April 8, 2021
Asset Management Software Solutions Protect Bottom Line
Why should asset management software solutions be such an integral part of any organization’s budget? Our national economy isn’t out of the woods yet. Aren’t most companies looking at ways they can trim expenses and maximize the resources they already have?
Precisely. And that’s precisely why asset management software solutions make sense right now. In a blog post (“Employment and Claims”; Sept. 5, 2020) on their site, U.S. Economic Snapshot, Economics Professors Thomas Cooley and Peter Rupert state that “unemployment is still only a shade above where it bottomed in the great recession. And the mismatch between vacancies and unemployed workers is larger than it was during that recovery. This recovery will most likely be sluggish and a lot depends on how fast people get back to work. However, many of the jobs are gone forever and the speed of recovery will depend on how fast the labor gets reallocated.”
Accuracy is everything
Across the board, companies and organizations need effective processes and tools to be able to take care of the fixed assets they depend on to run efficiently and serve their customers and clients. To do this as accurately as possible, they’d be wise to consider asset management software solutions, which remove the human element from a process that can be painstakingly detailed and difficult to track manually. Most consequential, the mistakes that often result from manual fixed asset tracking can be quite costly.
Those mistakes are more common than the organizations that rely on them might imagine. In a blog post for software company RFgen (“Tracking Fixed Assets Across the Modern Supply Chain”; Feb. 13, 2020), author Michael Clark states that re-keying data manually averages at least one error for every 300 keystrokes. That’s a pretty alarming figure when you consider the potential consequences. A single typo can result in an asset becoming lost or falling through the cracks. The organization may then order a replacement asset without needing to do so – an expensive proposition, especially for items like construction equipment or IT assets.
Manual tracking doesn’t just leave the door open for typos; unfortunately, it also invites oversight and gaps in recordkeeping. Many if not most fixed assets require periodic inspection, maintenance and updates. Failure to keep up with the maintenance schedules associated with each fixed asset can lead to slow-running, buggy machines that slow productivity and increase the organization’s risk for a security breach. When those fixed assets do break down, the necessary repairs are more extensive (and expensive) than they would have been otherwise – if they were even needed at all, that is. Rush-ordered service and parts to get business moving again only add to the expense.
A product that grows with you
Companies and organizations are making their way through this challenging period, but they’re also planning for the future. That includes thinking about fostering an environment in which your processes are scalable – and manual fixed asset tracking simply isn’t. Asset management software solutions are capable of growing with your company. They automate significant parts of the asset tracking process, giving you the peace of mind that comes from trusting that your data is both accurate and readily available. No more guesswork or wasted time hunting down poorly managed assets. Asset management software solutions also eliminate ghost assets – another costly consequence of manual tracking procedures.
Asset Panda’s best-in-class fixed asset management platform delivers a powerful, scalable and flexible solution for your asset tracking needs. Completely customizable and mobile, Asset Panda lets you track your assets any way you want, any time.