Your assets help make you money. However, across every industry, ineffective asset management can cost you more than thousands in revenue. With over billions lost across the country, here are just a few ways that your company’s current asset management practices can be draining your revenue by industries.
The Cost Without Asset Management Software
In a study of US hospitals, an estimated $4,000 worth of medical equipment is lost or stolen per hospital bed a year.
Human error through manual data input systems cost supply chains more than $140 billion per year.
More tickets typically equal more revenue, but unhappy and unproductive workers cost the industry $550 billion each year in lost time or missed revenue.
Out-of-stock inventory results in a 12% loss of revenue or more for retail businesses and decreases the chance of repeat customers.
The cost of unplanned equipment downtime for construction companies averages $260,000 per hour.
The food service industry has to eliminate over 32% of goods produced because of expiration.
The difference with enterprise asset management…
Implementing an EAM solution is an important building block for businesses and can save thousands in lost revenue. With lifecycle management, you can extend the use of your assets, resulting in a higher ROI. EAM solutions offer custodian tracking, real-time location services, and indoor positioning capabilities, saving you time and money.