7 Benefits of Asset Management to Enhance Your Business
There are many advantages of implementing asset management into a business to better control operations with more efficiency. These can vary from identifying data trends to real-time asset tracking.
Having an effective system in place can allow 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.
What is an Asset Management System?
Firstly, what is Asset Management?
In its simplest term, it 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 will take all asset data and information and store it in one centralised place. Here, businesses can see trends, analyse data and monitor all assets a lot more efficiently.
But, that’s not all. A management system also eliminates time-consuming, and error-prone, methods such as using spreadsheets for asset tracking. Thus allowing for better time and cost-efficient management.
There are many unique tools and applications available with most modern day software packages. These include high-end tracking technologies, cloud-based access and friendly user interface designs.
7 Advantages of Asset Management
1. Real-time Asset Tracking
Assets are the living organisms of any business. They can multiply, come and go, and are continuously moving around the workplace. Thus making real-time asset tracking an essential aspect of the asset managing process.
2. Cloud-based Asset Management
Having a cloud-based system in place can offer so many great features for all 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. Asset Management Systems can 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 these ghost assets.
5. Allow you to Operate with more Efficiency
When a system is in place, you can start to understand the role of all assets in each sector of the business. This includes their capabilities, how they can be operated in the most effective manner, and even if they can be spared to save money.
6. Forecast Spending & 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.
7. 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 advantages of an asset management system; eliminating spreadsheets.
Downloading excel spreadsheet templates for managing and tracking your assets can be a good idea, in the beginning. But, as a company grows, so does its assets.
This means a lot more asset data and information is required, 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 (rahmanravelli.co.uk)
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 much more effective for the long term future of a business.
Where do you go from here?
So, the next step is to search, compare and shortlist the right asset management software for your business needs with our free software search tool!