There are many factors that contribute to improving return on investment, better customer service and increasing productivity. But near the top of that list is the ability to effectively manage the assets you have. Effective asset management software is a key element in ensuring you can win new business and target new customers.

When you know what assets you have, their operational state, their value and what benefits they deliver you can make more informed decisions about capital investments, operational expenditure, and what services you can deliver now and into the future. Armed with that knowledge and insight, you can focus on new business acquisition and targeting bigger customers. Here’s how.

1. Your reliability goes up

Customers want more than ‘best endeavours’ when it comes to relying on service providers. They want to know that they can rely on you and that you have processes in place to ensure you can reliably deliver on the promises you make. Being able to show new customers and prospects that you can deliver on your promises can differentiate you from your competition and give them confidence in your ability to meet their needs.

2. You can scale your capability with confidence

Effective asset management is about much more than simply knowing what you have and where it is. Asset management software can help you understand how well utilised your equipment is, whether it has the capability to deliver greater output and the knowledge you need to schedule maintenance windows without compromising service delivery.

One of the biggest hurdles businesses face as they grow is being able to scale their existing services to meet the needs of more and larger clients. Asset management software can give you the information you need to understand what you can deliver and support the decision-making process to scale your business to meet expanding needs.

3. Better manage repair and replacement decisions

Asset management helps you keep track of what equipment requires the most attention so you can better understand its full lifecycle cost. When you can clearly see that a piece of equipment is costing you excessive labour to keep it running, you can decide whether to replace it or fix it confident that you have the data to make the best decision.

4. Reduce the administrative burden on experts

Do you want your experts focusing on business development and serving customers or do you want them carrying out piles of administrative work? Instead of manually checking equipment and paperwork, asset management software automates many tasks, allowing experts to focus on solving problems and working directly with customers. For example, an effective asset management platform can tell you when a customer’s system needs maintenance rather than needing to manually check records and reports.

5. Improve fix first time rates 

When a field worker arrives at a customer site and can’t fix an issue on that initial visit, it causes frustration for both the field service worker and the client. Asset management software ensures that the technician can arrive on site with the best possible information, so they are as well prepared as possible. When workers can fix problems faster, they can service more clients which allows you to scale by offering additional service to existing customers and to show prospects what you’re capable of.

Asset management software is much more than a spreadsheet list of items, serial numbers, purchase dates and locations. It can be a powerful tool that enables you to proactively deal with customer issues. It can make you more efficient and effective, enabling you to scale by adding new customers and attracting larger, more profitable customers.