Most businesses use a variety of IT assets to keep their operations running smoothly and increase efficiency. The right software can help you reduce the amount of time it takes to run product calculations, manage product inventory, and reduce administrative errors. Like many other companies, you realize that not using technology and IT assets can seriously damage your business efficiency.
For example, Amazon started using Kiva robots to increase the efficiency of order fulfillment. Employees used to need to manually search for packages, which involved walking through aisles trying to find the right items. Through the use of these robots, orders that used to take 90 minutes to fulfill now take 15 minutes. These robots also helped Amazon increase inventory size by 50%, thereby increasing revenue.
Despite knowing how much software programs can increase workplace efficiency, many companies struggle with tracking their IT assets. Computers and servers are used to reduce the time work tasks take and increase revenue, which makes them assets your team can’t afford to lose.
When you don’t take the time to track IT assets, you become less efficient. Lack of efficiency can lead to security issues and unnecessary expenditure of money and resources. Automation saves your company in other ways, so why not use it in your asset tracking?
What Inefficiency Can End Up Costing Your Company
Companies who don’t prioritize efficiency end up losing 20-30% of their revenue to broken processes. Let’s say your company brings in $1,000,000 in profit each year. That means inefficient workflows are costing you $200,000-$300,000 every year.
When looking at expenses, it’s easy to justify purchasing decisions and budget cuts by how much something will cost you to obtain or maintain. However, there is a lot more to keep in mind than upfront cost. A specific software program that helps automate your inventory processes might cost you several thousand dollars, but if it ends up bringing in tens of thousands of dollars your company wouldn’t otherwise make, that expense is justified.
In fact, looking to spend less money upfront can reduce your profits in the long run. Using a manual system to track your IT assets might mean you don’t have to spend a few hundred dollars on a software license, but it can also cost you more than you save. If a $5,000 server expires before its life expectancy, then you’ve just wasted thousands of dollars replacing it. If you had an IT asset tracking software, it’s likely you would have been able to keep track of maintenance records and schedule it for repairs before catastrophic failure.
If you want to learn more about how Asset Panda’s platform can help your company become more efficient through IT asset tracking, sign up for a free, 14-day trial or give us a call at 855-898-6058.
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