Government organizations have lots of assets at their disposal. From computer systems to furniture, from vehicles to machines used on a daily basis, they form a huge quantum of assets. Every asset is necessary for the functioning of the office.
Evidently, there are many risks involved if there is no asset management software in an organization. The lack of such a system can lead to loss or misplacement of assets. All physical assets in an office need to be maintained and software licenses need to be valid and not out of date.
In order to avoid such scenarios, entities need asset management software. Here are some of the benefits that government organizations stand to gain:
Asset tracking is the method to track an organization’s physical assets, using several techniques such as Barcode, RFID, NFC tags, etc.
Asset tracking is quite important for any government organization– for its functioning and compliance. It provides actionable information on all assets and also for those which have reached the end of their life cycle.
Asset tracking solves several business challenges. Its framework enables companies to become more efficient and boosts their bottom line by making optimized use of existing resources to achieve the best results. The main objective of asset tracking is to maximize asset control and minimize equipment loss.
Extend Asset Life
Tracking asset life is also very crucial for an organization. With asset management software, you can know if the asset is working properly, whether it needs any kind of maintenance, and so on. Overall, it makes sure that assets are functioning well and performing as per expectations.
When the organization is aware of the status of its assets, they make correct decisions so as to save expenses and extend the life of an asset. One of the major benefits of asset tracking is that it enables tracking, managing, and increasing the assets’ lifecycle. Asset tracking provides regular updates for the proper maintenance of assets.
Unproductive Asset Detection
It is important to track unproductive or unused assets items for which money is being spent on maintenance. Such types of equipment hinder the organization’s productivity.
This is where Asset tracking management software comes into play. It monitors and structures depreciation of assets and helps plan their replacement. It thus assists in growing the business by identifying unproductive items.
Maintenance of assets, tools, and equipment are essential for the media industry as they cannot afford unexpected breakdowns. Such situations can cause work delays or missed opportunities, which is not good news for a media organization.
Asset tracking software schedules a preventive maintenance plan in order to overcome glitches and malfunctioning equipment. Regardless of whether it’s defective video equipment or non-operational audio devices, such issues can be fixed by scheduling a proper maintenance plan.
Proper maintenance of an asset not only leads to asset efficiency but also reduces the risk of a sudden breakdown. Also, the life cycle of the asset increases.
Inventories are consumable assets or items that an organization uses for its operations. Inventory tracking refers to the tracking of non-unique items or inventories of value to an organization. Inventories are generally counted as stock or consumable items like spare parts or batch supplies.
Inventory tracking helps by informing how much supplies are left in the stock. The system keeps track of the inventory on a daily, weekly, and monthly consumption basis. One of the main purposes of Inventory tracking is to use products before their use gets expired.
Finding Ghost Asset
Ghost assets are those assets that are missing or stolen. These assets figure in the records books. However, physically they are not there.
This is a result of non-efficient asset management practices and it has an impact on taxation.
Why are ghost assets a problem? You may be paying taxes for an asset which you are not using. Secondly, when a work order is received and the asset is required to fulfill the work assignment, it can be too late to discover that a particular asset is missing.
Such ghost assets can be accounted for if physical audits are performed on a regular basis using asset management software.
Depreciation is one of the most important aspects of asset management. The asset management system structures depreciation and assists the organization in maintaining accurate financial records. It also helps in making better business decisions, tax savings, and correct tax declarations.
Keeping a manual depreciation record of assets and equipment can be an error-prone and exhausting task. However, asset management software automates this process and provides accurate depreciation and its regular tracking as well.
When asset tracking and management are carried out accurately, the compliance and reporting work can be done correctly. A strong compliance track record also distinguishes a company in its industry. With the assistance of the software, you can get reports of an asset instantly e.g. asset history report, asset maintenance report, asset record, etc.
What Is the Most Useful Feature of Asset Management Software?
Some of the most useful features are:
This is an important feature of the software. At any point in time, an organization can know all asset-related information.
For example, you may come across questions like, what are the current assets owned by the organization? or, What are their current locations? Sometimes like, How many assets are actually in use? or, Which employee is using it? and even questions like When it will be released?
You’d be able to get answers to all the above questions if you’ve been using asset management software in your organization.
As a result of such actionable information, no asset is lost or missed out. Real-time information helps in managing daily operations.
The process of check-in/check-out of assets can be done through the barcode label attached to an asset. The system creates a library in the database which records information such as the name of the person issued to, the returning date, and so on.
Alerts & Notification
Alerts and notifications are the best part of the asset management system. The user does not have to worry about missed maintenance or manual record keeping. Asset management software takes care of the activity.
Re-ordering feature is important especially for stock purposes. Stocks have to be always maintained for continued operations. Thus there is a need for refilling the stocks so that they continue to be available.
The user can set the limit for re-ordering of stocks such that when they drop below the set limit, the system automatically informs the responsible person via a notification about the threshold and the re-order process.
With asset management software in its fold, an organization will see an improvement in its routine business operations. Moreover, the solution also helps in reducing costs through improved purchasing, efficient utilization of assets, and enhanced asset life cycle.
The asset management system can also minimize the risks identified with regulatory compliance. For managing your assets efficiently and effectively, therefore, you need an asset management system to help in achieving the timelines on the targets and saving on both time and money.