Sound asset management is the key differentiator between successful telecom tower infrastructure and less-than-ideal infrastructure. Because asset management touches each end and everything in between, it’s essential that you invest the time and energy in properly developing a management plan and adhering to the principles of that plan with each step.
But before we explore how asset management can help you, let’s get into what it is, and why it’s essential.
What is asset management?
Asset management is a process that enables you and your company to keep real-time data on your telecom towers and all other necessary equipment and considerations. This is a critical application whether you have a modest stock or your organization continues to grow—as does your critical infrastructure.
Ensuring you have up-to-date information on your telecom towers not only enables you to better understand the scope and condition of your equipment but affords a number of other benefits that may not be immediately apparent.
1. Knowing what you have can save you from buying duplicates
It may seem obvious that you would not want to purchase duplicate pieces. However, as your infrastructure grows, it becomes increasingly important.
Proper asset management helps you keep up with your telecom towers and other essential equipment so you do not have to deal with the expensive and time-consuming headaches of buying duplicates. Or, more bluntly: wasting money on items you simply do not need. Managing your assets keeps more money in your organization for projects and purchases that grow your organization and its infrastructure, not deplete precious financial resources.
2. Knowing which assets are a part of your tower ensures the most space
Purchasing duplicates is one thing, but making sure your towers have the space they need to perform most optimally is also key. When you have a real-time understanding of where your assets stand, you can ensure that any add-ons or updates to existing towers can be completed without additional consideration of the space; you can begin to plan or approve modifications without delay. This means that you keep up with demand, and you’re providing reliable infrastructure and services to those who rely on it.
3. Knowing who is renting what equipment means more profit
Setting yourself up to have easy access to real-time information on customers and their rentals means you don’t have to worry about or spend unnecessary time crunching numbers that may or may not be completely accurate.
Real-time data on which customers have rented equipment enables you to understand and predict profit, which in turn allows you to plan or pursue projects elsewhere to extend your reach. Additionally, asset management means you can easily see who is paying and who is not, and then remove any non-paying customers to divert your efforts elsewhere.
4. Knowing your tower’s capacity enables you to fill your tower
Whether you have a single tower or several, knowing each tower’s capacity is crucial for a couple of reasons. First, it gives you the insight you need to decide if it can be filled—or if it cannot. Second, understanding any remaining capacity means the potential for profit. Finally, knowing your tower’s capacity helps you potentially plan for new towers to absorb any necessary, additional burden.
5. Knowing your tower’s condition keeps maintenance costs low
Simply, understanding your tower’s condition means that you only invest funds whenever necessary, resulting in more profit and fewer expenditures. For example, if you know that an aging tower is in need of repair, you can plan routine inspections, any associated costs, or time allocations. Routine check-ins limit surprise repairs and, in the event repairs or modifications are needed, you can make them and note those augmentations for any future inspections.
Trust Tower Engineering Company for your telecom asset management
Whether you have one tower or several, TEC has the experience, knowledge, and dedication to help you manage your essential assets. Reach out to us today to learn more about how our services can help you keep your organization moving forward.