5 Tips to Improve Asset Management In Your Organization
Asset management allows you to exercise greater control over your assets by offering added visibility into your operations. In fact, improved asset tracking enables companies to reduce theft, purchase fewer new assets, improve safety, and recover missing equipment with ease.
Of course, simply having an asset tracking system won’t guarantee you success. What you really need is to organize your equipment management around industry-standard tips and best practices. Read on to learn 5 such recommendations to streamline workflows at your organization!
Look for a scalable solution
When you think about implementing an equipment tracking software for your organization, do consider the number of assets you have, the size of your organization, and your chances of growth in the future. This is because evaluating the scalability of your solution with this data in mind is extremely important. If your business has no plans of growing in scale, you can go for a version of software that will fulfill the needs of your small business at a reasonable price. This will help optimize asset management and maintain a positive ROI.
However, if your business happens to be mid-sized or larger, and plans to get bigger with time, you can choose a scalable solution. This is because with time, your company is going to acquire more assets. If your asset tracking system doesn’t grow with your company, you might be forced to move between asset tracking systems, which could cost you a lot of time and money. You should therefore check whether your package is comprehensive and customizable – in line with your business needs.
Train your staff well
Asset management systems are designed to minimize errors and save time while they track and manage assets. If you want to wring the most use from such a solution, your staff needs to learn how to use its features well. Giving them training will make sure that your staff members are not going to use the solution incorrectly or waste time by not taking full advantage of certain functionality. Remember, mistakes can pollute your data and cause inaccuracies in billing, compliances, and even safety!
There are two very important factors to consider when you train your staff: resources and timing. It is only best to train your employees before the busiest time of the year. Your staff members should be able to understand the lessons learned in training and implement that knowledge in the busiest times, helping save you money at a time when margins are naturally low. It is also a great idea to spot check assets to instantly catch errors before they take too much time to fix, especially during the initial stages of training.
Customize your asset reporting
Asset managers usually develop a set of reports they use to provide feedback to the management and CFO. These asset tracking reports offer instant insights into future asset acquisitions, better usage of existing assets, and even tax planning. Many times, companies simply depend on generic boilerplate reports for asset management. If you want useful insights, however, your reports should be tailored to fit your industry and workflow.
A custom report option allows you to make as many specific reports as you want, and save them for repeated use. This is very beneficial for business, as it isolates important metrics and enables you to have greater focus vis a vis company goals.
Tag assets appropriately
Most companies own many assets of the same type – such as Macbooks, printers, or even company trucks. This means it is very easy to mistake one of these assets for another of the same type. Therefore, it is vital that you use some kind of value to tell these assets apart. However, it is recommended that you do not use an asset’s serial number as the primary identifier because it is possible that the serial number can be identical to that of another asset.
The answer is asset labeling. You should make sure that you tag each asset with a unique identifier in the form of Barcode or QR Code labels or RFID tags. Asset tagging best practices dictate that you consider various factors before you choose a vendor who can provide you with your labels. For example, outdoor assets need labels or tags that can tolerate exposure to water and temperature variations. As another example, you might want to have tamper-proof labels that break when someone attempts to remove them, which discourages theft and mishandling. Choose wisely!
Integrate and centralize as required
Having an asset tracking system in place is great, but what’s even better is being able to supplement it with other functionalities as your business needs increase. There are many businesses that opt to integrate their asset tracking solution with accounting applications or project management software. Such integrations facilitate productivity because you can actually exchange data easily across two platforms. Otherwise, you will have to manually re-enter all same the data into the second system – at great cost to your staff!
The great thing about these integrations is that they allow you to centralize all your data in one space. You can therefore carry out asset management, people management, ledger management, and task management all from one space. The benefits of this are incredible – no more wasted time, redundant data entry, and lowered productivity as a result of repetitive tasks!
We hope these tips and tricks have been helpful to you. Do you have more tips and best practices for us? Share them below!
Bio: Momina Sohail works as a Communications Manager for EZOfficeInventory. She is interested in the way technology interacts with and redefines contemporary business culture.