Digging into the Importance of Asset Management

Asset management is defined as “the process of developing, operating, maintaining, and selling assets in a cost-effective manner.” Every company needs to keep track of its assets. They play a central and very important role in how a company/entity operates. By keeping track of assets, or for some organizations, inventory, they have accurate knowledge of what assets are available and what can be used to provide optimal returns. The importance of asset management for daily operations should not be ignored.

More Than Just Counting

Many businesses are realizing how much they have to lose in terms of productivity if they don’t update the way they track and manage their assets. Asset management is more than counting pieces of equipment and typing it into an Excel spreadsheet. Knowing more in-depth and detailed data about 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. And having that data available to employees 24/7 no matter where they might be located is enhancing accountability and efficiency in how they keep track of valuable company assets.

Stay Ahead of the Competition

Asset management is also helping many companies stay ahead of the competition. When you have a powerful asset management system in place, you can focus your attention on areas which can 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. For companies that carry inventory to be sold, they have real-time knowledge of what items they have, or when stock might be getting low and it’s time to reorder. You don’t want your customers going to the competition because you ran out of stock. Asset management helps ensure that doesn’t happen.

Improve Workflow and Productivity

Asset management and tracking has also 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. It’s a win for everyone.

Still not convinced about the importance of asset management? Here are a few more benefits that might sway you:

• Asset management makes it easy for businesses of all sizes, across all industries to keep track of their assets, whether liquid or fixed. Employees will know where the assets are located, how they are being used, and whether there are changes made to them. This also is a huge boost to the check in/check out process. Employees are held accountable when they use an asset, and the likelihood of them returning the asset on time and to the correct place increases.
• Asset management helps to identify potential risks that could arise from the ownership or even use of certain assets. Maybe an item isn’t performing as expected, isn’t used at all, or is always breaking down and going in for repairs. Tracking an asset over its lifecycle can help make important financial decisions on if an asset is a benefit or causing more financial harm to a company.
• Asset management eliminates those pesky “ghost assets” in a company’s inventory. Unfortunately, many companies have instances where lost, damaged, or stolen assets are still being recorded on the books. Asset management removes those non-existent items and gives organizations a real-time and accurate view of what assets truly exist.

Opting for an asset management program like Asset Panda, which capitalizes on today’s mobile-friendly business world when it comes to asset tracking, means your company is ready to make a more financially smart decision that will likely help you profit in the long run. 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 apps that sync with the cloud.

Asset Panda understands the importance of asset management for everyday business operations and is here to help get you on track. Visit www.assetpanda.comfor more information and a free 14-day trial.