For wastewater utilities in particular, the proposed CMOM regulations will require improved asset management. Improved Reliability. More structured day-to-day attention to system assets and their condition means that unexpected failures are less likely, thus minimizing emergency repairs, costly lawsuits and customer relations problems.
Assessing the risk implications of asset failure helps focus resources on critical priorities and reduces overall risk to the utility.
Long Term System Integrity. By relating costs to asset condition and conducting long term planning for each asset, policy makers get the facts they need to help sustain the infrastructure. Cost Savings. There is evidence that asset management systems that maintain infrastructure in a sound and reliable condition and are based on minimizing life cycle costs, can significantly reduce operating and maintenance cost, as well as long-term capital expenses.
Asset Panda understands the importance of asset management for everyday business operations and is here to help get you on track. Visit www. Stay Ahead of the Competition Asset management is also helping many companies stay ahead of the competition.
Improve Workflow and Productivity Asset management and tracking has also been proven to help improve workflow and productivity, record losses in the event of a natural disaster, reduce employee theft, eliminate the occurrence of lost or misplaced assets otherwise known as ghost assets. Here are a few more benefits that might sway you: Asset management makes it easy for businesses of all sizes, across all industries to keep track of their assets, whether liquid or fixed.
Employees will know where the assets are located, how they are being used, and whether there are changes made to them. If the assets are properly recorded, it makes it easier to formulate risk management plans. In fact, having an accurate history of the assets that a company holds allows for accurate assessments and forecasting. This is significant when it comes to obtaining future assets and predicting and identifying issues before any major problems occur. As previously mentioned, tracking assets will not only save company resources but also increase returns in the long run.
This is because an asset management system allows companies to study and understand their assets in a way that can help maximize their capabilities. As a result, it leads to a greater return on investment. This is something that every company should strive towards, as producing results for stakeholders that are investing in them must be their top priority. Keep in mind that asset management is the only way to ensure accurate amortization rates. Because there might be back up at some workstation which has the information.
You will be able to find it with the proper audit process. Neglecting asset management decreases your business productivity.
Therefore, IT asset management is very important for your business and you will see improved asset management. IT asset management takes a lot of people and a lot of things to do. Also, it takes the effort of two types:. Some of the examples of IT Assets are computers, servers, routers, scanners, printers, etc. Non- IT Assets examples are sofas, chairs, furniture, etc. A software asset is any software application within an organization.
It needs to be purchased legally with the software license. This practice is an ongoing process it should never stop. In order to keep your assets in good condition, efficient, tracked, these practices shall never be abandoned. It is helpful in ITAM such as auditing. When we talk about asset management it is really important to follow proactive rather than reactive.
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