What is Asset Management?
Asset management is the process of managing and monitoring assets with a systematic approach. Moreover, it also includes operating upgrading and disposing of assets. Overall, it manages the whole asset life-cycle cost-effectively. On the NEOLink platform, assets refer to fixed assets, which are the long-term pieces of property that businesses use to create their profits. Assets are not sold quickly like inventory, they are invested in, managed, and eventually phased out in favor of newer investments. Examples of fixed assets include containers, trailers, gen-sets and special packaging (for transportation of high-value goods) amongst others.
What is the importance of Asset Management?
Asset management allows the organization to keep track of all its assets. It can tell where the assets are located, how they are used, and when changes were made to them. The data from the asset management solution can ensure that asset recovery will lead to better returns. Assets need to be managed over the course of their useful life, for a few reasons. One reason is that they are integral to everyday processes and need to always be in working order. Through the NEOLink Live GPS devices, a wealth of information is collected about the assets, which can be updated and monitored in real-time.
How can logistics organizations track and manage assets effectively?
Logistics organizations can keep track and manage their assets effectively with the NEOLink Asset Management tool and NEOLink Live GPS devices. GPS devices are used for organized asset management. The devices are labeled on an asset; these devices have a unique id through which the assets are tracked.
With the asset management tool and the devices, supervisors can retrieve valuable information about their assets. They are also helpful in organizing, maintaining, and managing assets such as asset acquiring and disposing of assets as well. NEOLink Asset Management offers a user-friendly menu where you can access, track, and analyze asset information. Users can search for a particular asset by type, status, owner and location. These devices are also helpful in reducing errors by eliminating manual tracking of assets. Most importantly they play a critical role in providing crucial information such as asset movement, asset maintenance expenses, and so on.
The logistics industry is a very complex industry in which real-time information is very significant. Therefore, the best technology for the logistics industry is GPS as it provides real-time information. When you know the real-time information about the product then you can tell your client or partner exactly how much time the product will be delivered. So that they can also plan accordingly.
What are the benefits of using Asset Management functionality for logistics organizations?
- Real-Time Tracking
Logistics asset management gives you a complete view of assets. It enables your organization to know the accurate location of the assets in different locations. How they are being used, what is the current condition of each asset! You can also view the asset movement history of each asset. With real-time features come accuracy in terms of keeping perfect and accurate records. Moreover, with this feature, no data duplicity occurs.
- Better Customer Service
When a contract is signed between a logistics company and the client, the client expects a better return on investment. The client also expects the logistics company will provide all shipping information for example, when the shipment will be delivered and its location in real-time. With logistics asset management and tracking technology, you can keep your customer informed about the shipment.
- Maintained Assets
If asset performance is great, then you can notice an improved return on investment. The reason being your maintenance expenses are minimized and asset or equipment failure chances are decreased. Furthermore, work is delivered on time. Asset Management lets you know in advance when your assets need maintenance. It can keep your assets optimized and organized. Not just that it keeps all the crucial information about each asset as well such as asset acquisition date, model number, expiration date, maintenance repair history, life expectancy, etc.
- Data Analytics
Analytics assists in identifying issues and has proven valuable to logistics managers. Through data, managers can make better and more informed decisions. It allows the organization to find a potential problem and solve it so that productivity can be increased.
Logistics organizations can streamline their activities including arranging, resourcing, and execution with the NEOLink Asset Management tool. It increases the transparency in supply chain procedures. With this functionality and tracking technologies, automatic data entries are done and eliminating human mistakes resulting in increased visibility. In the logistics sector, one small error can lead to a delay.
Therefore, NEOLink Asset Management is a helpful tool that can improve an organization’s daily operation and provide better control over its assets.
Contact NEOLink (support@goNEOLink.com) if you need more information about NEOLink Asset Management.