The 5 Asset Reports You Want from Your Asset Management Software
A vital feature of any asset management software (AMS) application is the ability to produce asset reports. Whether these be for inventory or employees, each report can add significant value to an organisation.
But first, let’s take a look at how asset management reporting can benefit a business.
Why Asset Reports are Beneficial for a Business
Asset management is essential for any business wanting to get the most value out of its assets.
Modern AMS can include the ability to create asset registers, perform asset tracking, and effectively manage maintenance and inventory. It can even encompass asset discovery, which can be extremely useful for IT asset management.
Although most management software varies, there is still one feature that all systems have in common; a reporting tool.
This tool can produce extensive management reports, or asset reports, that help businesses to understand crucial information about all of its assets. In turn, knowing this information can lead to more efficient operations, lower costs overall and better productivity levels among employees.
So, here are the 5 key asset reports that you’ll want from your asset management system’s reporting tool…
If your business consists mainly of physical assets, a maintenance programme can help to keep them in pristine working order. A maintenance plan can not only reduce unplanned downtime, but it can help to extract the most value from your assets.
By generating a detailed maintenance report, you can be kept informed about the efficiency of your assets. A report could include asset inspection dates, maintenance schedules, and an asset’s life cycle progress. By having access to this information, you can effectively plan and budget future costs for when work is due to be carried out.
These reports can also be extremely useful for making sure maintenance work is never carried out unnecessarily, thus avoiding any unnecessary spending.
An inventory report can be one of the most crucial overviews of your company’s assets and stock. Most importantly, it can help make sure your stock, goods and equipment are all being utilised.
This type of information is especially helpful for businesses with a focus on IT, manufacturing, warehousing or retailing. For example, inventory asset reports for an IT-focused business can detail which laptops and mobile devices are available for use, and which aren’t.
In manufacturing, it can also help to identify spare parts or supplies that are running low.
And, in terms of retail, it can crucially tell you which products are selling better than others.
Every business will have an operational workflow that links into how assets are being utilised. And, with the help of detailed workflow asset reports, companies are more than likely to run much more efficiently.
By implementing a more robust and efficient workflow in the workplace, employees are made aware of what jobs they need to work on and when. Which, can eventually lead to a much-welcomed productivity boost in the overall workflow process.
Workflow asset reports can also often go hand-in-hand with asset maintenance management.
For example, imagine that a piece of machinery is going through routine inspection. There may be certain milestones to work through as part of that process, such as an initial inspection, the actual maintenance work required, final inspection and team leader approval. Workflow asset reports can help to identify the various stages of maintenance and repairs.
Employee assets can be managed in much the same way as any other assets within an organisation.
Like other areas of a business, you can use reports to track the development of employees. This information could include details about training courses, which jobs they’ve worked on, and how long they have been in their current role.
Another type of employee asset reports that AMS may provide is linked to the usage of physical assets.
For example, when a new employee starts, they may be issued a laptop, a mobile phone and a company vehicle. This type of report shows which employees have access to specific assets. Once an employee leaves their role, you can then quickly reassign those assets to another employee.
5. Audit Reports
It can not be understated that running regular audit reports is a key part of effective asset management.
The information in an audit report can include an asset’s physical location, the purchase price and the current value. It might also detail whether the asset is working or out of service. And whether an authorised user has access to it.
The financial auditing of fixed assets is vital for any business, as it helps to ensure that accounting practices are compliant and in line with operational objectives.
Producing audit reports via an AMS application can prove to be a fast and accurate way of supplying external auditors with the financial information they need.
Conclusion: Reporting is a Must-have Tool for Effective Asset Management
The type of asset reports you’ll need will depend on your company’s specific assets and the critical information needed for monitoring and evaluating.
No matter the report type, obtaining asset data should be quick and hassle-free. Thus freeing up your time to concentrate on other areas of asset management.
The data that you access should also be comprehensive and informative enough to help improve strategic decisions within the business.