Keeping track of a company’s assets is an important task that not only saves companies’ time, but a significant amount of money as well. Asset management involves maximizing a company’s asset to provide the best return of investment to stockholders. In most cases, this involves asset recovery as well. Businesses own a wide range of assets including liquid and fixed ones. Therefore it makes perfect sense why it’s completely necessary for businesses to be able to manage their assets and use them to get the best possible returns. For this reason investing in an IT asset management software is important.
Benefits of IT Asset Management Software for Businesses
Below is a list of reasons why IT asset management is important when it comes to managing businesses nowadays. Take a look at them we hope they’d be able to convince you to get one for your company as well.
- Allows Asset-Tracking. IT asset management software makes it easier for any organization to keep track of all their assets. It can provide information on where a particular asset is located, how it is used, when modifications were made to them, or how long their lifecycle is. Information from the asset management software will guarantee better returns with asset recovery.
- Allows Management of Assets From Different Locations. The companies can easily, accurately and effectively create an inventory report as required by insurers or lease financiers.
- Can Be Used to Check Whether Amortization Rates Are Accurate. Regular assessments of the assets will guarantee accurate business financial statements.
- Automatically Reveals Asset Recovery. The moment assets are thrown away or sold, they will be deleted from the records and books of the business. Similar assets, like consumables and spare parts, are either written off or sold to free up storage space.
- Save On Maintenance Costs. During the operational phase of an asset’s lifecycle, the company can go through under and over maintenance issues. Maintenance is a necessary business expense that can cripple any company financially if done the wrong way. Over maintenance can bring about significant expenses. Under maintenance, on the other hand, can bring about reduced productivity.
- Leads To More Efficient Operations. Companies can understand the capabilities of their assets better with the help of an IT asset management software. A software like this can also guide them on how they can operate their assets in the most effective way possible. The upside is that it’s quite easy to operate and use.
- Helps Implement a Risk Management Plan. An IT asset management software also manages the risks related with the use and ownership of assets. By conducting proper assessment of the assets, you can identify what kind of risks are involved, and formulate solutions to avoid them.
- Helps Optimize Operations. This includes planning, resource use and the implementation of the management system.
- Removes Ghost Assets in the Inventory. There are cases when items that were reported lost or stolen are still in the inventory records. These are called “ghost assets”. In most cases, ghost assets are items that were inaccurately recorded. An IT asset management software can help remove them so that your records will be accurate.
- Lower Incidents of Theft. Using an asset management system has been reported to lower incidents of theft. By properly accounting the asset recovery process, you ensure that the company optimizes the returns without losing any item in the process.
Implementing an asset management system is very important for any company. It’s not only helpful in monitoring assets but helps in the recovery of assets as well. Win-win!
Benefits of IT Asset Management System for Governments
Below is a list of reasons why IT asset management is important for Government organizations:
Government organizations handle or control a wide range of assets: from public spaces like roads, parks to buildings to fleet vehicles and military bases. With such a wide range of assets in their possession, it is very important, therefore, to keep good records to avoid unnecessary expenses and make sure that you abide by regulatory compliance.
Using traditional forms of asset management—such as papers and folders—is a very ineffective way to track and manage assets. This system is not only plagued with millions of inaccurate data but is also slow and inefficient. Adopting an IT asset management system can be hugely beneficial for government organizations. An ITAM software can improve asset life, track maintenance expenses, prevent and calculate asset failures, increase productivity, reduce unnecessary (and costly) downtime, ensure compliance, and reduce overall maintenance costs.
Below is a list of some of the benefits of an ITAM system for government organizations:
- Track Documents Easily
With every asset logged in the system, relevant documents such as manuals, receipts, warranties, and the like can be uploaded and kept with the asset. This provides you with a guarantee that all your documents are kept in one secure location.
An ITAM software can save you hundreds of hours on manual reporting and even provide you with all the information you need on equipment maintenance quickly and conveniently. The best part about this is that you can perform the inspections using your mobile device (phone or tablet). You can synchronize the inspection data back to your office, and voila! You’ll have a simple, yet comprehensive account of all assets. With this data you’ll be able to perform the necessary preventive maintenance schedules of high-value assets.
- Improved Use of Assets
An IT asset management software allows you to know just what assets you have, where they are kept, as well as their condition. Thus, you will never have to purchase more equipment than you need, and you can use your available assets more efficiently.
- Take Advantage of Lower Insurance Premiums
IT asset management systems conduct timely inspections, asset inventory and schedules preventive maintenance which all help to keep your insurance premiums as low as possible.
- Control Asset Inventory
Physically verify and tag assets to prevent loss through theft, thus saving money on replacement costs.
- Increase Efficiency
You can increase efficiency with the help of an IT asset management system. Use automated processes for inspecting, adding and modifying asset records. Automatically take data with a barcode or RFID scanner, and produce comprehensive reports with a single click of a button.
- Ensure Compliance to Rules and Regulations
IT asset management software can help ensure regulatory compliance (GASB, GAAP, or PSAB) as it can generate standard reports and custom reports as necessary. By knowing exactly what assets you have, where they are, their date of purchase and their depreciated value, you can assess with total accuracy the overall value of those assets. Knowing and being aware of the total value of your assets plays a huge role in compliance to regulatory bodies such as GASB, GAAP or PSAB.
Traditional and obsolete ways of using paper forms to manage and track assets pale in comparison to the efficiency of digitally managing assets. Collecting data on paper can take hours of manual labor. Added to that you have to track, inspect, write reports only to end up with hundreds of inaccuracies and transcription errors. An IT asset management software provides a digital solution to solve the inconvenience associated with paper and pen forms. ITAM software improve a company’s day-to-day operations by saving time and resources, which is important for Government organizations.
As a business grows, so do its assets. The more assets a business has, the harder it is to lose track of what assets are owned and where those assets are. For example, it can be quite confusing if you have multiple offices.
Understanding and gaining insight into the software and hardware in your network may be close to impossible to do manually, but with the help of technology and a reliable IT asset management software, you’ll be able to get it done with a single touch of a button.
IT asset management is a complicated process. However, with the right people and right service provider, processes and tools, your company can benefit greatly from this type of management system. Do your research properly and you’ll be able to narrow down who and what the best asset management providers are out there in the market.
Any business owner or organization should put IT asset management at the top of their priorities. Next to employees and workers, an asset management software is one of the biggest investments your company can wager in. Being able to address compliance issues and tracking and managing your assets conveniently, all while saving money are just some of the benefits you can get from a good and reliable IT asset management software.
If you’re looking to improve your company’s operations and track your assets better, choose a trusted and highly-rated ITAM service provider. In the meantime, do your part and learn more about the benefits of employing an ITAM system into your company. Figure out how you can integrate and optimize such system into your business.