5 Reasons Why You Should Use An Asset Register
5 Reasons Why You Should Use An Asset Register
Five problems, one solution.
Lost assets, maintenance issues, low productivity, regulatory compliance and duplicate purchases. These are arguably the five most pressing asset-related issues businesses have to face when they’ve got a below-par asset management system.
What’s the one solution you may ask? The itemit asset register.
That’s correct! All you need is to get itemit’s amazing off-the-shelf asset tracking software, start using it and voila; say goodbye to all your asset problems. Continue reading to learn how exactly using an asset register solves these problems for you.
What Does an Asset Register Do? – A Brief Overview
If you’re not very familiar with an asset register or asset tracking software, you might want to get an overview of what it is. This will help you develop a better comprehension of all the other benefits it can bring to your organisation.
In essence, an asset register is a software solution that makes it easy for you to keep a detailed and comprehensive record of all your assets. You can record essential details about every asset in unique asset profiles, group assets into categories and have the entire record available to you at all times.
Since itemit’s asset register is a cloud-based solution, any authorised person can access asset details from a mobile phone or PC. Moreover, the solution is extremely scalable and allows for multiple users to collaborate, add, and edit asset information on the register.
5 Reasons to Get the itemit Asset Register
Losing and misplacing your assets is one of the biggest reasons for decreased productivity and financial losses. This is very common in sectors that involve business assets moving from one place to another and employees checking out equipment frequently.
When you’re not tracking your equipment with robust tracking software like itemit, the chances of asset theft increase too. All of this amalgamates into huge dips in productivity, let alone financial losses. This is primarily because when your tools and equipment are untracked, you won’t realise a particular asset is missing until you or one of your team members need it and can’t seem to locate it. In this situation, work operations have to be halted until you can arrange a replacement.
With an asset register, you have a clear view of all your assets, who has them and where they are. So whenever you can’t find an asset, just check its asset profile for its last seen location or ask the assignee about where it is.
Consider you were trying to print something on the office printer and you realise it’s low on ink. You give a heads-up to your manager to get it refilled. The next day you try to print something again but the printer is completely out of ink. This can be frustrating, but not just that. Poor maintenance is a severe productivity killer.
Chances are the manager may have simply forgotten to place the order for additional ink. Regardless of what may or may not have happened, the situation could’ve been much better if your company used an asset register.
You could simply scan the asset tag on the printer, set a reminder on its asset profile for an ink refill and assign it to your manager. This would automatically send a notification to your manager so they can take care of the problem in a timely manner without forgetting about it.
The two reasons we’ve already talked about above ultimately lead to lower workplace productivity. But there are other causes too. For instance, the time that you or your employees spend every day trying to find tools and equipment that they need for work.
According to construction experts, the average construction employee spends around 90 minutes of work time every day just looking for stuff. So for a company that employs 50 such workers, the figure of lost work time amounts to 18,000 work hours wasted every year! And as a company, you’re still paying for all those hours that resulted in zero production.
With itemit’s asset register, the figure of lost time can be cut down drastically. Employees can check the last seen locations for assets through the itemit app or reach the last assignee to get to tools quicker.
Different industries have different requirements for companies to be compliant with regulations. For example, IT-intensive firms have to be GDPR compliant as the European Union requires such firms to keep a record of all assets used to collect, store or process clients’ personal data.
In the same way, the construction regulators require companies to track their assets to ensure all of them meet safety and quality standards. Having an asset register makes it really easy for companies to achieve regulatory compliance.
Nothing hurts your balance sheets more than duplicate purchases. And if you don’t address this issue in time, you’d probably end up with shelves upon shelves of unused and unneeded assets that’ll never see the light of day.
When you don’t have an asset register to tell you what you have and what you don’t have, you’re bound to make mistakes when purchasing new assets for your company. This is especially true for larger companies that have to buy assets in bulk. With an up-to-date asset register by your side, you only have to spend money on assets that you really need rather than burning out your budget on things you already have a lot of.
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