Large Volumes of Physical Assets can Create Large Regulatory Liability [Guest Blogger]
The business of managing physical assets is getting more complex due to major challenges such as competition, customer expectations, regulations, environmental concerns and aging. This is why it is essential that companies have a handle on what assets they possess, exactly where those assets are located, and the value and condition of those assets. For example, a fleet manager will be required to effectively track needed inspections, registration, service and repairs for hundreds of vehicles. Effective physical asset management enhances safety, maximizes the value of warranties and equipment, and protects the company from potentially costly intervention from regulatory agencies.
Traditionally, many industrial companies have managed their physical assets through osmosis and endless pieces of paper in the infamous “drawer from hell.” This not only creates significant regulatory problems, but also leads to costly business inefficiencies and wasted hours spent figuring out who owns which assets and where they are located. This problem only gets worse as companies grow and/or consolidate.
Fortunately, more companies are realizing that if they are to keep up with the pace of doing business and simultaneously complying with OSHA, DOT, EPA and other government regulations, they must run their operations in a more automated manner, including providing employees with an efficient way of managing their physical assets.
Smart organizations of all sizes are embracing software solutions that provide a comprehensive approach to physical asset management. These software systems have proven to be worth their weight in gold, especially those that are web-based and require little or no IT support, such as Compliance Safety Manager. Compliance Safety Manager is a comprehensive and highly flexible web-based solution that enables an organization to create a defensible framework for regulatory compliance across multiple agencies including OSHA, EPA, DOT and MSHA in a single repository for all staff and equipment. Such solutions provide company managers and executives with the necessary information to deal with the challenge of locating and managing physical assets in a compliant manner while helping the company plan for the future.