In the wireless telecom industry, much of a company's value is tied to its assets. Assets may include towers, small cells, and expertise but a large part of the company's worth (and spending) is based on maintaining physical equipment at specific sites.
How is your company tracking the installation and maintenance of physical equipment to ensure that you are optimizing warrantied repairs and maintenance actions?
While everyone agrees that asset inventory and record planning is vital to optimizing the company spending, every team seems to have their own way of creating traceability – which often leads to no traceability at all.
Always fight for quality, whether giving or receiving. – Walt Disney
As a result, physical equipment that fails within the warranty period is often replaced without exercising warranty options.
How to Track Depreciation of Your Assets
The first step to improving asset tracking is to create an accurate plan of record. This means capturing physical equipment serial numbers, installation locations and dates, and warranty data.
Note that depreciation should start when an asset is installed, not when the project is completed or when the closeout package is submitted. Tracking depreciation in real-time allows companies to create accurate tax records and hold vendors accountable for equipment malfunctions.
Always deliver more than expected. – Larry Page
How to Track the Warranties of Your Installed Equipment
The same policies apply when managing the warranties you offer to your clients. Without an accurate record of equipment installation dates and locations, it is impossible to know whether an asset is under warranty.
Clients that contact your company about an equipment malfunction expect to receive accurate information quickly. Even if they have not kept accurate records, they expect their vendors to know whether or not an equipment repair is covered by an existing warranty or service agreement.
Keeping this information at the fingertips of your employees allows you to provide the highest levels of customer service.
How to Track Construction-in-Transit
What happens when a contractor picks up a critical piece of equipment? Do you know how long it takes to get from the pick-up site to the job site? Tracking this information allows you to plan subsequent activities and create reliable project estimates in the future.
If your construction manager receives notification of an equipment delivery delay, he or she can postpone the arrival of next-in-line vendors. Why pay an expert to stand on the site waiting for someone else to finish? Instead, stage your vendors and make adjustments in real time.
How Can You Keep Track of All of This Asset Data?
Active Oversight is the perfect tool for recording and housing asset depreciation data.
Projects that are tracked in Active Oversight contain date/time stamped records of every task completion. Need to know when a battery was installed or when it was used for the first time? Just check Active Oversight. Not sure when a critical piece of equipment was tested? If the project was in Active Oversight, the answer (and likely photo verification) is there.
Effectively managing assets is critical for companies that operate across geographically dispersed locations and maintain a large equipment inventory. Without a single plan of record for asset data, it is impossible to capitalize on warranties or provide your customers with the best service.
Active Oversight was built to make it easy for your teams to track and store all aspects of construction project data, including equipment depreciation. Contact us today to learn how your company can improve asset depreciation tracking with Active Oversight.