Why Asset Management is so important?
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. Asset Management should cover, but not limited to
What effective asset management does is ensure that you are first, knowledgeable about the number of assets you have, their condition, and their location at every given time and from any location. You as an asset manager and or a workplace executive can have real-time insights about every single workplace asset. Not only that but an effective tool ensures you can centralize your control, cutting back on the number of people whom you’d need to monitor these insights and the number of tools you would need to collect them. An effective platform also gives you centralized control over all assets.
Increased Asset Effectiveness
If your assets are working properly and are in good shape, you and your employees will be more productive. This means that the efficiency of your assets is tied to your workplace’s productivity. An effective asset management system ensures that your assets are at an optimal level. An effective asset management system would be (preferably) automated hence you’re able to see regular updates on an asset’s condition, servicing records, functionality, etc. Comprehensive data is always at your fingertips, hence you’re able to plan towards maintenance, reselling, insurance, or a complete change of the asset.
An effective asset management strategy allows you to track your assets, especially when it comes to assets that are given to employees. No matter the asset, its size or location, an effective asset management strategy helps your account for these assets in real-time from point of allocation to return. With these the processes of purchase, allocation, upgrades, repairs, and turn-ins are transparent and the data is easily accessible for accounting and auditing. This means asset management increases productivity by allowing for seamless tracking of assets and accounting for their condition and whereabouts to mitigate security risks and allow for speedy maintenance and allocation of assets.
Cost and Time Efficiency
You can’t talk about the benefits of an effective asset management system without mentioning cost and time efficiency. Older ways of asset management like the use of spreadsheets are less efficient in time and cost management of assets. They are constantly riddled with issues of inaccuracy but with newer asset management systems, you are constantly updated on the conditions and whereabouts of your assets. You’re able to save costs by avoiding unnecessary purchases and operating expenditures by knowing when and what assets to update and maintain.
You can’t end the importance of a system to workplace productivity without mentioning the core aspect of the workplace, which is the employees. The employees are the ones who make use of the assets in the company to ensure productivity. A good management system in addition to other benefits mentioned ensures that employees can easily request and return company assets seamlessly. The entire operations process from purchase, procurement, request, allocation, reporting, approval, and return of the assets is efficiently managed and automated through a good asset management system. This efficient management system ensures that asset operations are efficient, organized and properly audited. Hence employees can work more productively using workplace assets.