Asset Management in an asset-intensive industry is one of the most, if not the most important, processes within a business to ensure the longevity of your highly-valued assets.

So what are the benefits of implementing this process?

Benefit 1:

Live Asset Reporting

Assets are essential foundations in your business – similarly to a foundation, one would need to ensure that these assets are maintained and working effectively. Asset management software affords you the ability to keep track of all your assets in real-time, making managing assets easier for long term integrity and realizing ghost assets.

Benefit 2:

Cost Reduction

An excellent example of this advantage is Cisco systems. They reported that by utilizing an asset management system, they could reduce their hardware costs by half (Cisco 2007). Implementing an asset management system has exposed unnecessary purchasing practices and helped create better buying practices.

Benefit 3:

Good Business Practice

As a business owner, it is always useful to plan, which also means long-term financial planning. With a solid financial plan, you can then prioritize which objectives are then translated into focusing on which assets are essential to the firm long-term. Additionally, having an efficient asset management software eases the financial reporting process by giving you the full picture.

Benefit 4:

Risk Management

Utilizing asset management software provides you an overall view of your assets; with this, you can identify risks ahead of time within your asset pool. This allows you to plan ahead of time and prepare for future risks.

Benefit 5:

Improved Compliance

Whatever your business type, a comprehensive report on assets is essential for compliance, which is expected for all. A good asset management software will aid and simplify this reporting process in a singular database. This database will contain all the necessary reports needed to access at the end of your financial year and improve your necessary compliance process.

 

References

CISCO. 2007. “How Cisco IT Reduced Costs Through PC Asset Management.”

View our infographic on the “Importance of Asset Management to your business” below!

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