What Kind of Asset Management Benefits Can You Expect?

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What are the asset management benefits you can expect once you’ve implemented an asset tracking solution in your organization? Perhaps the most significant among all asset management benefits is the centralization of your fixed asset data in a single platform. If you’ve been relying on manual asset tracking procedures (like Excel or pen and paper), or if you don’t have any organized asset tracking procedure in place at all, having your data in one location for anytime access is a game-changer. No more hunting down lost or stolen assets, no more frustration from equipment that breaks down prematurely and affects your employees’ productivity, no more guessing how many fixed assets you have or what their respective values or condition might be. When you can account for all of your fixed assets, you’re far more likely to remain in compliance, maximize the useful life of those assets, increase your productivity and reduce your costs.

Location

The ability to know where an asset is supposed to be has obvious benefits. If one of your departments needs a particular asset, and you have one in your inventory that’s sitting idle elsewhere, a formal asset tracking system will help you locate it within seconds. Without such technology, your only option is to get on the phone, leave voicemails and wait. An asset management platform will also tell you when you don’t have an available asset, so you can order one without the risk of duplication or waste. If you’ve been manually tracking your assets, it’s possible you may be paying insurance for ghost assets that aren’t in your inventory anymore. It’s easier than you think for assets to simply fall through the cracks and remain unreported. Another one of the significant asset management benefits you’ll experience with a formal system is the ability to conduct routine asset audits, which in turn helps you avoid ghost assets.

Compliance

If you’re a government entity, nonprofit organization, or even a for-profit business, you’re probably required to produce reports that validate the acquisition, use and disposal of your assets. Centralizing your data in one system simplifies this process substantially, helps you avoid guesswork and remain in full compliance.

Lifespan

Also included with your asset management benefits is the ability to maximize asset lifespan. Consider this example: Let’s say you own several IT assets. Each of those items requires periodic maintenance and updates, and because most of them were acquired at different times, the maintenance and update schedules attached to each of them are going to be different. Tracking those dates on an Excel spreadsheet becomes increasingly more difficult as your IT asset inventory grows, and given the hectic nature of most work environments, it’s common for key service dates to be forgotten. With an asset tracking platform, you can set up customized notifications and alerts that remind you of those important dates, so you keep your IT assets in good working order and avoid slowdowns and security vulnerabilities.

Mobile Asset Tracking: A Streamlined Yet Powerful Solution

Although asset tracking and management is a complex task, advancements in technology have streamlined the process considerably. In fact, with a good asset tracking platform, you can largely outsource the task and be assured that your data is accurate and up to date. Asset Panda’s mobile platform is the world’s most powerful system for asset management, and all you need to use it is your smartphone or tablet. Completely customizable and intuitive, Asset Panda delivers all of the asset management benefits you want and more.

By:

Courtney Roush

Courtney Roush is a freelance writer, editor, and communications strategist with 25 years of experience. Her favorite discipline is crisis communications – and it’s a highly relevant one in our present times.

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