Asset Tracking Management Pays Dividends for Higher Education

Although asset tracking management is invaluable for any educational institution, the benefits may be more helpful for colleges and universities because they're larger and tend to house more fixed assets across multiple locations.

What kind of fixed assets does your typical university have in its possession? IT assets are the first example most of us identify. While those assets are likely to be among the most expensive in a university’s inventory, they’re definitely not the only fixed assets they need to manage.

Asset Tracking for Universities: A Complex Job

Textbooks, educational tools, classroom equipment, office supplies, equipment machinery, furniture and university vehicles are also considered fixed assets. Usually, colleges and universities track these items manually at a department level using Excel spreadsheet. This method of tracking is inefficient, error-prone and has limited capabilities. If a department needs to locate a particular asset, an Excel spreadsheet won’t tell them if there’s one available in another department across campus. It requires users to manually key in barcodes and other information, a time-consuming process that usually results in typos. A spreadsheet also doesn’t reveal such pertinent details as an item’s maintenance history or its warranty expiration. Spreadsheets are also routinely overlooked, so asset-related data may be outdated and incorrect.

Benefits of Outsourcing

Asset tracking management removes the hassle and frustration of manual spreadsheets. These streamlined platforms are easier to use and have replaced cumbersome Excel documents. With modern asset tracking management, the entire lifecycle of every fixed asset lives in one centralized location.

Mobile technology has taken asset tracking management to the next level, giving colleges and universities an unlimited amount of convenience. Fixed asset data is no longer tied to just a desktop computer. Users open a mobile app with their smartphones or tablets and have anytime access to their assets. They can scan assets using their mobile devices, so checking in and out textbooks, IT assets and other classroom supplies is quick and easy. The mobile app tells users where available assets are located and who has them. It’s also simple to look up any asset’s complete maintenance history. If the item requires service, the user can create a work order and even set up alerts to stay on top of future preventive maintenance. Additionally, users may look up asset usage, borrower history and create custom reports if needed.

Another reason why asset tracking management is so critical is because institutes of higher learning are subject to government regulations. They must keep accurate and detailed records to qualify for grant-funded assets and programs. In 2017, postsecondary education programs received more than $82 billion in funds from the United States Department of Education.

Just like primary and secondary schools, colleges and universities are watching the bottom line. Assets that haven’t been properly maintained or have been lost or stolen are a drain on resources. Administrators must be able to make budgetary decisions based on real-time, accurate data, not guesswork. An asset tracking management platform provides them with that peace of mind, as well as saving money, time and frustration. An asset tracking management platform and mobile app outsources what was a complex function, freeing educators to focus on what they do best.

Asset Panda's Mobile App: Convenience, Ease, Accuracy

Asset Panda’s best-in-class mobile app is the most powerful, flexible and customizable asset tracking management solution on the market. Try it free for 14 days, and find out why colleges and universities trust us to help them manage millions of dollars’ worth of their most vital assets. Visit assetpanda.com for more information.