Steps to Optimize Asset Management in Quick Chain Services and Restaurants

Running a business is a herculean task as you have to keep an eye on all the aspects of the business. When you are into quick service resultant (QSR) it is important that all your assets and equipment are in good condition. However, lots of business owners ignore asset management activity as a result they face asset breakdown frequently asset performance is not up to the mark. The asset is not found when required.

These are a few of the frequent problems that occur in QSR as there is no proper management of assets in this blog, we will give you seven steps to optimize asset management in quick service and restaurants. It will be helpful in running your business efficiently so without wasting any time let us begin but first let us cover the basics.

What is Asset Management?

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Asset management is the process of keeping your assets and equipment safe and in better condition. It is helpful in extending asset life. Asset management is a continuous activity that helps the organization in keeping assets safe & secure from theft and misplacement. Automated asset management software helps organizations in several ways as it sends an alert & notification for asset maintenance so that assets can get maintenance on time. It provides valuable data that helps organizations in making informed and strategic business decisions. This data also assists organizations in setting future goals.

Asset management software makes you aware of your asset information such as who is using the asset where it is located how frequently the asset is utilized when it will be back in stock etcetera these types of questions are helpful in gathering crucial information. This system provides accuracy to the asset information and eliminates the manual process.

It prolongs asset life and improves business productivity. When assets get maintenance on time it minimizes maintenance expenses and overall ROI improves. Employees find their assets within minutes and their time is saved now they do not have to spend time looking for assets, so it improves employee efficiency as well.

What Are the Tips to Improve Asset Management of Quick Service Restaurants?

Below We Have Discussed Tips to Improve the Asset Management of Quick Service Restaurant:

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Create asset register

‍Asset register has a complete asset list belonging to an organization. It has crucial information about each asset that can be used while making an informed decision. It contains information such as asset name purchasing date depreciation method used asset life expectancy, asset disposal date location etcetera. That is why it is important to create and maintain asset registers and it is also helpful in avoiding asset misplacement. Asset register helps keep the asset count in check. Since assets of an outlet keep changing hands as assets are moved around to different locations, check-in & check-out help a lot QSR in asset tracking.

Utilize proactive maintenance‍

There are lots of assets in a QSR outlet such as heaters, air conditioners, kitchen equipment ovens, refrigerators, etc. All these assets need maintenance on a regular basis. When assets get maintenance at regular intervals it decreases the chances of asset failure. It also makes an asset reliable. We all know unexpected asset failure is more expensive than providing regular maintenance. The efficiency and downtime of an asset decreases when performance is not up to the level. That is why maintenance must not be neglected.

Perform asset audit regularly

‍We know that you are QSR outlet need to perform audit regularly as their assets are moved around frequently. Asset audit is important because it helps in reducing asset theft by physical verification & keeping records transparent. Most importantly you can track depreciation accurately and evaluate assets accordingly. With automated software, you can easily put all documents related to each asset enabling you to find any document within seconds.

Invest in automated asset management software

‍When the process is automated the chances of error are decreased. With this system you can easily add assets, discard assets and allocate them to the store manager. It is helpful in keeping track of assets in all locations and eliminates the chances of asset misplacement & theft issues. Asset theft is common when assets are frequently moved from one place to another.  

With this software, you can keep track of assets and create maintenance schedules for each asset. It will help in enhancing asset life and boosting asset performance as well. Furthermore, if sudden equipment failure occurs then you can create a ticket and as per the asset priority, a ticket is resolved. With this software you can check the status of every ticket and how much time it took in order to get resolved. Whenever a ticket is created then the manager & supervisors are alerted. Then the ticket is assigned to the available technician then this specific technician is notified about the ticket. The technician takes action and closes the ticket accordingly.

Conclusion

‍QSR outlet has lots of assets and the manual method is not successful in the long run. It is important to utilize automated asset management software. It provides a systematic approach to managing assets and with this system you can know all the asset information at your fingertips. Data collected with this software is helpful to organizations in making strategic business decisions. For instance, data can be useful in decreasing closing tickets (TAT). Furthermore, with data, you can reduce maintenance expenses and optimize asset performance by working on the root problem of assets.

Frequently Asked Questions (FAQs)

Does this software come with cloud technology?

Yes, this software comes with cloud technology enabling you to access data from anywhere across the world. It also gives you flexibility whenever you want. Moreover, you do not have to worry about data security as the cloud service provider ensures that all data is kept in encrypted form.  

Which asset tracking technique is most used?

RFID, Barcode, and QR codes are a few of the most utilized asset tracking techniques as they are cost-effective apart from that there is NFC (Near field communication), GPS (Global Positioning System), BLE (Bluetooth low energy), etc. These techniques provide real-time information that is helpful in making decisions right away.

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