Asset Management – Here’s What You Need to Know

Assets are valuable to your business, fully functioning, tested and managed they keep your business open.

Many retailers can have up to 70 or 80 mission critical pieces of equipment in their store, everything from ovens and bakery equipment to refrigerators, coffee machines and tills.

You can ensure assets are being utilised efficiently and unnecessary costs are highlighted if managed properly. If you think about a piece of equipment in your business, you will realise there are lots of decisions to make about it, like initial purchase, implementation into your business, staff training, service and upkeep all the way through to getting rid of the asset when it has reached the end of its useful life.

Asset Management helps to:

• Keep track of all assets
• Manage assets from different locations
• Provide an opportunity to plan against financial, operational and legal risks.
• Ensure financial statements are correct and guarantee the accuracy of amortization rates
• Define service level agreements
• Organise the asset portfolio
• Create a more efficient operation with the ability to track performance

From this information you can create internal KPI’s which are required when making financial planning decisions.

Some examples of KPIs you can implement include:

• Number of assets needing inspections
• Number of assets reaching end-of-life
• Number of assets with unknown serial or tracking numbers
• Asset reliability
• Asset performance over time
• Total Cost of ownership, including resale value, insurance, and employee training fees that may have been missed by companies, blurring their TCO calculations.

If you are a business with multiple locations and perhaps 100’s of pieces of equipment, how can you forward plan when you don’t know how many times a piece of equipment had to be repaired. This down time results in unproductive employees, loss of service to customers, loss of revenue and increased call out maintenance charges.

If you would like to see how we help retailers overcome asset management challenges, please contact Bridget at bridget@ticcbox.com

We would be delighted to talk to you and implement a pilot in one of your stores.