Asset Management Technology – How SMBs Use It To Get Ahead

June 2023

Keeping costs under control is a crucial element in ensuring small and medium businesses (SMBs) are successful in the long term.

SMBs are now leaning on advancements in technology to reduce costs, as well as fuel and energy consumption, related to the management and tracking of equipment, including vehicles and heavy machinery. Businesses looking to invest in energy-efficient innovation and sustainability projects such as solar power may also be eligible for discounted borrowing rates.

The benefits of using technology in SMBs

Equipment and fleet management covers everything from tracking and maintaining vehicles to ensuring driver safety.

For SMBs, technology that empowers business decision-makers to drive efficiencies while keeping costs low is an invaluable utility.

Maintenance technology can reduce labour hours and risks relating to keeping equipment at peak operational performance. Being able to see when updates or servicing needs to be made also reduces the frequency of breakdowns and unnecessary stoppages.

GPS tracking data allows for better, more transparent communication with customers and can give real-time information on how to reduce costs related to engine idling time and more efficient route mapping.

Technology can also help businesses reduce fuel and energy consumption. Upgrading to energy-efficient equipment and integrating renewable energy sources further reduce fuel and energy consumption, lower costs, minimise environmental impact and enhance sustainability practices.

Key technologies for equipment and vehicle management

Asset management technology gives SMBs an edge by reducing costs, improving operations and increasing overall efficiencies.

Machinery, vehicles, equipment and inventories can be tracked and assessed with the right asset management software. Without it, assets can deteriorate or fail, causing an increase in costs by failing to provide services.

Some of the more popular technologies in asset management include artificial intelligence, cloud technology, GPS and data analytics. Small businesses can benefit from using these key technologies to improve visibility on equipment and output. They can also optimise routes, minimise idle time and reduce fuel consumption by ensuring the most efficient routes are taken.

Vehicle telematics and fleet management software enable businesses to monitor and optimise fuel usage, track maintenance schedules, and promote efficient driving practices.

Predictive maintenance systems use sensors and data analytics to predict equipment failures and recommend maintenance actions. This allows businesses to minimise downtime, optimise performance and reduce energy waste caused by unexpected breakdowns.

It’s important to know what kind of technology would best benefit your business before investing. Computerised maintenance management systems (CMMS) work well for companies looking to automate repairs and continuation of services, whereas cloud technology can help improve team collaboration and communication while simplifying the collation and collection of data.

How to choose the right technology for your business

Before you invest in new technology for your business, ensure you have done your due diligence and are making the right choice for your needs.

Investigate what your business requires. This could be as simple as looking at what’s working well vs what needs more attention. This will help you evaluate where the business could benefit from new technology.

Once you have this data collated, identify what type of technology could solve your primary concerns. For example, if your vehicles are regularly breaking down, maintenance software could be the answer. This will help in the research phase as you compare the pros, cons and abilities of different technology and software.

Once you have made your selection, ensure that the technology can be adapted to suit your business needs and that staff training and upskilling are available should you need them.

Perform regular reviews of the technology you’re using to allow for updates and improvements that will keep your business performing at its optimum.

Harnessing Technology for Sustainable Growth

SMBs can take grow and flourish with access to the right technology. Implementing fuel-efficient technologies, optimising route planning through smart algorithms and leveraging energy-saving devices can further reduce fuel and energy consumption, benefiting both the business and the environment.

If you need help securing the finances to obtain the technology your business needs, request a callback, and one of our helpful team will be in touch at a time that suits you. We have a whole range of solution ranging from IT & Technology Finance and Software Finance to Technology Leasing and more.

The information in this post is provided for general information only and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from financial, legal and taxation advisors. Although every effort has been made to verify the accuracy of the information as at the date of publication, Geared Finance, its officers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy, or omission from the information for any reason, including due to the passage of time, or any loss or damage suffered by any person directly or indirectly through relying on this information.