In today’s business environment, if your company is to stay competitive, it’s critical to keep your operations lean and efficient.
Every organization needs to keep track of the condition of its fixed assets and their worth.
This will also help you keep your accounting books accurate, and up to date.
That’s why you need to keep track of your physical assets with a good, reliable asset management system.
Proper asset management will help you cut costs, and eliminate logistical headaches in the future.
So, what exactly is fixed asset management.
We can define fixed asset management as the process of tracking computers, furniture, vehicles or any other physical object you would consider an “asset” to your business.
It also supports financial accounting by looking at the value of your assets.
Asset management also focuses on areas like preventive maintenance, asset theft and missing assets.
Now let’s look at some of the key asset management tasks:
Accurately registering and tracking fixed assets.
Monitoring fixed assets across multiple geographical locations.
Keeping track of warranties and minimizing maintenance costs.
Helping to increase operational activities.
Helping with asset audits, so you get timely information on any theft or missing assets.
While there are many asset management solutions out there, the problem is, that many of them are either too expensive or don’t deliver on the tall promises they make.
If you are looking for a cost-effective and reliable system to manage thousands of your assets across multiple geographies, then Ensemble asset management software is a great option for you to consider. Click here to request for a free demo and experience the power and flexibility of this software solution.
Now let’s take a quick look at some of the many benefits a good asset management system can provide.
Number 1: Centralized Information
Most fixed assets can be in use for several years. This can often lead to issues like missing documents or missing information about the assets. If you have a good fixed asset management system in place, you can easily access all the key information like warranty, AMC etc., from your desktop or your smartphone.
Having all of this information in one place is critical because when you have an external audit, you need to be able to find key information about your fixed assets quickly and efficiently.
With a reliable fixed asset management solution like Ensemble in place, you will always have these records at hand.
Number 2: Cost Reduction
If your operations aren’t working efficiently, you’re losing money, whether you’re noticing it or not. To stay profitable, every company looks for methods to cut costs.
An effective fixed asset management solution can inform you when your equipment is likely to become outdated, or when your assets need routine maintenance that can save you costly repairs in the long run.
Your asset management solution must also track warranties and maintenance contract dates to ensure timely renewal.
When used effectively, a good asset management system can help your business stay on budget.
Number 3: Equipment Replacement Planning
While many of your assets might last for years, they will all need to be replaced at some point in time. Knowing when an asset will need to be replaced will help you plan your annual budgets more accurately. It will also give your procurement department more time to plan, resulting in better prices for replacement purchases.
Number 4: Reducing Loss and Theft
Assets can go missing from time to time, whether from human error or theft.
Logging thefts in an asset management system is useful for taking preventive measures in the future. It can also be good for keeping account of the incident for insurance reasons.
Keeping a regular track of your company’s assets is a sure-fire way to save money and improve profitability. Your equipment will work at its peak and you will be able to prevent unexpected losses. If you have a large number of equipment or other assets that you need to keep track of, you need to implement an effective and reliable fixed asset management system.
A system like Ensemble can transform your business operations in just a few days. To get a better understanding of how Ensemble asset management software can help your organization, click here to ask for a free demo.