What is Automated Asset Management System?
Every business owner wants to continually increase his business revenues, but only a few really understand what assets they have, where the assets are presently, who controls them, what value can be placed on them; most organizations mistakenly think that it would raise cost of doing business if they keep an audit of their assets. Only a few organizations can tell from experience that it actually decreases business costs and losses.
As a business owner, it is very crucial that you have a thorough understanding of your network of assets. Remember that your business would always grow even bigger than you ever expected. Or has it already? As a competent CEO, you should not only be interested in controls about your revenues. Your assets are very important to you as well without which you really cannot be in business. And as you know, you cannot control your assets if you do not keep records, or if you keep an inaccurate record of them.
Remember that as your business grows, you will do major reorganizations-install new assets and do away with some, hire, transfer, and fire employees. As you carry out these activities, certain assets may disappear. And if you have not kept a very good assets audit, you would have to replace your assets more often than you bargained.
You do not have to keep a physical or manual checking of all your assets; an effective asset management solution is automated. This technology will tell you where your assets are located, how they’re configured, and when any changes are made to them. This way, your hardware and software assets are tracked making you feel secure, knowing that you have a complete and reliable inventory audit.
Consider some important reasons you should keep an automated assets audit.
- An automated asset management system will place barcodes on your assets for easy tracking. With a barcode label on an asset, mysterious disappearance of your assets is easily noticed. Losses can thus be prevented or reduced.
- It makes you aware that the replacement value of assets is much higher than you thought. Your ‘Book Value’ may be only a fraction of actual replacement value.
- You can recover assets from an employee when he or she leaves your company.
- For some of your expensive assets that have expensive warrantees on them, you can enjoy the warrantees from the manufactures rather than repairing the assets when they get bad.
- It gives you adequate information about insurance coverage on each asset.
- You can reorganize your assets with knowledge that they are not fully utilized where they are presently.
- Errors from handwritten record keeping are eliminated, maintenance schedules for each asset are tracked, and misplaced assets are accounted for.
- When your company is required to disclose to regulators all material financial exposures, including IT equipment leases and licensing agreements, an effective assets audit will make this possible and easy.
An effective automated assets management system can reduce your operating costs, which will eventual translate to the profits that you ever expected.