A fleet runs on its assets. When you think of assets, you may only picture the equipment that you use, but assets include a whole range of tools that your fleet requires to stay operational, such as buildings, machinery, and even its vehicles. To ensure you’re getting the most out of these assets, your business should implement a fleet asset management plan. Let’s go over why fleet asset management is critical to your fleet’s everyday needs and how you can make the process easier.
What is Fleet Asset Management?
This process gives you a comprehensive view of your asset’s lifecycle, from when you first purchase it to when you dispose of it. If you’re trying to manage this manually with spreadsheets, you may be doing yourself a disservice. Software can help you analyze data more efficiently and make the necessary decisions regarding managing your assets. These decisions affect your fleet’s budget and savings, so you want all the help you can get.
The Benefits of Asset Management
There are all kinds of benefits your fleet can enjoy once you begin managing your assets properly. These benefits affect all aspects of your fleet business, from making your operations more efficient to saving you money.
- Prevents Duplicate Assets: You never want to find yourself in a situation where you’ve purchased equipment, tools, or vehicles you already own. However, this problem occurs more often than you might think. There are so many items to track when running a business that without accurate usage reporting, you may not realize you have an asset until you’ve purchased a duplicate.
- Optimize Use of Assets: Asset management doesn’t just tell you what you have; it gives you data like hours of service, idle time, and maintenance. With this data, you can get the most out of your assets and save money.
- Prevent Theft: With proper asset management, asset trackers will tell you where your materials are in real-time. If something isn’t where it’s supposed to be, you’ll know immediately and can inform authorities exactly where to find it.
- Grow Your Business: Tracking and managing assets manually is a time-consuming and tedious effort that can slow down the growth of a business. However, automating procedures and having a working plan requires less staffing, leaving businesses free to focus on development and expansion.
- Increased Productivity: You can use tools like geofencing, idle time reporting, and set operating hours and areas to increase productivity and ensure your assets are properly used.
- Maintain Compliance: Asset management means you’ll have electronic records of all of your assets, so you’ll be able to stay compliant with balance sheet audits. After all, you never want to be hit with a penalty for noncompliance.
- Increased Profits: With increased productivity and efficiency, your fleet will see more profits. You’ll enjoy more time growing and expanding and see more gains in the long run.
- Use All Assets: Not only does asset management prevent you from purchasing duplicate assets, but it also helps you determine what assets are bringing in profit for your fleet. Asset tracking gives you reports that show you what equipment you’re using so you can decide which assets you no longer need.
Let Azuga Help You Take On Asset Management
Asset management can be challenging without the right tools at your disposal. With Azuga’s fleet management and asset tracking software, you can achieve all of these benefits and more without the tedium of spreadsheets or the margin for error. Try a demo of Azuga’s software and see for yourself what we can do.