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Large Volumes of Physical Assets Can Create Large Regulatory Liability
This is the first in a series of five regulatory compliance posts that highlight major challenges for companies. If you don’t want to wait for the next post, please download the complimentary Five Toughest Challenges of Regulatory Compliance whitepaper.
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.
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 comply 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 (like Compliance Safety Manager™). 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 also helping the company plan for the future.