Why You Need An Asset Management Solution

Why You Need An Asset Management Solution

Asset management is a pillar of business management. To keep your business running efficiently, your assets must be managed well. There’s no other way around it.

While there are quite a few conventional methods to keep track of your assets, today’s fast-paced professional environment calls for an advanced asset management solution. A solution that lets you manage your assets at your fingertips while sharing management responsibilities with multiple team members at once. 

Here are some important reasons why you need an asset management solution. In the end, we’ll also tell you about one of the most sophisticated asset tracking software solutions on the market that’s shareable, scalable, and has an intuitive user interface you’ll enjoy working on.

Why You Need An Asset Management Solution

What is an Asset Management Solution?

An asset management solution is a piece of specifically designed software for asset tracking. It lets you track and manage all business assets from one seamlessly integrated asset register. You can create an asset profile for each item, add its details, images, assign it to a team member and even give it a unique identity with an asset tag

Asset profiles are a brilliant solution to store every essential asset detail in a neat and compact manner so that it’s easy to store, read and share whenever you want. These profiles can be grouped into categories for better organisation. 

Not only that, but an asset management solution is cloud-based which means you can access it from anywhere. All you need is an internet connection and the proper authorization. It can be used via a mobile app or a web portal and can be used by multiple team members at a time for collaboration on a range of business aspects. 

Here are four reasons why you need it.

1. Gives You an Accurate Asset Register

Companies keep an asset register so they can keep an eye on important information that helps them have better audits, more transparency, higher productivity and financial credibility. However, all of this can only be achieved if you lay the foundations right. That means keeping an accurate asset register. 

With conventional asset management methods like spreadsheets, it’s pretty hard to maintain a high level of accuracy consistently. Especially because the chances of human error increase a lot when tracking asset information manually. 

It’s much easier to keep an accurate asset register with an asset management solution. The intuitive interface has a separate place for every piece of information and lets multiple users view the register at once so it’s easy to eliminate discrepancies, if any arise. Furthermore, if you use asset tags, you can directly reach the correct asset profile just by scanning the asset tag. This makes sure you’re not viewing or editing the wrong asset profiles when working with identical items.

2. Saves You Money

There are numerous ways how a state-of-the-art asset register saves you money. In this section, we’ll talk about a few most important ones. First of all, an asset management solution is a brilliant solution that saves you money in asset tracking itself. 

Previously, you might’ve had to use conventional asset tracking methods that required multiple employees to use a significant proportion of their work time just to keep the asset register up to date. This might have resulted in a lot of paid hours every week going into asset management alone. With an asset management solution, you can cut that time by more than half! 

Furthermore, a good asset management solution is scalable software that can help out with every department. This means you don’t have to make additional investments for different asset tracking purposes like IT asset management or keeping a fixed asset register.

3. Makes You More Productive

If you run a tool-intensive business, your employees might spend multiple hours every day just trying to locate tools and equipment to start their work. This might not seem very alarming to you on a day-to-day basis, but did you know that it can add up to thousands of wasted work hours every year?

This has direct results on the productivity of your team. Without the right asset management solution, you cannot realise what you and your team are capable of achieving. 

With an asset tracking solution, everyone can locate the items they need almost instantly. The location of each asset is automatically updated in the asset register every time its asset tag is scanned. To find it, all you need to do is open the asset profile.

4. Helps You Attain Regulatory Compliance

Depending on the industry and country your business operates in, you may need to follow a range of rules and regulations rolled out by regulatory authorities. For instance, GDPR compliance in the EU requires companies to keep a record of all devices they use to store users’ data. 

In the same way, if you work in construction you might have to make sure all construction machinery meets safety requirements. An asset management solution makes it much easier to have a clear overview of all assets you need to track for regulatory compliance.

itemit – The Best Asset Management Solution

As mentioned at the beginning of this post, the ideal asset management software solution is scalable, shareable, easy to use and set up. itemit is all that and much more!

You can start using this off-the-shelf solution right away and start seeing it bear results from the very first day! It’s scalable which means you can use it for any asset tracking purpose from fixed asset management to high-value collection audits or equipment checkout

To learn more about how itemit can turn your asset management around, feel free to reach out at team@itemit.com. You can also try out itemit’s unique features for yourself and get a hands-on user experience with a 14-day free trial. Fill in the short form below to start!

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