Physical asset management takes time. Team members have to rigorously inspect and test equipment, vehicles, or even facilities in specific ways and in a specific order while trying to complete their tasks efficiently. These inspections, and so do the equipment pre- and post-use checks and audits.

Managing physical assets via inspections and audits is generally thought of as a necessary evil – costing companies and organizations time and money, with only the benefits being the potential chance of catching asset issues early and following regulations for safety. Although we can all understand the importance of safety and preventive maintenance, there is no actual and immediate return on investment. That’s why companies typically focus on regulatory compliance rather than focusing on proactive maintenance processes.

What if there was a better way to document physical asset inspections efficiently and effectively? What if your team could use customized yet standardized processes and documentation practices? I’m talking about using mobile reporting solutions to save time and money while simultaneously providing better data and information about the assets. 

Furthermore, mobile reporting solutions can automate and optimize all associated communications and workflows. In this article, I’m going to provide you with everything you need to know about the cost benefits of these mobile asset management solutions. Let’s dive right into it.

What Is Mobile Asset Management?

Mobile asset management refers to the systematic tracking, monitoring, and optimization of physical assets that move between locations or operate remotely. It leverages technologies like GPS and cloud-based software to provide real-time visibility, reduce asset downtime, and enhance operational efficiency. Businesses use mobile asset management to streamline maintenance, prevent losses, and maximize asset utilization, ultimately lowering costs and improving productivity.

Using the latest mobile software technologies, organizations can track, monitor, and manage assets in the field while relaying information back to their base of operations. As mentioned, communications are also expedited with customizable notifications, giving management complete control over asset management processes and their associated communication necessities.

Mobile asset management and reporting help optimize efficiency and reduce operational risks and costs. Let’s review how that happens and the associated benefits for organizations in any industry that has physical assets like vehicles, equipment, and facilities.

Key Cost Benefits of Mobile Asset Management

Reduced Equipment Downtime and Maintenance Costs

Real-time tracking enables predictive maintenance. One of the great benefits of mobile reporting for asset management is the ability to use collected data to predict equipment failures. This process helps to dramatically reduce unexpected breakdowns and repair costs. The cost savings alone pay for any incurred costs of the reporting software due to a few factors, including the avoidance of untimely asset breakdowns and physical asset lifespan extension. 

Improved Workforce Productivity and Efficiency

In my years of running preventive maintenance programs for equipment, I found that the easier it was for my field personnel to collect the appropriate information, the better they were able to complete their inspections and audits. Mobile solutions eliminate manual data entry and paperwork, removing a lot of the guesswork. Furthermore, with media features like the ability to include photos and video, I was able to get the context of a situation in seconds. 

Unlike previous paper-based reporting systems, which rely on field personnel writing the appropriate information and typically also conveying said information via phone call, I saw firsthand that mobile reporting software enabled higher productivity and greater efficiency in physical asset management.

The other way in which mobile asset management solutions drove efficiency was with communications. As mentioned above previously, I relied on paperwork and either a phone call or an in-person meeting with field operatives to get the information I needed. This process included delays in receiving the paperwork, which often had slight variations of information as compared to what was provided over the phone. However, using optimized solutions like the 1st Reporting app, I was able to customize notifications. Hence, I was aware of asset inspections before my field team was even able to call me to report in.

Optimized Asset Utilization and Reduced Losses

When you have the right information at the right time, managing physical assets becomes easier. This makes asset utilization more effective and efficient. Knowing via a customized notification (even within the Microsoft Teams environment) ensures that I can dispatch and control asset use in a timely manner, prioritizing assets in top condition while scheduling maintenance on those that don’t measure up.

GPS tracking and real-time report monitoring prevent asset misplacement as well. This fact is crucial when dealing with rental or company-owned equipment. I used to manage a lot of lift equipment during my fifteen-plus years of managing the door, dock, and gate industry. I can’t tell you how many times field teams moved or used the incorrect equipment when managing depended on paper-based reports. There’s nothing worse than finding out at the end of the day that a scissor or articulating boom lift was not fit for use for the following day. Scrambling at the last minute to secure an equipment rental was a real challenge before my team utilized mobile asset management solutions like the 1st Reporting application.

