Use processes and strategies to effectively track, control, and optimize the inventory of Assets

Assets need to be properly identified and classified

Each Asset should have a unique identifier, such as a serial number or barcode, to track its movement and status

Real-time tracking and visibility of assets using technology such as:

• Barcode labels
• RFID tags
• GPS tracking

Asset tracking systems allow organizations to monitor:

• Asset locations
• Availability
• Usage
• Status

Ensure that assets can be easily located and accessed

Track part consumption with work orders

Assign a minimum and maximum quantity to every part and get alarm when the threshold value is reached this

Reduce downtime and optimize inventory costs

Easy to use purchasing system with vendors and service providers

ERP integration ensures purchase orders initiation to respective vendor/s

Associate unique bar-code for each types of asset

Easily gather relevant information about the Asset

Populate work-orders with the scan of bar codes

Access inventory counts from anywhere along with warranty details

Implement measures to ensure accurate and up-to-date inventory records

Determine optimal stock levels and replenishment strategies through:

• Forecasting deman
• Considering lead times
• Setting reorder points and order quantities
• Establishing relationships with suppliers

Consider the different stages of an Asset’s lifecycle from acquisition to disposal

Track Assets through various lifecycle phases such as:

• Procurement
• Deployment
• Maintenance
• Repairs
• Retire proper asset

Lifecycle management ensures assets are utilized efficiently and retired or replaced when necessary

Maintain accurate records and documentation of assets and inventory. This includes:

• Purchase orders
• Receipts
• Asset transfer records
• Maintenance logs
• Disposal records

Analyze inventory data to identify trends, patterns, and areas for improvement