Assets are important for organizations in order to run day-to-day operations, which is why taking care of each asset is crucial. At the same time, it is important to save asset information and all business information from cyber-attacks and data breaches. There are government firms who perform compliance audits to check IT service providing organization following rules & policies. If not, then they might end up paying huge penalties for violating law & regulatory policies. ‍

Enterprise resource planning and asset management software are both used in improving business productivity and optimizing daily operations. They both focus on growing business by integrating data from other applications. So, we can say that there are lots of similarities between these systems. In this blog, we will learn what Enterprise resource planning & Asset management software is, and its benefits.

Almost everyone in the world loves ice cream, which is why its market is huge. According to Grand Wire Research, “The global ice cream market size was valued at USD 79.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2022 to 2030.” Our dairy product-based client provides ice cream across India. Currently, our client is managing around seventy thousand assets. They are one of the huge ice cream brands in India.

Every business aims to optimize its profit ratio. If we talk about the food and restaurant businesses, overall profit margins are not high. Therefore, restaurant businesses must utilize assets smartly, and efficiently. Most importantly, assets must be monitored continuously. If these activities are neglected, then business loss can occur. Hence it is important to design a loss-preventing strategy that needs to be applied.

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.

The life cycle of an asset starts from the day it is purchased to the day of its disposal. During this whole process, there are a lot of changes in the state, condition of asset and user history, depreciation being incurred and multiple other things. It is very important to keep a track of all of this so that an organization is well aware of the asset that they procure.

What do restaurants rely on these days? With the change in environment with multiple competitors growing every day, to survive in this fast-paced industry, restaurants must think out of the box and start managing their assets if they are not. There are times when they end up being in a situation which is caused due to sudden breakdown in their assets, which is not a good situation to be in. It reduces the trust of customers and ultimately leads to a reduction in profits.

Running a business is not an easy task and when it comes to running a restaurant, it is more difficult. As the restaurant service industry is growing at a very fast pace. For businesses to keep up with all the trends it is important to keep a track of all the assets in the best way possible. When all the assets are maintained and managed perfectly, it leads to a reduction in risks and an ultimate increase in profits for the business.

When an organization starts to flourish the number of assets that it procures increases, and with that keeping a track of all of them becomes a task for the employees. Traditionally organizations used to keep a track of all these assets by maintaining spreadsheets, but with a major change in the way how organizations work, maintaining spreadsheets became difficult.

Maintaining a business includes several tasks that need to be done without making any mistakes. These activities are performed day to day to guarantee that everything is done in a systematic way. However, if processes are manual then things can be hectic, and chances of error is more. Most importantly there is not a great margin in restaurants, which is why saving expenses is essential for business. Hence, asset maintenance must be done regularly otherwise business will suffer.