Digging into the Importance of Asset Management

You can define asset management as “the process of developing, operating, maintaining, and selling assets in a cost-effective manner.” Every company needs to keep track of its assets. Your assets play a central and crucial 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 is available to provide optimal returns. Companies should not ignore the importance of asset management for daily operations.

Why is Asset Management Important?

Many businesses realize how much they have to lose in terms of productivity if they don’t update how they track and manage their assets. Asset management is more than counting pieces of equipment and typing them 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 and instances of duplicate purchases or last-minute maintenance needs. And having that data available to employees 24/7, no matter where they physically are, enhances accountability and efficiency in keeping 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 robust asset management system in place, you can focus your attention on areas that can grow your business (like marketing, sales, or customer service). This knowledge gives your business the upper hand and a better outlook for the future.

Companies that carry inventory to be sold have a real-time understanding of what items they have or when inventory might be getting low and 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

Proper asset management enables more efficient planning and organization within your company and leaves employees more accountable and responsible. Asset management and tracking also help improve workflow and productivity, record losses in the event of a natural disaster, reduce employee theft, and eliminate the occurrence of lost or misplaced assets (otherwise known as ghost assets). It’s a win for everyone.

Proper Asset Management

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 massive boost to the check-in/check-out process. With asset management, you can hold employees 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 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, or is constantly 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.

Asset Management for Businesses

Using an asset management system like Asset Panda, which capitalizes on today’s mobile-friendly business world regarding asset tracking, will likely help you profit in the long run.

Our asset management system is the most powerful yet simple-to-use 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. Learn why Asset Panda is one of the highest-rated asset management software today by getting your free demo today (no credit card required)!