Asset management is an inherent necessity for every business. Without it, the performance and efficiency of the company will suffer, leading to a waste of resources. To put it simply, the better you manage your assets, the more money saved.

As businesses get bigger, manually tracking assets becomes less and less feasible. For this reason, the use of smart asset management software is quickly turning into a standard for almost every industry.

If you are those who remain skeptical of these tools, you may reconsider your stance once you see the potential benefits:

1. Streamlined and Automated Management

Using an asset tracking solution effectively eliminates the manual process along with the human error that goes with it. With the global pandemic still affecting businesses, both large and small, there is no better time to make sure that resources are handled and appropriately allocated. Through March and April alone, it has been estimated that unused assets are costing US companies over $55B.

Smart asset and inventory management software like Teqtivity ensure that each asset is accounted for and transferred to the right location or individual. These tools provide a more streamlined and hassle-free experience for the people managing the assets as well as the ones using them.

2. Better Security

As we advance through the digital age, cybersecurity threats are becoming a norm. It’s every company’s responsibility to ensure the protection of their system data and safeguard their customer’s (and their own) assets.

While firewalls and anti-malware technology do most of the heavy lifting when it comes to cybersecurity, asset management still plays a passive yet essential role. It allows businesses to assess their security software’s status much faster. Through proactive management, data systems are less exposed to threats caused by obsolete or outdated software.

3. Optimized Asset Lifecycles

Asset lifecycle management tools will accurately track each asset from their initial purchase up until its retirement when obsolete or spent. How can this process help a business? By providing accurate data for every asset, companies can:

Maximize the use of each resource
Make better-informed purchases
Accurately forecast potential needs
Take a proactive stance in resource replenishment
Improve the quality of their IT services

4. Easier Regulatory Compliance

Every business adheres to strict regulations that need following. By using asset management software, companies can comply with these rules easily.

For instance, many IT assets require software updates, license renewals, or hardware replacements. Companies that heavily utilize IT resources should consider employing IT asset management (or ITAM.) An effective IT asset tracking solution can determine the appropriate time to notify the right individuals when their assets require maintenance.

4. Universal Source of Asset Data

Usually, every asset such as machinery, fleet assets, IT hardware and software, land, properties, furniture, products, or raw materials are managed within different systems. Many companies are integrating asset management software that keeps track of the entire inventory in a single system. Benefits of a universal source of asset data include:

A more streamlined process of acquiring asset data
More accurate financial reports
Easier monitoring of fast-moving assets
Easier to keep track of insurance assets and taxes

6. Higher Asset Visibility

Every business knows the difficulty of asset audits. However, they remain a necessity that allows businesses to spot any irregularities in the data that might potentially cause a bigger problem in the future. Without auditing, companies may remain unaware of the rising costs caused by related taxes, maintenance fees, and ghost assets.

An asset tracking system improves audit performance by raising the visibility of every asset that might cause compliance risk reductions. When properly set up, this tool can provide accurate data that helps business owners make better-informed decisions.

The Bottom Line

With many businesses making the switch to a more remote workforce due to the COVID-19 pandemic, asset management is now more critical than ever. Employees are utilizing their company’s assets outside of the conventional workspace, making it objectively harder to keep track of the flow of assets.

Despite this growing need for automation, many companies continue to consider these management software as low-priority or even unnecessary. Implementing asset management tools into your business’ current system might involve jumping through several hurdles, but the advantages are well worth the effort.

It’s a solid investment that potentially augments a business’s efficiency, which, in turn, produces higher revenues.

Want to start protecting your assets? Contact us today.

Why Your Business Needs Asset Management