Asset Mismanagement

Efficiency and cost are significantly impacted when electronic and tech assets are not properly tracked – whether they’re lost, broken, or even stolen. Supply Chain 24/7 lists five ways the mismanagement of these assets will affect your business. Here are the top three:

• Delayed jobs and services: If workers can’t do their jobs, that effects the entire production process. Delays result in unhappy customers and lost business.
• Increased labor costs and overtime: When jobs are not completed on schedule, workers are paid overtime, or businesses hire temporary staff, sometimes at a higher wage. Labor costs can get out of control when an operation is behind schedule.
• Increased unplanned costs: loss of productivity and rushed shipping orders are two of the factors that add up to a big increase in unplanned costs.

To read more, see the article from Supply Chain 24/7.