Management of Equipment

 Every business has a myriad of assets that help the company run properly and efficiently. From technology like laptops and cameras to big-scale vehicles and machines, tracking and overseeing the use of such equipment is a big task. It’s best to create an equipment management system that helps your company fully utilize and protect its assets and equipment. Here’s what we recommend! 

What is Equipment Management?

Equipment management is the process of efficiently overseeing and controlling the lifecycle of equipment within an organization. It involves tasks like asset acquisition, utilization, maintenance, and tracking; it also includes when and how equipment is disposed of to ensure optimal performance, minimize downtime, and maximize return on investment.

Equipment management tends to fall into an administrative role as well as a maintenance one because it’s such a multifaceted responsibility. With elements like IoT, telematics, and device fleets, most industries are relying on the real-time visibility and convenience of these assets. In response, effective management of equipment is so crucial in 2023 as assets become more sophisticated and essential to your operations.

Equipment management is great for productivity and efficiency, too, especially because it helps companies understand how their equipment is being used and gain insights into overall equipment costs. Essentially, if you want your organization to properly handle its equipment and spending so that it’s effective, you need an equipment management system in place.

What Can Fleet Managers Track with Equipment Management Systems?

One of the easiest ways to take care of your assets is to use software like equipment management systems, and this is even more important for fleet managers. Not only do they simplify tracking your equipment and vehicles, but they also generate useful insights and data about both the assets and your operations.

Some of the primary functions of this kind of system include:

Equipment inventory

Equipment management systems allow fleet managers to maintain a comprehensive inventory of all the equipment they own or lease. This includes details such as equipment type, model, serial number, acquisition date, warranty information, and any associated documentation.

Location and utilization

Equipment management systems often integrate with GPS or telematics technologies, enabling managers to monitor the real-time whereabouts of their assets. This information helps optimize equipment allocation, plan maintenance activities, and prevent unauthorized use.

Maintenance and repairs

Equipment management systems facilitate the scheduling and tracking of maintenance tasks. Managers can set up maintenance schedules, record service histories, track repairs, and monitor maintenance costs. This is huge for const efficiency—timely maintenance ensures equipment reliability, minimizes breakdowns, and extends equipment lifespan.

Fuel and energy consumption

Tracking fuel usage and energy consumption is vital for cost management and sustainability. Equipment management systems can gather data on fuel consumption, engine hours, and energy usage, allowing fleet managers to identify inefficiencies, optimize fuel consumption, and implement eco-friendly practices.

Performance metrics

Metrics such as uptime, downtime, utilization rates, and productivity can be tracked with these systems. Fleet managers can use this information to identify underperforming assets, plan equipment replacements or upgrades, and optimize resource allocation.

Compliance and documentation

Equipment management systems can also help ensure compliance with regulatory requirements. Managers can store and manage documentation related to equipment certifications, permits, inspections, and compliance records. This means you can streamline the audit process and demonstrate adherence to legal and safety standards.

Financial management

Equipment management systems often integrate with financial systems, allowing fleet managers to track equipment costs, depreciation, and budgeting. More financial visibility is a huge perk, where managers can analyze equipment expenses, calculate the total cost of ownership, and make informed decisions regarding equipment investments and replacements.

Equipment Management Best Practices

Let’s get down to brass tacks here: what do you need to do to have a strong equipment management system in place? Here are the essentials to work into your company’s operations.

Make an inventory list and keep it

The first factor and easiest place to start is by establishing what you have in terms of assets. Maintain a comprehensive inventory list of all equipment, including details such as asset type, model, serial number, location, and acquisition date. It’s also important to regularly update the list as new equipment is added or old equipment is retired—this master list should always be accurate.

Tag every asset

Assign unique identifiers or tags to each asset for easy identification and tracking. This could be through barcodes, QR codes, RFID tags, or other labeling methods. The tags should be visible and durable so that you can quickly organize, filter, and identify each asset.

Determine the priority of assets

Of all of your equipment, you know that certain assets are more valuable than others. Assess the criticality and importance of each asset to prioritize maintenance, repairs, and replacements so that your essential functions are always running correctly. Focus resources on high-priority assets that have a significant impact on operations or safety. This is especially helpful during financial decision-making!

Track how every asset is being used

Are the assets in your inventory being leveraged enough and leveraged appropriately? Monitor and analyze asset utilization to ensure optimal efficiency. Collect data on usage patterns, idle time, and downtime, which can help you identify underutilized or overutilized assets and make informed decisions regarding allocation and optimization.

Implement check-in and check-out process

Every item or piece of equipment needs to be accounted for, so it shouldn’t be easy for someone to walk away with your assets. Establish a standardized procedure for checking in and checking out equipment. This ensures accountability, prevents loss or theft, and helps track who is responsible for each asset at any given time. Having a hierarchy of authority in place is especially helpful here.

Utilize equipment management software

We’ve discussed several of the key benefits of having software to help with this process, so we’ll say it again here: implement specialized equipment management software or systems to automate and streamline processes. These systems can assist in inventory management, maintenance scheduling, asset tracking, performance monitoring, and generating reports. Choose software that aligns with your organization's specific needs and requirements.

Make data-driven decisions

Utilize the data collected from equipment management systems to make informed decisions about current and future equipment allocation. Analyze performance metrics, maintenance records, and cost data to identify trends, spot inefficiencies, and optimize equipment usage. You can use this information to drive decision-making regarding repairs, replacement, and financial decisions that will guide the future of your organization.

How Summit Fleet Can Help

Asset, inventory, and equipment management is no small feat, which you have to consider as you build a fleet of vehicles and equipment. It’s not just their upfront cost you must consider—it’s also their maintenance and management, too.

Renting a fleet makes equipment management that much easier since you don’t need to worry about fleet maintenance, registration, licensing, or other incidental fees. Summit Fleet offers various truck rental options no matter what industry; whatever your needs are, we have a truck rental for you.

Ready to get started? Get your rate from Summit Fleet today.