Effective asset tracking is essential for maintaining operational efficiency and maximising the lifespan of all factory equipment. By constantly monitoring key aspects of asset management, manufacturing businesses can optimise resource allocation, prevent downtime, and ensure compliance with regulatory requirements. Below are five key things to monitor when considering your factory asset tracking.

1. Asset Location and Movement

Tracking the location and movement of factory assets is crucial for ensuring their availability and preventing loss or theft. Utilising asset tracking technology, allows businesses to monitor the real-time location and current staff owner of assets within the factory premises. This enables quick retrieval of assets when needed and helps prevent unnecessary delays in production processes.

2. Asset Utilisation and Efficiency

Monitoring asset utilisation and efficiency helps businesses identify assets or equipment that may need redeployment. By analysing data on asset usage patterns, businesses can identify opportunities to improve operational efficiency, reduce idle time, and maximise the return on investment in factory equipment.

3. Maintenance and Repair History

Track the maintenance and repair history of factory assets to ensure their reliability and prolong their lifespan. By maintaining detailed records of maintenance activities, businesses can schedule preventive maintenance tasks, identify recurring issues, and make informed decisions about asset replacement or refurbishment. 

4. Asset Compliance and Safety

Ensuring compliance with regulatory requirements and safety standards is paramount in factory environments. Monitoring asset compliance helps businesses identify any non-compliant assets or equipment that may be a safety or legal liability. By conducting regular inspections and audits, businesses can ensure that assets meet regulatory standards and maintain a safe working environment for employees.

5. Asset Lifecycle Management

Managing the lifecycle of factory assets involves tracking their acquisition, deployment, usage, and eventual disposal or decommissioning. By monitoring asset lifecycles, businesses can optimise asset procurement decisions, identify opportunities for asset consolidation or replacement, and plan for end-of-life asset disposal in an environmentally responsible manner. 

Effective factory asset tracking involves monitoring key aspects such as asset location and movement, utilisation and efficiency, maintenance and repair history, compliance and safety, and asset lifecycle management. By implementing robust asset tracking systems and processes, businesses can optimise resource allocation, enhance operational efficiency, and ensure regulatory compliance in factory environments.

How InVentry can help

InVentry’s manufacturing asset management systems can help you modernise and improve the efficiency of your workplace. Contact our team today to discuss how our asset management system options can help your manufacturing business take the next step.