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What is fixed asset management?
Fixed asset management involves the monitoring and maintenance of a company's physical resources and equipment. For this purpose, companies often use barcodes, QR codes or RFID technology, which are easy to scan with mobile devices. These assets can range from vehicles and computers to furniture and machinery.
With an efficient asset management system, companies can achieve the following:
- Control and track fixed assets effectively: A well-implemented asset management system allows businesses to know at all times where their assets are, who is using them and what condition they are in, which is crucial to preventing loss and improving safety.
- Supervise equipment and machinery distributed in different locations: In many industries, assets are not located in one place; they may be distributed across multiple geographic locations. Smart asset management makes it possible to centralize information on these assets, making it easier to monitor and maintain them regardless of their physical location.
- Reduce maintenance-related expenses: A good management system not only helps plan and execute preventive maintenance, but also reduces the need for costly corrective maintenance and prolongs the life of assets. According to studies, companies that adopt a preventive maintenance approach can reduce their maintenance costs by between 12% and 18%.
- Increase efficiency in operations: By having accurate, real-time control of assets, businesses can make faster, more effective decisions, leading to increased operational efficiency, including the ability to quickly reallocate assets based on changing business needs.
- Properly record assets that have been removed, sold, stolen or lost: Maintaining detailed records of asset disposition enables companies to comply with accounting and tax regulations, as well as reduce security-related risks.
This effective management allows companies to monitor the condition of their equipment and vehicles, ensuring they are in good working order. This minimises inventory loss, equipment failures and downtime, while prolonging the life of assets. In fact, companies using advanced fixed asset management systems can experience a reduction in unplanned downtime of up to 30%, which has a direct impact on productivity and revenue.
In addition, the implementation of asset management technologies such as IoT and predictive analytics It has allowed companies to not only react to problems when they occur, but to anticipate potential failures before they happen, resulting in a significant shift towards a predictive maintenance model, which can reduce operational disruptions and optimize the life cycle of assets.
Why is fixed asset management important?
Fixed assets, such as servers, trucks and elevators, represent significant investments that can make up a large portion of a company's total value, in some cases even up to 40% of the total investment goes towards the purchase of these equipment and vehicles.
Fixed asset management is crucial because it allows maximizing the value and efficiency of the physical resources essential to a company's daily operations. With intelligent fixed asset management, advanced technologies such as IoT, RFID and management software to monitor and track these resources in real time, ensuring their optimal use and avoiding unnecessary costs.
Predictive maintenance and data analytics make it possible to anticipate failures before they occur, reducing costly repairs and downtime, extending asset life and optimizing operating costs. This management also facilitates more informed decision-making by providing real-time data on asset performance, status and location, enabling strategic decisions on their renewal, redistribution and investment. It also ensures regulatory compliance, facilitates audits and ensures transparency in asset management, all while contributing to sustainability by optimizing energy use and reducing the carbon footprint.
Overall, intelligent fixed asset management not only ensures efficient maintenance and use, but also optimizes costs, improves decision-making, ensures regulatory compliance, contributes to sustainability and reduces risks, resulting in greater operational efficiency and a higher return on investment.
What fixed assets can be managed using technology?
What does a fixed asset management consultancy include?
- Acquisition Process: Identifying the company's needs and selecting appropriate assets, negotiating purchase conditions and ensuring efficient payment management.
- Detailed Inventory: Maintain a comprehensive record of all fixed assets, including essential data such as description, date of acquisition, cost, location and serial number.
- Continuous Valuation: Conduct periodic assessments of asset values, using accounting methods that reflect depreciation and wear and tear over time.
- Asset Control: Assign unique identifiers to each asset, keep track of its status and location, and establish security measures to prevent theft or damage.
- Maintenance Plan: Implement a systematic maintenance program that includes regular inspections, preventative repairs, and predictive maintenance strategies to ensure optimal performance.
- Terms of Use: Establish clear regulations to monitor and regulate the use of fixed assets, ensuring their correct allocation, controlled access and monitoring to prevent deterioration.
- Update and Modernization: Regularly assess the need to upgrade or replace assets to improve operational efficiency and ensure compliance with current standards.
- Investment Planning: Advise on the acquisition of new assets and planning of future investments to maximize returns.
- Normative compliance: Ensure compliance with all rules and regulations related to fixed asset management, covering accounting, tax and security aspects.
- Reports and Reports: Create periodic reports that summarize asset status and performance, providing key information for decision making.
- Training: Provide training to staff on best practices in asset management, ensuring proper and efficient handling.
- Strategic Divestment: Plan the disposition of assets that are no longer needed, including sale, donation or disposal, complying with all legal and accounting requirements.
- Disposition Management: Manage the process of selling, transferring or disposing of assets at the end of their life cycle, ensuring that appropriate procedures are followed.
Fixed Asset Management Solutions
- Analysis and Evaluation of the Asset Registry: It is crucial to perform a thorough analysis of the asset register to ensure its accuracy and completeness, which involves reviewing and validating the information recorded on each asset, including details such as acquisition date, cost, location and current status. An accurate diagnosis of the register allows to identify and correct possible errors or inconsistencies that may affect the management and valuation of the assets.
