The Basic Benefits of Asset Management

By January 27, 2017Asset Tracking, Blog

The Basic Benefits of Asset Management

Many organizations simply do not know what assets they own, what shape they are in, or where they’re located. With a scenario like this, companies are poised to lose valuable time and more importantly, money. And in today’s super-competitive environment, the benefits of asset management systems are quickly being noticed by companies of all shapes and sizes.

Business growth is top of mind with the majority of companies. Companies are concerned with a number of issues — how to top sales of the previous years; how to retain the best employees; how to cut back on unnecessary items and use the hours allotted in the work day to the fullest. There are also challenges in adopting new technology and training employees as practices evolve in conjunction with technology. One of the most overlooked functions in a company, both large and small, is the management of its assets. Many employees don’t understand the value that a company’s assets bring to the overall success and how not keeping track of assets or really knowing what your company has can be extremely detrimental.

There are a number of tools available to companies that offer substantial assistance in the management of their assets. This intuitive asset tracking software lets organizations and individuals catalogue, track, organize, audit and manage information about assets of all types, from information technology assets to office equipment and company vehicles. By turning smart phones, tablets and other enabled devices into barcode scanners, asset management software enables users to search for relevant information about the intended asset and view the entire lifecycle of the asset in custom-built records that fit what a company specifically needs and for those who specifically need to know it – anytime and from anywhere.

When it comes to the overall management of a company’s assets, there are a few key questions that are of primary importance when selecting the right tool:

  1. Do you know how many assets do you need to track?
  2. How many users need to have access?
  3. Where are the assets located? Do they stay in house or do they move outside their allocated facility?
  4. What type of reporting will be most beneficial to the team from an asset tracking system?
  5. Has your team embraced mobile technology?

Once these questions are realized and can be easily answered, the rest falls smoothly into place. The benefits of asset management are plenty ranging from cost reductions in labor and unnecessary replacement of lost or misplaced assets; increased revenue due in part to more accurate reporting and tracking of assets over their entire lifecycle; improved efficiencies in data collection and sales forecasting; and more transparency as to where assets are, who has them, and maintenance reporting.

The antiquated practice of using spreadsheets to track assets is considered to be obsolete. Now anyone with a smartphone, tablet or other enabled device can reap the benefits from asset management software to update and audit fixed assets and reduce asset losses due to misplacement, theft and misallocation, bringing savings straight to the bottom line as well as a more efficient use of employee time and manpower.

If you’re going to get everyone on board with your asset tracking initiative, you need a system that’s simple to use and requires no extensive training. Asset Panda is the most flexible and customizable system in the industry for tracking and managing assets.

Users can select the features that are relevant to their business, and customize them according to their needs. Those features include a custom dashboard, custom fields, custom actions (like reports, alerts and notifications), a calendar feature, custom security settings and more. From the palm of your hand, 24 hours a day, you can check on an item’s check-in/check-out status, GPS location, insurance policy, lease/purchase information, maintenance history and depreciation figures. You can also create work orders, schedule maintenance, or use Asset Panda as an enterprise service desk to reduce your support call volume.

Unlike other systems, Asset Panda is highly configurable, so it can become whatever you need it to be, and adjust as your needs change. Asset Panda works the way you do, on devices you’re already using, both online and through free Mobile Apps that sync in the cloud. This makes it easy for all your users to access the information they need, when they need it, from wherever they happen to be working.

Take the first step toward significant and measurable savings with a free 14-day trial of Asset Panda. You too will soon realize the benefits of asset management for your organization and be on the path to success. For more information, visit assetpanda.com.

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