Asset Management Trick #101: Never Put Cookies in the Pickle Rack

Remember when you were a kid and sneaked into the kitchen to steal some cookies from the rack? How you would forget to keep the jar back in the proper place. This might have followed with a rant from your mother, yelling how you kept the cookie jar in the pickle rack. You might not have realized at that stage how problematic that simple inventory mismatch was for your mother.

Your one small mistake interrupted the asset management strategy of your mother, which she used to remember where each item in the kitchen was. This strategy would consequently save her a lot of time and effort.

Similarly, every company has its own cookies and pickles in the form of assets, both physical and digital. An asset implies any tangible (such as computers, furniture, etc.) or intangible asset (such as human capital, financial assets, etc.).

For an organization of any scale, there are multiple assets to look after, each requiring crucial scrutiny and management. Managing any number of assets can be a herculean task since the slightest mishap could lead to a ‘cookies in the pickle rack’ kind of situation.

When Do Cookies End Up in the Pickle Rack?

IT pros are facing several challenges related to hardware and software management, such as the lack of adequate asset inventory, procurement predicament and budgetary blindness. Also, organizations lacking proper asset management tech tools, fail in tracking expiry data and other changes in asset equipment.

If a piece of hardware/software reaches its license expiry date and the asset team isn’t aware of this, one can imagine the chaos that would follow.

Eventually, IT admins have to lose their valuable time in manually creating a stock of assets and discovering errors, if any. And, as the user base grows, it becomes physically impossible to track every asset individually.

It’s Time to Put It Back Where It Belongs

If your organization is having these issues, it’s time to right your wrongs with good asset management software. Users across different business functions require a good grip on the way assets are functioning to get maximum utilization.

A good asset management system can help businesses in handling inventory. It does so by giving them the ability to track, manage, and handle the lifecycle of an asset. This, in turn, frees up an asset management team to perform a comprehensive analysis of performing and non-performing assets. Asset management also allows an IT team to keep track of license expiration dates of hardware and software employed within an organization.

Asset management software comes in various specific types like IT Asset Management, Digital Asset Management, Fixed Asset Management System, Software Assets Management, Enterprise Asset Management, etc.

A recommended Asset Management Software is Maco Infotech’s Asset Management System. It is a user-friendly, cloud-based asset management system that can handle complex asset depreciation calculation under the Income Tax Act and Companies Act for organizations of any scale.

Some of its key features include asset handling across multiple categories and locations, barcode integration, depreciation calculation through the Straight Line Method (SLM) and Written Down Value Method (WDV), depreciation calculation for a specific period of time (daily, monthly annually), asset appreciation, projection and sale, etc.

Conclusion

With the help of asset management software, any organization can successfully get its house in order. Because when your house is in order, your business outside runs a lot smoother. As Dottie Peoples once sang,

‘Get your house in order
Oh do it today
Get your house in order
Oh do it right away’