- Physical Inventory: The physical inventory is a fundamental stage that consists of carrying out visual inspections of the assets to verify their existence, condition and location. During this process, the following is carried out: Asset labeling With barcodes, QR codes or RFID tags to facilitate their identification and tracking, the subsequent physical-accounting reconciliation ensures that the data recorded in the system matches the assets physically present.
- Multifunctional Asset Valuations: Asset valuations are conducted for a variety of purposes, including financial, accounting, insurance, tax and regulatory purposes. These valuations provide an accurate estimate of the current value of assets, taking into account factors such as depreciation, wear and tear, and market conditions.
- Asset Life Review: It is essential to periodically review the estimated useful life of assets to determine if they are operating within the expected parameters. This review allows identifying opportunities to extend the useful life of assets through adequate maintenance or, otherwise, plan their replacement or upgrade.
- Identifying Areas of Opportunity in Asset Depreciation: Through detailed asset analysis, it is possible to identify areas of opportunity to accelerate the depreciation of assets that are close to reaching the end of their useful life. This can have tax benefits for the company by allowing an accelerated deduction of depreciation expenses.
- Technological Solutions with RFID: RFID (Radio Frequency Identification) technology offers advanced solutions for the automation of asset identification and tracking. These systems allow for more efficient and accurate asset management, reducing errors and optimizing inventory and location processes.
- IoT Technologies: One of the main features of modern fixed asset management solutions is the integration of IoT (Internet of Things) technologies. These are smart sensors connected to assets that allow real-time data to be collected on their location, status, performance and use. This information is invaluable for anticipating problems before they become costly failures, facilitating predictive maintenance that optimizes the life cycle of assets and significantly reduces downtime.
- ERP Software (Enterprise Resource Planning: In addition, intelligent fixed asset management solutions are often integrated with ERP (Enterprise Resource Planning) software, allowing centralized management of assets alongside other key business functions such as accounting, finance and human resources, ensuring that asset information is aligned with financial and operational processes, facilitating regulatory compliance and improving transparency in asset management.
- Implementation of a Fixed Asset Management Software suited to your needs: The implementation of specialized software for fixed asset management is essential to efficiently manage all information related to your company's assets. These systems offer features such as real-time tracking, customized reports, maintenance alerts and regulatory compliance, contributing to more effective and transparent asset management, which is why it is important to look for one that adapts to the fundamental needs of your business.
Fixed asset management software, what does it focus on?
To ensure effective and efficient asset management, it is crucial for companies to use tools that not only monitor but also optimize the use of their physical resources. An essential solution in this area is the implementation of intelligent fixed asset management software, which centralizes all relevant information about each asset and automates maintenance and administration processes.
Intelligent Fixed Asset Management Software allows companies to not only control, but also maximize the value of their assets, this advanced tool offers detailed access to information such as the current status of the assets, their usage history, their serial number and their exact location, both in internal facilities and in external locations and also, by incorporating technologies such as advanced analytics and machine learning, the software is capable of generating automatic alerts for preventive and predictive maintenance, which ensures continuous and adequate care of the assets, this Not only does it optimize asset performance and extend its useful life, it also reduces operating costs and minimizes downtime. unexpected, ensuring that assets contribute in a sustained and efficient manner to the success of the company.
What are the key features of asset management software?
- Comprehensive Asset Data Management
An asset management system automates the process, providing detailed information such as status, location, performance, purchase cost, contract terms, maintenance history and depreciation. It also highlights underperforming assets for more efficient management, offering a complete view of each asset’s lifecycle.
- Maintenance Data Management
Every fixed asset requires regular maintenance, and some need strict follow-ups to maintain their warranties. Management software allows for detailed tracking of services performed, dates, technicians involved, and parts used. It provides a clear view of upcoming maintenance, historical data, and trends in costs and downtime, making maintenance planning and management easier.
- Reports and Analysis
In addition to recording data, it is essential to analyze it to gain valuable insights. A good asset management system should generate detailed reports on asset performance, downtime, repair history, and service life. These reports should be easily shareable for informed decision making across the organization.
- Data Security
Asset data security is crucial to protecting company operations. The system must have strong security protocols, such as role-based access controls, encryption, regular updates, disaster recovery, and scheduled backups. These measures ensure data integrity and maintain trust in the system.
- Integration and Customization
Modern asset management systems must offer integration with mobile devices to facilitate work in the field. In addition, it is important that the system is flexible and customizable to adapt to the specific needs of each organization regarding asset data, work orders and documentation.
The software SAAF It offers comprehensive asset data management, simplifying the task of managing a large number of assets manually, automates tracking and provides details such as status, location, performance, purchase cost, contract terms, maintenance history and depreciation, as well as identifying unproductive assets for more efficient management, offering a complete view of the life cycle of each asset.
ANEPSA's advice on fixed asset management
We have solid experience and expertise in the management and valuation of fixed assets. Our advice ranges from the formulation of policies and procedures, the creation of inventories, to the application of technologies such as RFID and barcodes for identification.
In addition, we offer accounting and maintenance reconciliation services, valuation for different uses and migration to fixed asset management systems. Our team is made up of consultants specialized in engineering and architecture with extensive knowledge in the area.
We internally develop technologies and software to ensure quality and efficiency in our projects. We are fully dedicated to the satisfaction of our customers, providing technical support and continuous maintenance.
