How Asset Tracking Software Can Help Universities

Universities hold a vast number of assets across different departments, buildings, and campuses with an array of staff and personnel responsible for them. As a result, asset management is a particularly difficult task for universities. Often tight and limited budgets make it even more essential for educational institutions to take care of their assets and utilise them to the best of their abilities. Asset tracking software can support universities in achieving this with a system that can help them to better manage budgets, spend less time on audits and reporting, and purchase technology only when necessary.

Asset tracking software is an all-encompassing, centralised system that allows users to track important details about their assets in real time. Almost anything, physical or not, can be considered an asset, from software and hardware to tables and chairs. The goal of asset tracking software is to manage the inventory, asset life cycles, and total costs to allow organisations to make better decisions and thrive.

Asset tracking software tracks the life cycle of assets and can notify users when maintenance is due. This ensures assets are in good working order and can also be used to assess the depreciation of them. Using itemit’s asset tracking software you can set monthly, bi-monthly, quarterly or annual maintenance schedules or use your own schedules to make sure all assets are being looked after. This results in fewer unexpected problems and the foresight to make them fit around the academic year. Maintenance reminders can help to improve the longevity of assets by reducing the need for replacements and lowering the risk of depreciation.  Asset tracking software allows universities to take a more proactive approach to maintenance since it is much easier to maintain equipment if you know its history.

A major benefit of asset tracking software for universities is that they can manage their entire inventory of assets from a single place, simplifying what can potentially be a messy archive of information. With asset tracking software users can track, manage, and control inventory all from a single dashboard, maintaining consistency between multidisciplinary teams throughout the university. Plus, not only does asset tracking software tell you where your assets are and how they are behaving but also provides a digitised record of your assets’ history. 

A comprehensive record of a university’s inventory allows it to gather the necessary data for funding requests and to pass annual audits. Information about any funds and grants the university receives for certain activities, equipment or projects can also be stored online and associated with the relevant assets. Therefore, if the school’s funding needs to be utilised by a certain date, the software will notify of expiration dates so valuable money doesn’t go unallocated.

Asset tracking software offers automated solutions that can greatly speed up mundane and repetitive tasks. The software can track the life cycle of your assets and notify users when maintenance is due. As advanced as spreadsheets have become they are still largely a manual process, meaning they are highly error prone and not ideal for long-term data storage. They also don’t guard data integrity and offer little to no protection from data corruption. Less manual work means fewer errors, greater accuracy and speedier operations.

Asset tracking software offers greater visibility over assets resulting in greater accountability surrounding who has what asset and where. You can also add relevant documentation and user manuals to each asset’s digital profile where they are safely stored and preserved. This means all the necessary information about an asset’s life is carried with it and can be immediately retrieved upon scanning its tag. With itemit’s check-in and check-out functionality universities can ensure your assets are where they need to be and with the right people. When your team checks a piece of equipment in or out the asset manager is automatically notified.  Plus, every time an asset is tracked, entered into the system, checked out, or repaired, data is collected.  

For many universities there is only a limited budget for purchasing additional equipment, meaning they need to make the most of what they already have. The maintenance of this budget depends on accurate auditing.  Asset tracking software can alleviate some of the burden of cost management and ensure universities are getting the most out of their current inventory. The reporting capabilities of asset tracking software put it leagues above cumbersome and time-consuming spreadsheets. Using asset tracking software, universities can identify misuse of funds, make more informed decisions, improve their financial forecasting and, at the click of a button, generate a customisable report.

Itemit’s asset tracking software is packed with a suite of first-class features that enable universities to automate how they track and manage their assets with ease. Universities can gain greater visibility and control over their assets, resulting in smarter purchasing decisions and consistency across the different departments. Asset tracking software enables universities to spend less time and money on asset management so they can focus more on delivering a top class education. 

To find out more about how itemit’s hardware asset management software can help you track your assets, you’ll be able to contact the team at team@itemit.com. You can also fill in the form below to start your own 14-day free trial.

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