7 Unique Ways of Using Asset Management Tools to Enhance Your Business

Asset Management / September 2019

There are many benefits of implementing asset management into a business to better control operations with more efficiency. Features, such as in-depth data analysis and real-time data collection, provide various advantages for all types of organisations. Having an effective asset management system in place allows your assets to run at peak performance. It can also help in minimising the total costs of obtaining, maintaining, and operating assets.

1. Real-Time Asset Tracking

Assets are the living organisms of a business. They can multiply, come and go, and are continuously moving around the workplace. This makes real-time asset tracking an essential aspect of the asset managing process.

GPS Asset Tracking

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2. Cloud-based Asset Management

Having a cloud-based system in place can offer a range of great features for all of your employees. The entire asset directory can be accessed by anyone in the company, at any time, and at any location. Unlike other non-cloud-based methods – such as spreadsheets.

3. Achieve Complete Accuracy

Know when an asset is lost or stolen, when it is due for repair, and even produce accurate and detailed audit reports. No matter what size of business you have, it can be hard to keep track of all asset data and history without a system in place.

4. Identify Ghost Assets

This can be something that is lost or stolen, or even inaccurately recorded but is still in the system. With effective features like real-time tracking, an asset management system can help identify and eliminate pesky ghost assets.

5. Operate With More Efficiency

When an asset management system is in place, you can start to understand the role of each asset in each sector of the business. That includes their capabilities, how they can be operated in the most effective manner, a detailed Return On Investment (ROI), and even if they should be disposed to save money.

6. Forecast Spending and Budgets

Having a complete history of an asset, from acquisition to end-of-life, provides the basis for an accurate assessment of obtaining future assets. It can also help with the structuring of future business spending and budgets.

Similar to operations and forecasting, an asset management system allows you to learn a lot more about your company assets and to identify trends. This is extremely useful for understanding an asset’s life-cycle. By knowing this, you can schedule asset maintenance and repairs more efficiently – allowing you to identify and respond before they cause major issues.

Bonus: Eliminate Spreadsheets

Finally, we’ll end with a bonus point to the benefits of an asset management system; eliminating spreadsheets.

Downloading excel spreadsheet templates for managing and tracking your assets can be a good idea, at first. But, as your business grows, so does your number of assets.

This requires more data and information to be collected, making your spreadsheet management system more vulnerable to errors. On average, fraud and human error are costing businesses in the UK £98.6 billion a year.

The lack of features, the inability to track assets in real-time, and the cloud-based restrictions, all highlight one thing; an asset management system is more effective for the long term future of your business.