We live in a digitally-focused world. Organizations of all types and sizes rely on devices to locate, train, and manage staff members. They use them to create content and marketing campaigns, streamline processes, handle admin tasks, source products, and so much more.
Therefore, it’s natural for businesses, including yours, to collect many computers and other gadgets over time that have to be properly paid for, tracked, maintained, and used from year to year.
This asset management can be a consuming job, but it’s also a vital one. You and your team will find things simpler if you follow some tips for managing these assets effectively every year.
Choose One Person or Team to Handle Asset Management Tasks
Make life easier for yourself and the rest of your workforce by choosing one person or team within your organization to be responsible for asset management. Delegate this vital role to someone or some people who can manage every aspect. That way, information wouldn’t get so easily lost between departments and employees.
Many companies get into strife because multiple people know some data about asset orders, status, location, etc., but don’t communicate this to each other in a timely manner. Assign the role and you would soon see information and processes get streamlined with fewer mistakes and losses arising.
Pay Attention to Asset Lifecycles
The next step is to ensure that the asset lifecycles of business devices get tracked, managed, and analyzed thoroughly over time. When you think about the different tools purchased for your organization and the ways they’re used, you’ll see that a process of tasks links together in this area.
For instance, someone must plan out which gadgets get bought and when, then purchase them, either in job lots or here and there as time and budgets suit. Then, once goods are owned by the company, they need to be deployed to the right team members. From there, it’s about managing and maintaining each item over months or years and finally retiring them when the time comes.
Someone should always know where every piece of equipment is in its lifecycle. That way, it’s easier to allocate resources and plan for new purchases and the careful disposal or sale of outdated or broken wares. Keep in mind that tech tools such as desktop and laptop computers, tablets, and smartphones must be wiped clean of company and user data, too.
Utilize Helpful Software Programs
Thankfully, whoever you allocate in your business to handle asset management can take advantage of software programs and other technology to make their job easier. For example, quality accounts payable programs today feature handy AP automation functionality to save time and reduce human errors. These systems can be integrated into accounting software, CRMs, and other tools, so users won’t miss paying bills or get slugged overdue fees in turn.
Your company can use technology to physically monitor the location of assets, too. For instance, RFID tracking systems can help you see where goods are in real-time and locate them if they’re ever stolen or lost. Furthermore, technology can be used for remote access logins to update assets or to diagnose and fix tech problems employees have with devices.
It also pays to use a digital asset management system instead of physical hand counts or spreadsheets. There are many systems on the market to choose from, with numerous features, such as tracking equipment users and noting product makes and models.
The tech can keep information about the purchase, maintenance, and warranty dates updated, create reports, and send alerts and other notifications. Users should, in turn, not only save time and effort but find it easier to handle audits, tax returns, and other financial needs and deadlines.
Don’t Forget Depreciation
Another element of effective asset management is paying attention to the depreciation of goods. This information needs to get tracked to know when it’s best to decommission gadgets and upgrade to new models. Plus, of course, focusing on the depreciation opportunities will reduce the likelihood that your firm pays more than necessary on tax, insurance, and maintenance costs.
If you use an asset management system as mentioned above, you should find that it can calculate depreciation for you once the correct purchasing and other details get inputted.
Asset management may not sound like the sexiest subject around, but it is an essential one for most organizations. Ensure this part of your business is handled correctly with efficient digital asset management or DAM software, and you’ll save yourself money and headaches over the long term.
