Asset and Facility Management: The Right Solution Can Mean Better Service for Your Clients

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Asset and facility management go hand in hand. When you consider a facility management company’s portfolio, the volume of fixed assets can be overwhelming. Facilities managers must track the respective maintenance schedules, establish equipment refresh schedules, and stay within the budget. In order to accomplish those objectives, facilities managers must have an up-to-date inventory list of all fixed assets.

They also need complete details for each asset, including their:

  • warranty information, 
  • lease and purchase information, 
  • complete maintenance histories, 
  • specific locations, 
  • check-in/check-out status, 
  • asset condition, 
  • value of the asset, 
  • and more.

How to Approach Asset and Facility Management

It’s a lot of data to juggle – especially when you consider that facilities management companies are responsible for multiple sites and often across a wide geographic area. Asset and facility management is best approached, then, through a single platform that not only serves up data in real-time but also does it accurately. You’ve got to keep comprehensive and timely data that allows you to plan for the short and long term, establish maintenance schedules, forecast your budget, and balance your needs across the entire organization to protect your assets, time, and money.

For effective asset and facility management, you should conduct a demand analysis of every asset. Within any facility, you’ll have equipment that requires routine maintenance. Failure to do so may result in breakdowns and lost productivity. You may even have to remove an asset from one of your facilities before you’d planned. Therefore you'd have to adjust your budget for the expense of replacing that item.

You don’t want to do the bare minimum maintenance on expensive assets for which you’ve laid out significant investments. Nor do you want to do a series of band-aid-like fixes that don’t address the underlying issue while the item begins to run more slowly and inefficiently. You may also find through the ongoing tracking of your assets that an item is longer needed and should be phased out of your inventory. Or perhaps you have an asset sitting idle in one location while another location needs it.

What is a Facilities Management System?

An asset and facility management platform enables you to take the 30,000-foot view of your organization or zoom in on location-specific information. If an asset unexpectedly breaks down, you can determine within seconds if you have a replacement asset and the asset's current location.

When it comes time to supply your accounting and compliance teams with the necessary information, you no longer have to make an educated guess. If one of your teams needs a particular asset, you no longer have to get on the phone and spend an hour trying to hunt it down.

Features to Look for in an Asset and Facility Management Software Solution

Your asset and facility management software should enable you to bring every one of your stakeholders involved in the lifespan of your assets into the conversation. The more participation you can get, the better the accuracy of your asset tracking efforts. Within your organization, you likely have a large cross-section of people with varying degrees of technological proficiency. It stands to reason that an asset and facility management platform that’s intuitive and easy to use is your best bet.

Asset Panda offers all of that and so much more. This cloud-based mobile solution stores the entire lifecycle of your facility assets in one powerful yet simple-to-use location. To learn more, test out our asset and facility management software free for 14 days (no card needed)!

With your free trial, You’ll receive full access to user guides, video tutorials, free mobile apps, and call-in and live chat support from our 24/7 support team.

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