showcases your initial investment as well as any repairs or maintenance and best of all, you can calculate the life expectancy of your equipment. This is important data to have when presenting a budget or proposal in order to replace equipment.


Real Return on Investment

For instance, let's use a small scale budget for a landscaping maintenance facility. A lawnmower you have purchased was $1800, four years ago. Since then, you have had to have it repaired six times and it is no longer in warranty. Each repair has cost you around $200. At that rate, it would be better to replace the lawnmower with a new one that has a warranty rather than spending more money on repairs. This is obviously a loose interpretation on equipment expenditures but it shows that sometimes it's better to buy new equipment than it is to repair and the Asset Management Software will show you this without you having to do the calculations yourself.


Also Read: Asset Management Helps Prevent Breakdowns


No matter what you decide, an asset management plan and Asset Management Software is a sound investment that helps you make wise decisions when it comes to replacing equipment and other assets at your maintenance facility.


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