Top Ways of Killing a Business: Ignoring Asset and Equipment Monitoring Is One of Them

Often, one of a company's worst enemies is its complexity

. The business may have been subject to rapid growth, which is always welcome especially in this kind of climate, yet with growth comes a whole host of additional and often unforeseen issues. During any period of growth, priorities are established based on the most visible issues. Manpower must be trained to cope, customer relations must be fine-tuned, marketing must keep pace. However, less visible systems often fall by the wayside.Asset and equipment management has often been a reactive activity rather than a proactive protection. There will be not that much historical data which will be useful to those overseeing maintenance unless there is a comprehensive system. It will be hard to measure a single asset's efficiency if its maintenance history was not recorded. As it approaches its theoretical end of life, should it be replaced, upgraded or should a different piece of machinery be considered altogether?Often, one of a company's worst enemies is its complexity. The business may have been subject to rapid growth, which is always welcome especially in this kind of climate, yet with growth comes a whole host of additional and often unforeseen issues. During any period of growth, priorities are established based on the most visible issues. Manpower must be trained to cope, customer relations must be fine-tuned, marketing must keep pace. The less visible systems are most often brushed aside, and sometimes neglected.In this rapidly changing and highly competitive world, knowledge always brings power. A business has to be able to micromanage its information if need be. It's far better to have too much information, in a controlled environment, than to be left in the dark when it comes to efficiency and performance.With capital budgets under so much pressure and with investors peering over the shoulder of management executives, asset and equipment longevity must be realized. Many organizations are coming under pressure to extend usable asset lifecycles rather than to replace. This can be a false economy in certain circumstances, but only if you have the right intelligence to base your decision. If information about excessive callouts and issues with a certain piece of equipment are hidden amongst a mountain of paperwork, it cannot be dialed into the decision-making process.With asset and equipment management policy in place, for the first time an organization may learn the real cost of its equipment ownership and be able to establish trustable benchmarks. Wanting to make timely decisions which are highly important to survive, the more forward thinking decision makers always want to keep informed.While the depreciated cost of asset and equipment inventory is a sizable part of the company's annual expenditure, the energy associated with the performance of each asset is also of great importance. When put altogether, it is obvious that a business can always be in a vulnerable position in an absence of an actionable data.Management has been traditionally reliant on the primitive spreadsheets when it comes to recording information related to performance of assets and sets of equipment. Spreadsheets are by definition static and do not easily provide us with "what-if" scenarios for our projections. They are no match for digital systems that enable us to work from instant alarms or alerts.The journey to true business management would need equipment and asset identification to be implemented early on. If the location, condition and usability of each asset is known on a real-time basis, security can be enhanced, productivity can be maintained or exceeded, liability can be reduced. Even further, reputations can be boosted as the organization's clearer visibility allows it to claim a position of sustainability.

Top Ways of Killing a Business: Ignoring Asset and Equipment Monitoring Is One of Them

By: Daniel Stouffer

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