How do effective reports resolve equipment management issues?

Equipment plays an important role in a business. A significant amount of capital has been invested in it. Therefore, it should serve the business to generate returns. The only way for management to monitor these assets and evaluate their returns is through an extensive report. Physical inspection is not an option for them. For such reasons, equipment reporting is important to solve equipment management issues.

Companies often install software to keep track of the equipment. The CloudApper Enterprise Asset Management solution might be the right tool for this purpose. It is the easy way to keep track of assets and make the reports that equipment management requires.

The qualities of good equipment reported

An excelling business relies heavily on its information. It helps them improve in places where they lack competence. An asset report is a very helpful approach to summarizing information. Therefore, the report is heavily dependent on the data. Amidst a sea of data, exacting valuable information is hard. That is why a good report should have the following information qualities:

Clean

It should not contain any irrelevant information. Data might be stored in different formats or different forms. When it is pulled for recording, it might create confusion and cause false conclusions to be drawn from it.

True

This is a quality that means that a piece of information does not invalidate another piece of information present in a different system. As a result, all the data in your database, including asset downtime and depreciation, should be traced back and linked to other data. The information provided in one section of the report has to match with the other sections.

Complete

This part is concerned with the availability of information. In many cases, data is lost or not recorded, causing missing fields. If the data is complete, the report will highlight the whole picture of the situation for a better understanding. It might help to find out the triggering incidents for events.

Concise

The information in the report should be concise and easy to understand. The message should get across to the viewer without any explanation. The best way to do this is by including a visual data presentation. A chart will help to understand the scenario of a period in a glimpse.

Equipment data problems that arise without an EAM solution

An accurate report cannot be generated without accurate data. Many firms are being led to make the wrong decisions due to fraudulent data which further led to equipment management issues. The reason data gets soiled is because of:

Duplicated data

A single entry might be input twice, manipulating the result. For example, a few assets might be recorded twice, which will show a wrong figure while calculating the total assets. The information will have a negative impact on the planning process.

Multiple entries

Different departments may have different ways of storing data. Some may store them in hard copies, while others in spreadsheets. Along the way, due to this multiple-entry method, there will be an anomaly in the records.

Time-consuming recording

The process of recording will be manual, which means it will take more time. And employees might  be reluctant to maintain it responsibly.

Prone to mistakes

Human error is a factor that cannot be overlooked. In many companies, spreadsheets are popular for record keeping. The problem with that is that the data has to be manually entered. The person making the entry can make a mistake, leading to a misleading database.

Delay decision-making

Since information is not accurately stored in one place, it will take time to gather it. Also, proving that the data is correct will take more time, so the whole process of gathering information will take a long time.

Restrictions on access

In hard records or spreadsheets, anyone can alter the data. They might do it intentionally or by mistake. This is not a rare occurrence in firms. With access limitations, people can be held accountable for alterations.

The CloudApper EAM solution is the answer to all asset management issues.

The importance of record keeping cannot be ignored. That is why, to provide the ultimate solution to all equipment management issues, the CloudApper EAM Solution is here. The asset management solution automatically records all the activities and stores them. For reports, the interactive dashboard displays important data with charts, making the data easily perceivable. Generate the perfect report with the CloudAppper EAM Solution.