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Businesses need pieces of equipment to complete their day-to-day activities and operations. Pieces of equipment are important for all industries; for instance, the construction industry has vehicles, drillers, etc., while hospitals have ventilators, oxygen cylinders, surgery equipment, etc. Facilities have HVACs, generators, etc. Thus, pieces of equipment exist in all industries. When there are a lot of pieces of equipment, they need proper attention in terms of maintenance, etc. However, managing them manually is a tough job. You will end up making several mistakes every day. This is where equipment management software comes into play.
What Is Equipment Management Software?
Equipment management software enables you to track and manage all your equipment that is essential for daily operations. This software helps in several activities such as tracking equipment, maintenance tracking, equipment performance, and so on! Equipment management software can boost equipment productivity and optimize its utilization levels. Moreover, you can also know who is using which equipment and when it will be returned. Equipment management software is also known as equipment tracking software. The market for asset management software is huge and growing at a tremendous speed. Nowadays, lots of organizations understand the power of this software. According to Markets and Markets, "The fixed asset management software market size is expected to grow from USD 3.0 billion in 2019 to USD 5.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period."
How Does Equipment Management Software Help in Business Improvement?
Equipment management software helps improve business in many ways:
1. Effective Maintenance
Maintenance is a really serious issue, and if maintenance needs to be done more frequently than usual, it is not good for business. Maintenance plays a crucial role in organizational growth. If you are spending a lot of money on maintenance, then you need to inspect equipment. Organizations need to understand that maintenance can make or break an organization's profit. If your organization wants to make improvements via maintenance, then equipment maintenance software can be helpful as it automates the process of maintenance. In the long run, you will notice improved equipment performance and decreased equipment downtime. The most important thing for maintenance is providing equipment maintenance at the right time; when it is not done on time, it increases the chances of equipment failure.
2. Remote Team Collaboration
Since the team is regularly scattered, utilizing equipment management software boosts visibility and improves collaboration. Utilizing an integrated equipment management system with a native mobile application enables you to track and manage your entire operation remotely. Fleet managers can allocate hardware to specific operators and ensure gear is properly maintained, without having to physically inspect it. Gear assignments create an audit trail for each piece of equipment and hold team members accountable.
3. Equipment Safety
Equipment safety is a very important aspect, as equipment failure can be drastic. When any event occurs, equipment failure can really impact the brand image. No organization would want that; that is why equipment management software allows the manager to schedule maintenance whenever they find any potential issue as it increases safety. You can also implement safety procedures and enhance the visibility of equipment. Since this software centralizes information, it is the best way to keep informed and keep employees safe.
4. Extending Equipment Life
Having complete information on assets gives you the upper hand. From acquisition, you have a precise assessment of obtaining new equipment. You can also predict future expenses and forecast maintenance with the help of similar equipment history data. When you know everything about equipment in advance, you can extend its life by providing proactive maintenance. Equipment management software alerts the team in advance for upcoming maintenance. It also enables employees to schedule maintenance if the equipment is not working as expected and failure chances are increased. Since this software works in real-time, it helps in making informed decisions.
5. Reports for Effective Decision Making
In all businesses, reports are very crucial. However, organizations need to ensure that reports are accurate; otherwise, they will not be effective as expected. Reports have data that consist of valuable information. Data helps in discovering shortcomings and areas from where improvement can be made. It has all the records related to equipment maintenance, maintenance expenses, each equipment-specific detail, how frequently equipment is used, and where it is located. This type of information is very helpful while making a business decision and setting future goals. Reports are also helpful in growing a business by identifying trends related to equipment maintenance. In case of any issue, you and your team can communicate with this software application easily.
6. Reducing Human Error
Lots of confusion occurs due to human error; human error leads to inaccuracy and it can be drastic for business. According to a report, “Fraud and human error are costing businesses and organizations in the UK an estimated £98.6 billion a year.” But thanks to the equipment management software that automates the process and minimizes the chances of human error.
Conclusion
Management of equipment can be hectic, and without an automated process, there is no doubt that productivity will suffer. If you want to take your business to another level, then this software is a must. It has the potential to grow your business; you will notice its benefits right after its implementation. This software is cloud-based as well, so there are other advantages such as data encryption and accessibility of data from anywhere & making changes as per work priority. Equipment management software is a part of asset management software.
Frequently Asked Questions (FAQs)
What are the activities done in the maintenance?
The first step in the maintenance activities done is equipment inspection before that, the maintenance manager also provides a checklist of what are the issues coming while using the machine. Maintenance technicians also look for issues, then resolve issues; other than this, regular servicing is done such as changing engine oil, air filter, oiling, changing rusty parts, and so on.
Is equipment management software integrable?
Yes, it is integrable, as lots of organizations want to integrate one software with another. This is one of the most basic and requested features where organizations want to fetch data from another software so that efficiency increases.
What are the features of equipment management software?
Features of equipment management software are as follows:
A. Equipment Tracking
B. Equipment life cycle management
C. Digital documentation
D. Better team control and collaboration
E. Equipment maintenance tracking management
F. Integrated regulatory compliance
All these features assist organizations in improving business efficiency and its impact can be seen in the top line and bottom line.
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