As the end of the year approaches, many companies take a look back at what they’ve done well and what they’ve not done as well as they might have liked. Many of those goals that were set on January 1 were achieved. Some were not. While going “back to school” isn’t a really viable option for every company and its employees, giving yourself and your team a simulated “schooling” on things they can do better isn’t such a bad idea. Let’s go to Asset Management School.
The first lesson in Asset Management School is to learn (or re-learn) what an asset is.
Asset management is any system within a business that catalogs, tracks, maintains, and disposes of that company’s valuables. These assets can be either physical, such as office computers and construction equipment, or abstract, such as financial information and employees’ intellectual property.
Asset tracking streamlines your operations and reduces time wasted on inefficient tracking methods, such as manually entering assets in a spreadsheet or letting only a handful of individuals deal with assets, which can lead to oversights and discrepancies.
Lesson two: Importance of Asset Management
For those who don’t use an asset management program regularly, many ask why asset management is so important? Many businesses are realizing how much they have to lose in terms of productivity if they don’t update the way they handle assets. Time is of the essence and it is time for businesses to move away from obsolete solutions such as Excel spreadsheets and handwritten ledgers. These outdated ways of tracking and managing assets are proving to be very costly due to their drain on company time.
Lesson three: Asset Management Saves Money and Time
Asset management is more than counting pieces of equipment or technology, and that’s why businesses of all sizes are taking advantage of tracking and management software platforms. Knowing an asset’s value over its entire lifecycle is helping companies of all sizes save money spent per asset and enables companies to get the most out of each asset. By knowing exactly where your assets are at all times, who has them and their condition, you eliminate costly problems, as well as instances of duplicate purchases or last-minute maintenance needs.
An asset’s value isn’t just how much money you spent on it. Value can also be measured in how well an asset helps your company make revenue over its lifetime. Ask yourself this question — if something from your company were to disappear or go out of service, could you still function without it? Any item you couldn’t operate without has value and is better protected with a proper tracking system.
Lesson four: Asset Management Helps You Stay Ahead
Asset management can help you stay ahead of your competitors, many of which may be utilizing out of date asset tracking practices. When you have a powerful asset management system in place, you can focus your attention on areas which will directly grow your business (like marketing, sales, or customer service). This knowledge gives your business the upper hand, in addition to a better outlook for the future.
Asset management and tracking has been proven to help improve workflow and productivity, record losses in the event of a natural disaster, reduce employee theft, eliminate the occurrence of lost or misplaced assets (otherwise known as ghost assets). Proper asset management enables more efficient planning and organization within your company and leaves employees more accountable and responsible to boot.
Lesson five: Time Give Asset Panda a Look!
Asset Panda is the most powerful, yet simple-to-use free asset tracking software in the world, enabling users to track their valuable assets exactly how they want, and from mobile devices they already carry. The platform may be accessed either online or via free mobile iOS and Android apps that sync with the cloud. The apps include a mobile barcode scanner, so there’s no need to purchase a separate handheld barcode scanner. Users can add voice notes, videos, documents or photos to the asset’s information. Asset Panda allows users to view check-in/check-out status, GPS location, lease/purchase information, complete maintenance history, insurance information, and the depreciation and inflation calculations your accounting and compliance teams require. Asset Panda works the way you work and is fully customizable to be the tool you need it to be … not what someone “thinks” you need.
So now that Asset Management school is out, your homework is to go right to www.assetpanda.com and sign up for a free 14-day trial and see why companies of every industry sector and size – including some of the world’s biggest brands – have chosen Asset Panda to help them manage millions of dollars’ worth of vital assets.