A business of any scale has multiple assets to handle, which further increases with scaled up projects and expanded market reach. Managing tangible and intangible assets is an integral part of running a business. However, it’s a lot more difficult to do so manually by risking accuracy, manpower, time and accountability. Within the purview of asset and inventory management, there exists several challenges with manual handling. Thankfully, the advancement in automation technology and asset management software is helping ease some of the challenges.
Here are five benefits of digitizing and automating your asset tracking and inventory management processes.
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The greatest resource at anyone’s disposal is time and using an automated asset tracking and inventory management system can help you save quite a lot of it. Manually managing your assets and inventory is time consuming and requires a significant percentage of your workforce.
It is inevitable for the assets of a business to grow but with a reliable asset tracking and inventory management tool, the handling task doesn’t have to be unnecessarily complicated.
By using an automated asset and inventory management system with scanning technology like Maco Fixed Asset Management Tool, you can simply scan the asset’s barcode and the system will store all the data in the database. When it comes to inventory, keeping a track of assets as well as purchase report generation is made easier with automation. An automated asset tracking and inventory tool saves you a lot of time and effort.
Saves Moolah As discussed, manually managing your assets and inventory involves complete dependence on the workforce. And additional workforce means that your business spends more money which adds up over a period of time. An automated asset management software reduces this expenditure and helps save money. If your company has 10 extra laptops in the warehouse and your manually entered asset tracker doesn’t display this information, your company will end up spending a lot of money for information that could be accessed easily with an automated system. Not to mention, those ten laptops will lie unused, gathering dust because of a simple mistake that could easily have been avoided by using an asset management software. An automated asset management system prevents a business from making unnecessary and additional purchases by keeping a track of all the IT assets and the inventory. Using a good asset management software also lets you reduce your spending substantially.
Increases AccuracyImage Credit: LinkedIn
When you opt for a manual asset management system, you risk the loss of accuracy. There is a chance for information not being entered correctly or data getting misplaced. Imagine the hassle it would cause if an extra ‘0’ is attached to an asset’s identification number. The hours and labour spent on correcting it would be tedious. An automated system takes away these risks and makes the entire process of asset and inventory management more streamlined and easy.
Improves Accountability Automation of asset and inventory management also allows you to have better accountability and prevents theft and misuse of your IT assets. An automated asset management tool has systems in place that prevent assets to be moved or changed without approval and create a trail that records the location, condition and ownership of an asset at any given time. Take for instance the handling of laptops and desktops within an organization. The asset management team will not only be aware of who are using them at a given period, but also be able to keep a track of their working condition and maintenance needs. Additionally, automated asset systems can help in predictive maintenance of assets to improve their lifespan.
Makes Vendor Management Easy When a business uses an automated asset management software, vendor management becomes a lot simpler. Organisations can keep a tab on vendors, receive quotations, track and manage purchase orders, etc. An automated asset management system can generate balance sheets, manage inventory and onboard vendors. It can further reduce the need of frequent manual intervention, while keeping all the concerned parties in the loop.
Investing in an automated asset tracking and inventory management system might seem like a large and unnecessary expense. But, assets are a company’s biggest investment and managing them properly pays off monetarily as well as handling of overall operations.