What Asset Management Can Do For Your Organisation

Published on May 2, 2022 • 3 min read

All organisations have assets that they depend on. Being able to manage assets is an integral part of running an organisation. The right type of Asset Management system allows tools and equipment to be located in moments. Additionally, it can also help speed up maintenance while reducing costs. 

There are many benefits to Asset Management, some of which can be found below:

Increased Visibility

Like most organisations, yours undoubtedly has multiple assets. Every asset that you own has a purpose and is, therefore, valuable. As your organisation continues to grow, so too will your assets. It’s imperative then that you understand where all of your assets are at all times. 

When you use itemit’s asset tracking software, all of your assets are discoverable. This is thanks to the RFID or QR codes that are attached to the assets. Once the assets are entered into the system, the software creates a centralised database. The database will contain information about the asset’s location, status, date of purchase, original cost, ID number, warranty, and other inputted details. 

With increased visibility comes increased knowledge and understanding about every single asset. In some respects, this information is priceless.

Tracking in Real Time

Equipment, tools, vehicles, and machinery can be tracked in real time using GPS trackers, or alternatively see a last seen location using itemits QR tags. Continuous data allows organisation managers and owners to ascertain where all of their assets are. This allows for greater asset security and better asset management at all times.

Eliminating Ghost Assets

Assets that have been lost or stolen are known as “Ghost assets”. Without the use of tracking software, assets such as these often remain unaccounted for. Additionally, there may be occasions when ghost assets are inaccurately recorded as being present. When this occurs, there are fewer tools for users to work with. Secondly, ghost assets that are still insured cost organisations money that could be better spent elsewhere. 

The right Asset Management allows organisations to identify and eliminate ghost assets easily. Not only will this help to reduce superfluous insurance payments, but it can help organisations to understand the true worth of their assets. Finally, when an asset is identified as being a ghost asset, replacements can be purchased if required.

Eliminate Manual Approaches

Another benefit of using the right management software is that manual approaches can be eliminated. Spreadsheets, for example, are prone to errors, contain no historical data, and are often hard to share. Large spreadsheets can take too much time to load while lacking the latest technological advances and features. 

Spreadsheets can be useful, to begin with, but as your organisation grows, so too can the spreadsheet. Additionally, human input can result in errors that have the potential to make an organisation appear to be running better than it really is. With the use of the right management software, organisations can have access to historical data while making use of the latest technology. Thanks to the way that the software works, little to no errors will be made. This ultimately results in the organisation having accurate performance data which is priceless.

Accessing Asset Management Data Any Time

Due to the way that itemit’s software works, it is possible to access data at any time. Thanks to the way the cloud-based software works, anyone can access the database. 

Using a computer or app, gaining access to the much-needed data is easy. Users do not have to be sat at their desks in order to access the data. Rather, they can be out in the field and access the information they need as and when it is required. itemit’s software is convenient and easy to use no matter what device is accessed.

Boost The Life Cycle of Each Asset

When itemit’s Asset Management software is used, there is a real potential to boost the life cycle of each asset. This is due to the detailed information and understanding that users can have of the assets. Assets can be purchased and maintained efficiently. Maintenance alerts can inform the maintenance team that an asset is malfunctioning. This allows the team to prepare itself to receive the asset in question and set up a repair schedule. Regular maintenance schedules can also be set every month, six months, or every year. 

When assets are routinely maintained, they are much more likely to last longer. Should they need to be replaced, the asset will be removed from the system and a new one can be purchased.

itemit's Asset Tracking Software

itemit's asset tracking software is shareable, too, which means you can lessen the burden on a single colleague. What this means is that your entire team can contribute to your asset management operations, saving everyone time while also creating a totally clear picture of your asset information.

Overall, itemit has a range of helpful asset tracking features which help you get more clarity, save more time, and keep a high ROI by losing fewer assets, avoiding ghost and zombie assets, and more.

To find out more about how itemit can help your business save time and money, you can contact the team at team@itemit.com. You can also fill in the form below to start your 14-day free trial.