Asset management is a vital part of businesses today, but one that they often get wrong. Even as little as ten years ago, the amount of business assets most small businesses were using could easily be managed through a spreadsheet or a musty log book. Today, however, there are so many things to keep track of! With the diversification of the global market, the tech revolution, and the growing needs of the average workplace, even small businesses could have hundreds of IT assets, stock rooms full of inventory, and all this spread over a number of locations. All of these items have to be turned over to employees, and any theft, loss, or damage has to be accounted for. While a missing battery here or a lost keyboard there won’t break your company, these losses can accumulate over time and spell out bad news for your business. This is why it is becoming increasingly important to have a workforce that is accountable and transparent in their management of these assets.
How can you ensure that you’re managing assets the right way in your organization? The answer lies in an automated online solution. An asset tracking software that enables your company to log and track asset details can be a huge boon for small businesses. Not only does this help you keep tabs on expensive equipment procurements, but it also allows you insights into utilization and custodianship, which help you streamline workflows much more effectively. Therefore, the key to an accountable workforce is having a system in place that lessens administrative burdens on your workers, but at the same time exposes data that, if kept hidden, could aid in the mismanagement and misuse of business property.
With this in mind, we’ll take you through some of the key ways automated asset management encourages your employees to be more responsible in their handling of company equipment.
Custodianship Records
If all you’re using to track the transfer of business assets across your organization is a spreadsheet, chances are you could get muddled up really easily. This system is very prone to human error, and the fact that any gaps in information aren’t flagged up automatically can result in incomplete data being used for future business decisions. This is why an equipment tracking software that keep custodianship records and creates linkages between users and items is especially helpful in this context. You’ll know who to hold responsible for lost or misplaced items, and GPS trackers can even help you locate the items again!
Procurement and Retirement Logs
This is another great bit of information to have about assets. Often, the simplest way items go missing in an office is by over-ordering them, retiring them before their shelf-life is up, or putting inventory down as being consumed when it wasn’t. Strict procurement, retirement, and consumption logs can help managers see when an item was ordered, who’s been using it, and whether or not it was formally retired by an administrator. These real-time updates help make organizational data a lot more transparent, and ensure that your stock isn’t being used for anything other than your business needs!
Maintenance Schedules
Damaged assets are a lot more common than items being stolen or misplaced. Of course, diligent workers try their best to not damage company property, but sometime rough use and wear and tear is inevitable. This is why automated asset management that tracks the maintenance schedules of assets is very important to have. It gives employees a chance to flag assets up as needing a service when they’re worse for wear, ensuring that the next time the asset is checked out, it’s perfectly good to use again. Therefore, it’s not just important to discourage workers from mismanaging assets, but also to arm them with tools that help keep business assets in working condition – all with little effort on their part!
Compliance
Compliance is a huge deal for businesses today. Standards and practices have been formalized and institutionalized to such an extent that to operate outside the parameters of these regulations would be a grave mistake. This is why small businesses could really use an automated software that sends out alerts when certain requirements have to be met, and allows you to track very specific details that are crucial to becoming compliant to industry standards. All of this ensures that your employees are working in the best conditions possible. This kind of trust goes a long way in making happy, reliable, responsible workers!
Actionable Reports
A lot of small business owners don’t keep accurate or up-to-date records of the goings-on in their organization. Of course, this can lead to disastrous outcomes, as business decisions made based on inaccurate or incomplete data can really damage your operations. This is why it is especially important to run reports on different facets of your business, and analyze them thoroughly to gain actionable insights. An asset management solution helps you do just this. You can get rid of redundant equipment, streamline procurement processes, and plan maintenance schedules well in advance to eliminate any roadblocks in asset management, all from one centralized space! Giving your employees access to these reports can also help keep them on their toes and ensure that they know which areas need more improvement on their part.
Audits
Audits are the cornerstone of any asset-intensive organization. They help you ensure that all your equipment is where it’s meant to be, and allow you to create detailed histories of all your business investments. Equipment tracking software that comes bundled with a Barcode or QR Code scanning app can make this process even quicker, helping you process hundreds of items in a short span of time. This allows you greater visibility into your business assets, and encourages your staff to take ownership of custodianship and maintenance activities. In fact, there is often no better way to have an accountable workforce than routinized audits, because your workforce knows exactly what to expect. This encourages them to take steps to ensure a successful audit each time!
Conclusion
When it comes to asset management, an accountable workforce isn’t just one that handles equipment appropriately, but one that uses the tools at its disposal to streamline business workflows, increase efficiency, and ensure that asset ROIs are always on the rise. This is why automated asset management is a great solution for businesses wanting to mobilize their workforce, and ensuring that everyone plays a part in making your business thrive!
Bio: Momina Sohail works as a Communications Manager for www.EZOfficeInventory.com. She is interested in the way technology interacts with and redefines contemporary business culture.
