Every enterprise needs to look at the assets to supervise and see which ones are available for allotment and which one need to be managed, all this is done for better results throughout the enterprise. Management of these assets has a direct relationship with the growth of any enterprise. It is very important to keep a good track of all the vital information of the asset. Asset Management is not easy if your organization is still following the traditional methods of tracking and managing all your assets.
When is business is spread in different locations, it automatically brings in the fact of multiple assets present in each location. It is important to keep a track of all these assets at different locations. For better management and workflow to have collective data for the same is equally important. For that, we can use Asset Management Software, which is capable of maintaining collective data on a real-time basis.
In this blog, we will learn about how to simplify Asset Management when there are different locations to take care of. Let us dive right in!
What do we understand by Asset Management?
Look around yourself, any useful resource owned and controlled by your organization is an asset for you. One that is used to bring financial value to the organization. It is important to keep a track of all of them, Asset Management is all about that.
Asset management is the technique of managing assets. Managing those assets, be they fixed or non-fixed, be they liquid or non-liquid assets are called Asset Management.
How does Asset Management Software work?
It is software that deals with the management of assets, it helps an organization ease the whole process (of managing and tracking the assets in possession of the organization). An organization can keep good track of the condition of its asset from the day of requisition to its disposal. Be it their location, history, depreciation, present condition, current user and many more, everything can be tracked easily with a mere click. Having a machine do all these tasks for you helps the core team to focus on tasks that are more important to handle.
An asset is being tracked down from the moment it is purchased by your organization, to its disposal, no matter how many users it changes. This also leads to an increase in the lifecycle of that asset.
For example, if an organisation is trying to shift assets from one location to the other, they need to keep a track of all of them. For this they want a person to approve the transfer and the location where it is supposed to reach, a person must be assigned to approve the transfer of assets to their location. Doing this manually is very difficult and that is the reason why an organization should shift to Asset Management Software in which all the reports are automated and the tracking system is on work all the time, on a real-time basis.
According to Precedence Research, The global enterprise asset management market size was valued at USD 3.9 billion in 2021 and is expected to hit around USD 10.6 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 11.75% during the forecast period 2022 to 2030.
How can we simplify management at different locations?
With the help of Asset Management Software, an organization is capable of keeping track of assets present in different locations. The data that is collected by this software is based in real-time. You get to see the active movements of all your assets in one place. With this set of information an organization can take crucial decisions.
For example, if 10 employees are working in an organization has + locations, let us assume there are 10 employees working at each location. The number of assets that they will have in total is 6000 (assuming each employee has one asset each). How they will keep a track of all these assets? It is not possible to do this manually, they need to have Asset Management Software which keeps track of all these assets in one place with utmost security and transparency.
Management of assets in a traditional way present in different locations is very difficult. At times the organization can face difficulties as the information present is not true to its sense. There are chances of human error when things are not automated. In Asset Management Software, everything is automated and the chances of human error are reduced to zero as the intervention is minimized. The organization can use this information for making a crucial decision as this information is true and based on real-time data.
What benefits Asset Management can bring keeping in mind the different locations a business is based in?
With Asset Management Software, organizations receive real-time data. They can easily track the movement of all their assets present in different locations with just one click. The results are true to their sense as human intervention is close to zero.
Accuracy of Data:
Traditionally, assets were being tracked with the help of employees, they used to physically track them and then maintain spreadsheets for the same. Now, with the help of Asset Management Software, we can easily keep a track of all the assets and manage them with utmost accuracy as the data is automatically generated and maintained with utmost security.
According to Rahman Ravelli, Fraud and human error are costing businesses and organizations in the UK an estimated £98.6 billion a year.
Idea of stock availability:
With the help of Asset Management Software in an organization, it makes it very easy to keep the track of the stock available. Be it in raw form, in-process or finished good (in transportation). All sets of assets are dealt with priority and treated as valuable. Stock information also helps the organization to keep a better workflow.
If you are an organization based in different locations and you are facing trouble keeping a track of your assets when you move them from one location to another or when you manage them (scheduling of maintenance), this is the sign for you to get hands-on an Asset Management Software which will help you track and manage all your assets on a real-time basis with automated reports. Go and get yourself one right now and unravel the power it holds.
Frequently Asked Questions:
1. Is it possible to identify assets as owned or rented in Asset Management Software?
Yes, it is possible to mark assets as owned and rented in this software.
2. Do we receive alert notifications when there is something to look into urgently?
Yes, alerts are generated in this software. The users get alerts via mail.
3. What kind of audit can be performed with the help of Asset Management Software?
Two kinds of audits can be performed which are Self-audit and Aided Audits.