Prevent Common Pitfalls with a Fixed Asset Management System

By December 28, 2017Asset Tracking, Blog, Use Case

Prevent Common Pitfalls with a Fixed Asset Management System

When it comes to your most important investments, a good fixed asset management system really isn’t optional anymore. Not if you want to maximize your revenues, save time, increase your efficiency and preserve employee morale, that is. A fixed asset management system easily prevents common pitfalls that can have serious consequences for any organization, whether large or small, and regardless of industry.

First, what are fixed assets? In a nutshell, they’re property that doesn’t make you money, but rather helps you make money. Take, for example, your phones, computers, tablets, laptops, monitors, office furniture, real estate, company vehicles, etc. They’re not producing income for you specifically, but they help you run your day-to-day operations. Each of those items holds value and must be reported for accounting and compliance purposes. Some of those items require routine maintenance and/or inspection. And some fixed assets routinely change locations, moving from employee to employee, or among various locations. Theft and loss is a risk for any fixed asset, but particularly for IT assets. A company must keep tabs on the location of their equipment, as well as its condition. An easy fix that remains ignored can turn into a major overhaul or, worse, a premature replacement. Regardless of your line of work, you have a mission to be a good steward of your company’s resources. A good fixed asset management system can help you do that.

Up until recently, companies typically tracked their fixed assets using manual methods – predominantly with an Excel spreadsheet or even with pen and paper. Unfortunately, such methods were highly unreliable and error-prone. The data tied to your assets is an ever-changing entity, so it’s incredibly difficult if not downright impossible to monitor those moving parts with a spreadsheet. Typos were very common, and it was challenging to consolidate records kept by multiple employees. These static records also didn’t facilitate communication among stakeholders; record-keepers lived in a vacuum, so to speak. What all too often happened, then, was guesswork, mistakes, lost time and money – not to mention frustration.

The right fixed asset management system can remove the communication barriers and bring everyone into the loop. Asset Panda offers the world’s most powerful, yet simplest to use mobile fixed asset management system. Powered by free mobile iOS and Android apps that sync with the cloud, Asset Panda serves up robust data about your fixed assets 24 hours a day in real time. You can loop in every one of your stakeholders at no additional charge, and you won’t need any additional hardware or software to use the app – just the smartphones and tablets you and your employees already use.

The app’s features – including the dashboard, fields, columns, notifications, alerts, reports, security settings and more — are completely customizable. In the palm of your hand, you have access to the complete lifecycle of every one of your vital assets, including such data as an item’s exact location and condition, its insurance policy, warranty information, lease/purchase information, depreciation and/or inflation, complete maintenance history, and more. Send reports, set up alerts and reminders, create work orders, even use Asset Panda as an enterprise service desk to reduce your support call volume.

With Asset Panda, you can rest easy knowing that your data is up to date and accurate. It’s easy to integrate with legacy systems, and it’s simple to export and import data out of and into the tool. The time, cost savings and peace of mind you’ll realize with this incredibly powerful, yet simple tool are substantial. And Asset Panda has been designed with an eye on the future – it’s flexible enough to incorporate new technologies as they become available in the future.

Some of the world’s biggest brands already trust Asset Panda to help them manage millions of dollars’ worth of their most vital assets. Skip the guesswork, frustration and confusion. Get to know Asset Panda with a free 14-day trial. To learn more, visit assetpanda.com

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