In the past three years (post-covid-19), we have seen a major decline in manual processing. Technology is on a boom, there is a major shift in how work was previously done and the way it is done now. If we talk about Financial Institutions, there is a major shift in how the tasks are now performed. Previously they used to rely on their employees for Asset Tracking and Management as they did not have a lot to focus on. But now that we see n number of competitions arising we need to work proactively and prove our value. For this, they have shifted to Automated Asset Management Software which helps them track and manage their assets with utmost accuracy and transparency.
The Financial Technology sector has a lot to take care of, be it computers or machines that their employees use. There is a lot of asset movement history in the organization, which needs to be tracked. Without a proper management system on their premises, they might end up confused, which is not a good situation to have in any Financial Institution. In this blog, we will together try and understand the ways to optimize Asset Management for Large-scale fintech organizations. Let us dive right in!
Management in Large-scale Fintech Organizations
There are a lot of new organizations jumping into the Financial Sector every day, which then brings us to the idea of huge competition. To survive in the market and to make customer value your product you need to be good with management, all the decisions that you take must be derived from a set of reports that are completely error-free.
Management is never just limited to keeping a track of the daily activities that you perform. But it is more about managing the assets that help you perform those daily tasks. It is very important for Fintech Organizations to manage their assets well, it will help them to maintain a good workflow and this will even reduce the amount of risk that they would have incurred due to bad management.
In an organization, there are multiple levels of transfer of assets, some between departments, some between employees of the same department, some between inter-location etc. To keep a track of all these movements it is very important to have Asset Management Software as to keep a manual record of all this information while maintaining registers and sspreadsheets is not possible.
For example: If an organization is located at different locations with thousands of employees working under them. There would be n number of daily tasks which need to be performed by them on assets which are specified to them. It is important for them to keep a track of this workflow and it is equally important for them to keep these assets managed so that they never face unwanted hurdles, and no work is ever hampered.
According to a Research Paper called Organizational Dynamics, “The rapidity with which the organizations must respond to change is becoming a legend.”
Asset Management in large-scale Fintech Organizations
A unique value is being added to the operations of any organization that decides to invest in Asset Management Software.
According to Accelix, “average organization may spend up to 80% of their maintenance time performing reactive work as the result of an issue or performance disruption.” This tells us about the importance of managing our assets if we do not want to disturb the workflow. Management plays a very important role in keeping the risks away from the organization. When assets are maintained well, there is no sudden downtime that we can face. With this comes the surety of the best results and maximum profits.
Steps to optimize Asset Management for Large Scale Fintech Organizations
Dedicated team for Asset Management
The first and foremost step that an organization has to take is to have a dedicated team for Asset Management in their organization. Which looks after all the assets in possession of the organization. This will give them a clear path to move on which then will lead to clarity in the workflow and ultimately profit for the organization.
Tracking the Lifecycle of an Asset
Asset Management starts from an organization knowing all about the history of the asset that they possess. The lifecycle of an asset starts from the organization buying it and ends at its disposal. During this time period, the asset changes n number of users and it is important to keep a track of all of them.
Automated system to your rescue
If an organization is working in say 600+ locations with 10+ employees in each location. Would it not be difficult for them to keep a manual record? To save time, efforts and money one must invest in Automated Asset Management System that will help the organization get reports true to their nature, on which they can rely easily and base their decisions on them.
Streamlining KPI and Asset Management report
If you are well aware of your Key Performance Indicators and you are getting reports true to their nature with zero human error, why not sit and streamline both of them to get the best results for the organization? This will increase customer satisfaction and ultimately their trust in the business, which is anytime a favourable condition for the organization.
Large FinTech Organizations are supposed to tilt toward the best technologies available to set their mark in the fast-paced industry that they are in. For that, they need to set up a solid base, they must have Asset Management Software to deal with all their asset’s Tracking and Management work. One must keep a track of all the asset movement in the organization. Asset Management keeps the flow going with true reports that can be trusted.
Frequently Asked Questions:
1. Is it possible to optimize the process steps in Asset Management Software?
Yes, it is possible to optimize the process steps in Asset Management Software.
2. Can assets be tracked when shifted from one location to the other within the organization?
Indoor Asset Tracking is a feature in Asset Management Software.
3. What are the Automation technologies that are available to us?
Artificial intelligence (AI), Internet-of-Things (IoT) devices, and machine learning.