Why Your Mining Business Needs Asset Management Software

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Woman working on laptopAny business that solely relies on a set of fixed assets to sustain its production need a way to monitor these important assets in real time. For a mining business, this could be a mining drill or a conveyor belt system that will always be on site for as long as it works. Choosing the appropriate mining asset management software ensures that you always know the status and location of all your assets at any specific time.

Industry professionals, such as Mainpac, share that real time asset monitoring has a wide range of managerial and production related benefits.

Reduced theft

A huge company with thousands of assets can ‘afford’ to lose a couple of assets without feeling the pinch. Even though tiny assets might be cheaper to buy and replace, the production forfeited whenever those assets aren’t in use wrecking. With an asset management system, you will be in a better position to either prevent the theft or replace the asset before its absence adversely affects your production.

Better company valuation

The value of any company will always be a factor of its fixed assets. Knowing your assets well and their depreciation status will always give you a better idea of your company’s worth at any specific time. Choosing an asset management software that could keep track of this can go a long way into automating your asset and inventory management.

Eliminate ghost assets

With ghost assets, your company inventory will always list assets that don’t exist in reality. This could be the case of stolen, lost or damaged assets. Keeping these assets in the inventory will give an illusionary company worth value. It will also lead to inefficiency since the management will always assume that there is enough equipment while in reality there isn’t.

Matching your business verticals with the right asset management system will cut down on assumptions and related errors. It will put you in absolute control of all your assets and their productivity.

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