7 Benefits of Asset Management to Enhance Your Business
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.
But, we’re barely scratching the surface when it comes to understanding the advantages of asset management in the workplace. In this guide, we’ll cover:
What is an Asset Management System?
In its simplest form, asset management is the process of managing all assets across a business; both intangible and tangible. Therefore, it is the application that makes the process of managing business assets possible.
An asset management system makes it possible to collect and store all asset data in one centralised dashboard. The enables businesses can identify trends, analyse data, build asset life cycles, and efficiently monitor all assets.
But, that’s not all. An effective asset management tool also eliminates the process of time-consuming and error-prone methods such as using spreadsheets.
There are a variety of unique tools and applications available with most modern-day software applications. Some much sought-after features include high-end tracking technologies, cloud-based access, and a friendly user interface design.
7 key benefits of deploying an Asset Management system
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.
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.
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.
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.
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.
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.
Identify Trends in the Business
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 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 collecting, 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.