Making the Most Out of Your Equipment Assets

In today’s highly competitive markets, companies that lead the way are those with the technology, tools and systems that turn raw data into actionable information. This is especially true for industries driving the world’s infrastructure.

Highway construction and maintenance, transportation, energy generation and other companies that deploy large numbers of assets in the field are among those companies that greatly benefit. Maximizing the performance and value of your equipment and machinery requires a modern asset management system with the capabilities to efficiently track and organize every item in your inventory to use them in the most efficient ways.

Asset management is the process of collecting data about your assets in the field in order to create value for the organization. It extends over the entire lifecycle of every asset, from acquisition through sale or disposal, and needs to be performed on a daily basis. In the past, this required an arduous, time-consuming process of manually recording the location, status and other key data of each asset. This information then resided in volumes of paper files and/or cumbersome spreadsheets, or even whiteboards with magnets, that were difficult to organize and were prone to human error.

Fortunately, there’s a better way.

With the advent of sophisticated software programs, manual asset management is a thing of the past. Using specially designed software programs, cell phones and mobile devices, you can easily track and manage assets in order to maximize your return on investment. From tools and equipment to construction vehicles and large machinery, modern asset management makes it easier than ever to get the most value from your assets.

Benefits of Asset Management

Perhaps the biggest benefit of asset management systems, like Tenna’s cloud-based solution, is the ability to connect your field operations with your office personnel. Using their cell phone or any other mobile device, drivers scan the QR tag that has been placed on each asset, or they can scan RFID tags.  Or you can get automatic data transmissions from Bluetooth, cellular or LoRa transmitters without any person having to act.  In each case, the office instantly receives detailed information on the location and status of the asset, including service history, customer history and more.

This coordinated, real-time communication between your office and field personnel leads to multiple benefits that help maximize the value of your assets.

  • Save time and money. Office personnel work more efficiently by having the information they need when they need it. Drivers don’t waste time trying to find a particular asset. Routing systems get drivers to the next location as quickly as possible. With so much data available, both people and machines work effortlessly and efficiently.
  • Improve customer service. Real-time information enables you to respond more quickly to customer needs. Tools and equipment are well maintained and delivered to the customer at the right place, at the right time.
  • Maintain accurate billing records. With an asset management system, you know exactly where every asset is, how long it has been there, who is using it and how it is being utilized.
  • Deter theft. While it’s pretty hard to prevent someone who’s determined to steal, asset management systems provide the tools, reminders, and documentation to build employee accountability and to discourage theft and equipment misuse through precise inventory control.
  • Improve safety. Tenna software makes it easy to ensure that all property, plant, and equipment are well maintained and fully operational at all times. You can also get detailed tracking and reporting of inspection and maintenance histories, helping you identify safety issues and take corrective action to prevent accidents from recurring. Electronic tracking of maintenance schedules helps ensures that you never miss a date. Keeping up with routine maintenance and inspections further helps improve safety and reduce the risk of fines from failure to pass inspection.

Ultimately, asset management systems provide a competitive advantage for your business by helping you control costs, deploy your assets more effectively, make better decisions about whether to repair or replace, and serve your customers more efficiently.

How It Works

The first step in optimizing asset utilization is to get organized, starting with your asset list or inventory. Asset management software lets you handle documents quickly and easily by electronically capturing and storing all asset information in one central location. Using the same electronic filing system across all departments improves communication and eliminates redundant data entry – and you can do it all without the need for paper.

For many companies, the biggest time waster comes from endless searching for information on tools, equipment and other physical assets. Tenna software eliminates this inefficiency by putting all the data at your fingertips. No more searching through paper files, No more calling other departments to see if they have what you’re looking for. Just instant access to the information you need, when you need it,

With Tenna asset management software, getting the most out of your assets is as simple as 1-2-3.

  1. Upload your asset list and attach a QR tag, RFID tag, Bluetooth, cellular or LoRa tracker to each asset.
  2. Drivers in the field scan the QR or RFID tag, or get automatic updates from Bluetooth or GPS trackers when using or moving. Drivers can also take and upload photos showing site conditions and damage to assets.
  3. When scanning is complete (it only takes seconds) the tracking information is automatically sent to the Tenna database where it is registered and saved. Office personnel use the stored information to make better decisions about equipment utilization. Personnel has up-to-date insight and knows which assets are currently in use, where they’re being used, and their availability.

Every scan collects the time, latitude and longitude of the asset, and it automatically updates your inventory. Our durable QR tags provide long life even in rough weather conditions. And the RFID trackers make it simple and affordable to see the status of all of your assets, especially when they travel in or out from your sites. For the most reliable data collection, our Bluetooth and GPS trackers automatically transmit data without your crew having to do anything.  You get more out of your equipment because you know its history, location, availability, maintenance status and more.

Here’s where it really gets good. Having all the data at your fingertips allows you to connect your inventory across sites and by project for more accurate project accounting. It speeds up inventory and audits while it also improves site accountability. In return, you can deliver better customer service.  For example, when a customer or project site has an urgent request for an asset, you can check your entire inventory to identify the nearest available asset and have it on the way as quickly as possible.

Tired of unused equipment sitting around collecting dust? You can put excess or underutilized assets to work through the Tenna Marketplace, our online repository of equipment, machinery and other items for sale or rent by Marketplace members.  Marketplace seamlessly integrates with our asset management platform, allowing you to:

  • Offer unwanted inventory items for sale or rent
  • Buy or rent equipment or materials from other members

The Marketplace is free to use. There are no transaction fees or commissions.

Make Your Entire Organization More Efficient

If you’re concerned about a steep learning curve with a new software program, no worries. Tenna software is easy to learn and use. After a short, 30-minute training, your office and field personnel will be ready to go. The cloud-based data is updated in real time, so the status of your inventory is always accurate. Scanning the QR tags or RFID tags eliminates the manual errors that occur when tracking by hand. You can even track non-powered assets allowing for a more comprehensive inventory of all items in the field.

Asset management with Tenna software can more than pay for itself by lowering costs and saving money in many different areas:

  • Eliminate the time and expense of emergency repairs
  • Reduce fines with proactive inspections
  • Lower the cost of unproductive assets by improving equipment uptime
  • Reduce replacement costs by increasing asset longevity
  • Pay lower insurance premiums by reducing theft and vandalism

These savings contribute to a robust return on investment. Tenna software does more than just help you get full value from your equipment. The cost savings and productivity improvements could extend to virtually every area of the business.

  • Automate your inventory
  • Save on administrative overhead
  • Make smarter asset utilization decisions
  • Develop better project management
  • Create more accurate financial records

Always knowing the location and movements of your equipment, as well as your total inventory, puts you in complete control of your assets. With Tenna software, asset management becomes a profit center rather than a cost one because every asset gets used to its fullest potential.