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  • Writer's pictureSandeep Nair

How can a good asset management platform help you with asset compliance in 2023?

Updated: Feb 25, 2023

Introduction


The asset management platform is a good solution for companies that need to comply with various standards and regulations, such as ISO 9001, AS9100, or IATF 16949. It's also a great tool for companies that want to control their inventory costs and ensure that all employees are doing what they're supposed to be doing.


In this blog post, we'll look at how an asset management platform can help improve your business processes and save you time while reducing risk. We'll also discuss why it's important for your company to have a complete view of its assets in order to maintain compliance with these standards and regulations.


Maintain asset health


Maintaining asset health is a critical part of any maintenance program, as it ensures that each piece of equipment is running at peak efficiency and safety. The good news is your maintenance team can use an automated system to keep track of each asset's health scores. With this data, they'll be able to identify which areas need attention so they can make adjustments before things get worse.


It's important to note that not all asset management software providers offer this feature—but the ones who do have it have made it easy for you to use. You'll simply create a custom dashboard with all the information you want to be displayed in one place, then assign rankings from 1-5 based on how well each piece of equipment performs during regular audits (1 being "poor" and 5 being "excellent"). Once everything has been entered into the system, you'll be able to see exactly how well each individual unit performs in comparison with others across your fleet!


Track assets remotely and securely


It's possible to track assets remotely and securely. A good asset management platform should make it possible for you to do this from anywhere in the world, from any device, and from any location (including off-site locations). That way you can keep an eye on your assets without having to be physically present next to them. The system should also ensure that sensitive data about your company is protected at all times by encrypting it with a private key or password before sending it over the internet.


Automate the calibration process


Calibration is an important part of the asset management process. It's not just about compliance, but also helps to ensure that your assets are performing optimally and operating safely in accordance with regulations. By automating this process, you can ensure that it gets done consistently and efficiently across your entire fleet.


Keep your operational costs low


Asset management platforms help you do all of the following:

  • With an asset management platform, you can reduce the number of employees needed to manage assets in your fleet. This will save you time and money on training, as well as ensure that each asset is well-maintained.

  • Keep your operational costs low by decreasing downtime and reducing accidents due to poor maintenance practices.

  • Get rid of unwanted costs like fines for not complying with regulations or insurance premiums related to poor compliance practices (e.g., failing to report an accident).


Ensure quality asset performance


It's a fact: your assets are in the field, and they're producing results. Now all you have to do is ensure that those results are within specification and acceptable range, within the tolerance of an acceptable limit. This is where your asset management platform comes in handy.


Protect assets from theft or loss


A good asset management platform will help you protect your assets from theft, loss, and damage. It's important to understand that there are many ways assets can be damaged or lost, so it's important to protect them from all of these threats.


Protecting against damage: This includes making sure physical objects stay in good condition while they're being used by an employee or shipped somewhere else on the company's behalf.


Manage personnel who work with assets


There is a saying that "the right tool for the right job" and in the context of asset management, it means ensuring that the right people are using the right tools. It also means ensuring that they are doing their tasks correctly. For example, you don’t want your data entry clerk performing maintenance on your equipment because he/she doesn't have the proper training and experience to do so!


As we've seen above, asset management is not just about managing assets themselves but also managing personnel who work with them. In short: if you want to ensure compliance with asset management policies and procedures across all areas of an organization then you need a good platform for effective employee training and management as well as extensive reporting capabilities for stakeholders at all levels within a company—including executive management who need access to real-time information about what's happening on-site at any given time (or even better yet before things happen).


Stay compliant with all regulations and standards related to your business


To stay compliant with all regulations and standards related to your business, it’s essential to have a good asset management platform in place. These policies vary by industry, but there are some common rules of thumb that apply across the board.

  • Stay up-to-date on news relating to your industry. This means reading the latest updates from regulatory bodies, as well as following relevant trade publications and blogs.

  • Work closely with experts who know how to ensure compliance with various laws and regulations.

  • Make sure every employee understands what they need to do in order for the company’s assets (and thus its reputation) to remain safe from harm.


Conclusion

As we have seen, there are many aspects to asset compliance. A good asset management platform can help you manage all of these issues by providing an easy way to track the health of your assets, automate their calibration process, manage personnel who work with assets, and stay compliant with all regulations and standards related to your business.


If you would like to explore how tracefii - asset management platform can help you stay on top of your asset management process, sign up for a free trial or email us at consulting@metquay.com

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