Usage analytics help businesses optimize asset deployment, equipment rentals, and even facility management. Getting access to pre- and post-use equipment and vehicle reports was not only worthy of telling you about, but it also saved companies I worked for thousands of dollars in unnecessary costs. Furthermore, it made my job easier to schedule asset maintenance in the morning for the following day due to early access to pre-use inspection data. None of this would have been possible without mobile asset management solutions.

Lower Administrative and Compliance Costs

Are you getting the picture of how mobile asset management solutions help in physical asset management and compliance costs? Let me tell you, when you’re dealing with lift equipment, cranes, or even vehicles, you need to know they are in good, usable condition. Furthermore, without having to wait for paperwork, administrative duties relating to said equipment were a lot easier and more efficient.

Digital record-keeping reduces paperwork and administrative overhead, period. Full stop. I don’t mind saying that having access to field reports in mere seconds makes regulatory compliance easier as well. This fact, in turn, drove down compliance issues and associated costs while speeding up inspections and making the data available more valuable, more comprehensive, and generally of much better quality.

In short, automated compliance reporting saves time and mitigates fines. That’s not only good for your company’s bottom line but also for its public appearance (not to mention keeping insurance premiums lower). Furthermore, real-time audit trails simplify regulatory compliance and management, again saving time and money.

Enhanced Emergency Response and Incident Management

The last significant benefit I’ll share with you today is the enhanced emergency and incident response and management capabilities that are only possible with an appropriate mobile asset management solution. Using real-time custom alerts improves response times for critical asset issues. It makes your job managing assets and dealing with asset emergencies much more straightforward and far more effective.

Just imagine having a replacement crane or lift available and en route to a job site before your field team has a chance to let the site owner know about an equipment delay. The many, many companies I worked with were highly impressed when my team could tell them there would be an hour delay rather than a day(s) delay. It literally made the difference between a client contact who was impressed with our response time versus a client stressed by a delayed response. I don’t mind saying that the companies I worked for who utilized paper-based “solutions” were more like paper-based headaches. Digital and mobile asset management solutions are the only way to go.

How 1st Reporting Enhances Mobile Asset Management

The 1st Reporting app is a game changer when it comes to mobile asset management. Features like cloud-based secure file sharing (for SOPs, client site information, training materials, and asset diagrams and schematics) made managing my teams exponentially easier. 

Furthermore, the truly customizable notification system that lets me customize messaging, recipients, notification triggers, and even the conditions for those triggers to activate was light years ahead of paper report sharing and phone calls that had to rely on a good signal and team members’ ability to convey information. Including the media features to include photos and video in customizable reports meant that field operatives never missed information. It was like a night and day difference.

Now, the 1st Reporting app is even better with AI-enhanced custom form building that seriously speeds up the integration process. Combine that fact with a truly intuitive and simple (yet powerful) design and the GPS-enabled report management dashboard that includes a customizable map. You’ve got one powerful mobile asset management solution that is a force to be reckoned with.

Unlocking Long-Term Savings Through Mobile Asset Management

I don’t mind telling you that I genuinely believe in the 1st Reporting application for unlocking long-term savings through efficient and effective mobile asset management reporting. The app even comes with built-in KPI reporting to help you spot trends and act even more proactively to save your team’s time, money, and the stress of downtime.

Mobile asset management solutions like 1st Reporting are game changers for physical asset management. They deliver both immediate and long-term cost benefits. I can’t stress enough how the role of digital transformation in driving operational savings relating to physical assets can positively change a company’s operations. In the two decades I worked in service industries, I never saw anything that even came close. Isn’t it time you tried it and discovered how efficient and effective your physical asset management can be?

Trust me, you won’t be disappointed.