Two Important Roles of Asset Tracking Software

If you thought asset tracking software was just for keeping track of enterprise assets, think again. Asset tracking software is a crucial part of any preventative maintenance system. It can extend the useful life of facilities, equipment, and vehicles as well as help you to make smarter asset-related decisions in the future.

Asset Tracking Software as a Preventative Maintenance Tool

Buildings, equipment, vehicles, and grounds all need to be maintained. With asset tracking software, you can create preventative maintenance schedules for each asset under your care and ensure that routine maintenance is not left to chance or postponed indefinitely. As you likely know, preventative maintenance saves money in the long run and helps to avoid costly breakdowns, downtime, and other undesirable disruptions to business (Source: preventative maintenance by eMaint EU). Well maintained assets also last longer than those that have not been proactively maintained. Longer useful lives translate into reduced long-term expenses.

Asset Tracking Software as a Decision Making Tool

In addition to its role in preventative maintenance, all work performed on each asset becomes part of that asset’s service history. As you continue to use asset tracking software, your database will grow. When the time comes to retire and replace assets, you can tap into this database in two ways.

First, since each asset has a complete service record detailing all preventative maintenance and repair work performed on it, it may have a higher resale value. Potential buyers may feel more confident in buying from your company because they have tangible proof that the asset was well cared for.

Next, you can find out the true cost of ownership for the various assets you’ve tracked in your asset tracking software. This information can help you to make a more informed buying decision when replacing a retired asset.

Asset tracking software can help ensure that your enterprise assets are well maintained according to a preventative maintenance schedule. It can also create a documented service record for each asset, inspiring confidence in potential buyers as well as helping you to make a smarter decision when the time comes to replace an asset.

Martin Beckett is a freelance business writer and an expert in using a range of maintenance management software.