The Impact Of An Asset Register On Asset Utilisation And Cost Management

Regardless of what asset register format you use, your asset register is likely to be doing more for your business than you think. If you are yet to use any type of asset register, you may be surprised by the number of benefits that come with using one. 

The impact that any asset register format has on your business will ultimately depend on which format you use. If you use a spreadsheet or paper notes, the impact is likely to be minimal. However, if you use a digital register, the impacts can seem endless. 

This article specifically takes a look at the impact of an asset register on cost management and asset utilisation. Let’s dive into this subject and its advantages now.

When you choose to track your assets using an asset register, the impact on asset utilisation is clear. You can see how many times each of your assets are used. You can see if your assets are used well, and whether you are getting the most out of them. In addition to this, every single asset that is added to your register will have its location tracked. 

Location tracking is one of the major benefits that come with many modern asset registers. However, it’s the asset register format or rather the software that you choose that impacts the quality of the location tracking. Good software will show you where your assets are 24 hours a day, 7 days a week. When you can track your assets easily you can begin to understand a little more about them. You can see which locations they are used in and whether the use is cost effective. Additionally, you can see how much time it takes to use each asset and even who is using them. 

The impact of an asset register on asset utilisation is clear. With the knowledge that your software imparts, you can potentially use each asset much more effectively. You could, for example, send specific tools to your largest site if they are used more often. You could retrieve a few vehicles from a depot if they are never used. The vehicles could then be sent to another location where they are needed. 

As you can see, asset utilisation data can hugely benefit your business. You can understand how your assets are being used in a completely new way. This is not data you would have if you used an old asset register format. Ditch those spreadsheets and use a digital asset register instead.

When you use a register that tracks your assets you get a much clearer view of how your assets are used. The good news is that there is also a real chance for you to manage your costs. You can, for example, see if you have more than enough tablets in one of your offices. When another office does not have enough tablets to go around, you can share the unused devices rather than purchase new ones.

There’s another and perhaps better cost-related impact. Thanks to the way that many-a digital asset register format works, it’s possible to maintain each asset with ease. You can potentially set up a maintenance schedule for each of your devices, vehicles, and tools, etc. As a result, everything will be checked for faults much more frequently. What this means is that your tools could be in much better condition. This, in turn, means that they may last longer. Therefore, the amount that you spend on replacement tools plummets. 

Finally, the use of an asset register can help you to estimate future costs. You may be able to see where funds are needed in the not-too-distant future. You could also allocate money to each department, based on their needs. Additionally, there’s a real opportunity for you to control the cost of your projects. Thanks to the way that your register may work, you could see how well projects are going. What this means is that you could calculate whether you really need to spend as much as you’d originally planned. 

All of this can be achieved when you use a digital asset register. Using any other asset register format simply won’t give you as much data as a digital register will. As a result, you could be missing out on a lot. There’s a realistic potential for digital registers to help your business in new ways. The impact of such a register on how you utilise assets and manage costs can help your business to blossom. Regardless of what industry you work in or even where you are in the world, an asset register can help you perhaps more than you realise. 

Thinking of updating your asset register format or want to learn more about registers? Contact us now at team@itemit.com.

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