The Benefits of Small Business Asset Management Software
Small business asset management software can be as beneficial for a small company of just 50 employees as it can a large business that employees thousands.
Having an asset management system in place can help track the location, value, and performance of company assets. It can also boost productivity and efficiency levels by helping prevent loss, damage or unexpected repairs, giving a significant return on investment.
Features often found in modern asset management software include maintenance scheduling, data tracking, depreciation calculations, mobile access and much more.
But just how beneficial are these features when it comes to implementing asset management in to small business.
6 Benefits of Small Business Asset Management Software
1. Collect all Accessible Asset Data in One Centralised System
Your assets may include IT equipment, machinery, fleet assets, properties, land, furniture, or the physical products you sell. One of the significant benefits of asset management software is being able to manage your entire inventory in one centralised place.
You might want to geolocate your assets or check which members of staff have access to them.
An example is if you’re storing and shipping products via a warehouse. Asset management software allows you to track items using barcodes, GPS, and RFID technology so you can determine when your inventory is running low.
You can effectively order more stock from your suppliers in plenty of time. You could also see which aisle and row in your warehouse certain products are located, helping staff on the ground pick, pack and despatch quickly.
Let’s also consider a small printing agency with two litho and three digital printers. Even though the number of assets is minimal, they still need to be managed effectively. Why? Because Those printers are worth a great deal to this type of business. If one of those printers fails, that company would be operating at 80% capacity. Asset management software can keep track of such vital assets and automatically provide alerts for planned maintenance to keep them in good working order.
2. Small Business Asset Management Software can Eliminate the Manual Process
Asset management software for small business can offer effective automation solutions to eliminate manual process, which can significantly reduce errors. On average, fraud and human error are costing businesses in the UK £98.6 billion a year (rahmanravelli.co.uk).
Unlike spreadsheets, a software solution can allow you to quickly run reports and automatically check the status of your assets. A management system can also alert when maintenance is required, and understand how much your assets are worth according to depreciation.
Automating your asset management has a positive knock-on effect on other areas of your business, including finance, HR, procurement, and IT. Your employees will be able to do their jobs better with a reliable and accurate asset management system in place.
3. Access Data Anywhere with Cloud Based Asset Management Features
A beneficial feature of modern asset management software is cloud based apps.
This enables your entire asset directory to be accessed by anyone in the company, at any time, and at any location. Unlike other non-cloud-based methods – such as spreadsheets.
You can check and update asset data from anywhere, using both desktops and mobile devices. This means that you and your employees can access and update your inventory, log maintenance activities, and run reports out in the field, or on-the-go.
4. Asset Management Software can be Extremely Cost-efficient
Although an asset management system will be an initial expenditure, it can be extremely cost-effective in the long run.
Asset management software can reduce costs arising from unexpected repairs or from having to replace lost or stolen equipment.
Because you can track your assets very precisely, you’ll also know where they are at all times while routine maintenance scheduling helps you prevent problems with equipment before they happen.
Out-of-the-box basic asset management software might be all that you need as a small business and will be cheaper than a highly customised solution. It also makes sense to opt for a standard solution if you’re moving from a manual spreadsheet-based system.
5. Produce Accurate and Detailed Asset Data Reports
A management system can allow you to store very detailed information, especially when compared to the limitations of spreadsheets and paper records. You can easily log the date assets have been purchased, inspected, or been accessed by staff. Not to mention your assets’ purchase value and current worth.
This means that when audit time comes around, you’ll have the necessary information to hand, filtered by individual assets. Your auditors can use these records to determine whether your accounts and business operations are financially viable. Even if your business isn’t required to undergo an audit process, it’s good practice to do this every six or twelve months.
6. Helps with Business Growth and Promotes Scalability
You might be quite happy managing your quota of thirty assets in an Excel file right now. But, how will you cope in the future when you have three hundred assets and several members of staff editing and updating the same spreadsheet?
All small businesses have one common goal; growth. Asset management software helps you to scale for future business growth.
So, Why Should you Consider Small Business Asset Management Software?
It’s important to understand that not only do large companies need to track, protect, and value their assets; small companies do too.
Asset management software can help keep control of all asset data in one central place. It boost productivity and efficiency levels by enabling you to instantly know the location, value and performance of your assets. Some solutions can integrate with other business functions such as invoicing and work orders too.
Though employees will need to learn a new management system, many software solutions have flexible and friendly user interfaces to ease the transition. In which case, they are often more straightforward to use than traditional manual asset management systems.
Finally, while asset management software is undoubtedly an investment, it can provide an excellent return. It can help you prevent asset losses, damage, or repairs and ultimately keep your business operations running smoothly.
Where do you go from here?
There is already a large amount of high quality asset management software for small businesses. 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!