How Tech Can Benefit Asset Management
Technology is constantly improving and optimizing how businesses operate. Organizations that understand the impact technology has on modernization can stay fluid and thrive as time progresses…and those that don’t, don’t.
One of the most important parts of running a business is being able to effectively protect and manage important assets. The following are some of the ways in which technology is proving itself to be an important asset itself:
‘Tracks the physical location of your assets
All too often, businesses utilize a decentralized approach to check-in and check-out systems for their shared fixed assets (such as laptops, mobile computers and vehicles).
There are two common reasons for missing assets: human error and theft. When the cost of stolen equipment reaches up to $1 billion annually, it’s important to make sure no one, not even employees, can take fixed assets at will. (Additionally, the costs of ghost assets only adds to the financial burden of a company.)
Eliminates paperwork errors
Errors regarding the physical location of your assets is one thing to consider, but paperwork errors can be equally problematic. Studies show that 88% of all spreadsheets contain errors. One misplaced decimal point or comma can cause accounting quandaries, not to mention mislabeled, misplaced or forgotten assets on the ledger altogether. Paperwork errors like these not only create ghost assets, but zombie assets, assets which appear in your workplace but have no record on your FAL or accounting forms.
With management software, every asset, whether tangible or intangible, whether office equipment or simply a folder of important documents, has a digital record (complete with tracking label, notes concerning maintenance schedules, photos, and any other information you deem necessary) that won’t be misplaced or mishandled.
Continuity means two things in this context. It refers to continuity across inventory lists and audits, which is important especially as your business continues to grow. Taking an inventory of your assets takes enough time that even the count of the items can change by the time you’re finished writing. Another huge consideration comes with continuity across personnel. If the people in charge of fixed asset inventory happens to move on to another position or goes on vacation, there will be no drop off of protocol, or confusion when a new employee steps in to pick up the slack.’ (Paul Trujillo, waspbarcode.com)
Here at Horizant our asset management services optimize the use of all assets throughout their full operational lifecycle, from acceptance through operational use, repurposing and disposal. Learn more about this service, and contact us today!