5 Ways to Effectively Manage Your Asset Inventory

The idea that you don't know what you have until it's gone is only relevant if you don't keep track of your possessions. If you don't keep track of what you have, then it'll be quite easy for you to forget what you have until you don't have it anymore. When it comes to expensive equipment like computers, machinery, and equipment, you can't afford to lose it because you don't know what you have.

That's why keeping an asset inventory is crucial for your business. Keeping an inventory allows you to know exactly what you have, what state it's in, and what you need to do in order to keep your assets working.

Here are some best practices you should implement when it comes to developing an asset inventory.

Estimate the size of your inventory

Even if you only have a few assets to track, you still need to take the time to manage them. However, if you have more than a handful of assets, it's likely you'll need to use a software to help you take care of your assets. Estimating your inventory is easy: all you need to do is take a walk around your company. If you're having trouble remembering what assets you have by the time you get to the next room, you'll need to invest in some tracking software.

Figure out who will be in charge of managing your inventory

Depending on how many assets you have on hand, you might need more than one person to help you keep inventory. Can you assign a single team member to track your valuables, or does it need to be a team effort? While everyone should be informed of the asset tracking process, you need to have at least one person in charge of inventory efforts.

Learn the basics of asset tracking

Asset tracking works best when you have the right data. This means knowing your asset's value, life cycle, and current status. Getting all of this information into a system might seem like a colossal amount of effort, but it will save you a lot of time and money later. The great thing about creating an asset tracking database is that it helps you track all of your assets, not just the ones you're putting into the system now. When you obtain more assets in the future, you'll be able to input their information with little time and effort required.

Use the appropriate software

There are dozens of programs available that can help you track your asset inventory. But before you choose one, you'll want to make sure you can find a program that fits all of your needs. Inventory software can be cumbersome and difficult to learn. You don't want to spend hours learning and teaching your team how to use a program that might not fit your needs. Asset Panda's flexible platform is easy to use and changes to fit your needs, so you don't have to worry about making a software behave.

Do some housekeeping

Some of this is literal housekeeping, but most of it isn't. Take the time to organize your assets in a way that's easy for your team to access later. You'll also want to take some time to update your database records and integrate them with whatever software program you choose. You'll want to make sure you get rid of any assets that aren't doing your company any good, to clear up space and money for assets your company actually needs.

When it comes to doing asset inventory, implementing some best practices will go a long way to helping you adopt an easily maintained way of doing inventory. Using Asset Panda can help your team understand what methods you've decided to use, and help them figure out the best ways to stick to your asset management plan.

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