“Can Fixed Assets Management System be implemented in any segment?” Well, yes it can be! This blog talks about 5 ways in which Fixed Assets Management benefits a Manufacturing Company!
A Manufacturing Concern is an organisation belonging to the manufacturing industry. These organisations need many different assets, to name some of them- Raw Material, Conveyor Systems, Boilers, Motors, Generators, Robotics and other such plants and machinery. An array of assets are brought into use from perishable to heavy duty. A Dynamic and Efficient System needs to be implemented so that the organisations can get the most out of these assets.
Here are 5 benefits that an FAMS provides to a Manufacturing Organisation:
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Centralisation of Data
A manufacturing concern is often geographically widespread and has many units spread across the country and sometimes even multiple countries. It is an arduous task to maintain a track of all the assets involved in the manufacturing process. Being distant makes the task even more hectic. A Fixed Asset Management System makes the tracking way easier by automating the whole process. Not only that, an FAMS also lets you segregate assets based on location, branch and other such categories. All this information collected at one place allows you to extract this information without going through the hectic process of going through many reports.
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Asset Lifecycle
An asset life cycle is the series of stages involved in the management of an asset. It starts with the planning stages when the need for an asset is identified, and continues all the way through its useful life and eventual disposal. Lifecycle management aids you in tracking the total value added by your asset to the organisation. A manufacturing concern needs to maintain the track of the life cycle of its assets as every little bit on the production line affects your total net cost and net gain. An FAMS lets you record your assets from the onboarding to its disposal. This ensures that you have a track of every little detail of the lifecycle of the asset.
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Scheduled Maintenance
Maintenance of assets is as important as getting the best amount of output from it. But does anyone actually have the time to get behind every single asset owned by the organisation? You can get email reminders and notifications on your dashboard with a Fixed Assets Software implemented. This ensures that all your production equipment is in top condition for optimum output. Renewals of SSL, SQL certificates of your organisation’s website, the firewalls and many more renewals and payments due can be scheduled with an FAMS.
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Tracking of Consumables
Another issue that is very common in manufacturing organisations is the tracking of consumables which are used in production. Managing consumables is a very hectic process as you are not only overwhelmed by the workload but also are very time bound. Consumables are perishable obviously, so they need to be tracked as quickly as possible. An FAMS automates all these processes which result in quick recording of consumables while maintaining efficiency. Hence fixed assets management software benefits a Manufacturing Company in numerous ways.
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Depreciation Calculator
Calculation of depreciation is a nightmare, don’t we all agree on this? According to what schedule the depreciation is to be calculated? Quick and Automated calculation of depreciation ensures that the depreciation reports are accurate and created swiftly. An FAMS truly converts depreciation nightmares into sweet dreams!
All in all, a manufacturing concern needs a system which lets it be on its toes as things move quickly on the production line. The industry demands swift solutions for all the problems and instant overcoming of obstacles. A Fixed Assets Management Software makes it so that the solutions that are looking for are just clicks away!
Hence these were the 5 ways in which fixed assets management system benefits a Manufacturing Company
If you are looking for a reliable Fixed Assets Management software, Spine Assets is a great option in the market with 2 different options of deployment, over two decades of experience and international presence! Click here to learn more about Spine Assets!