7 Benefits of Automating Inventory and Asset Management

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I can’t think of any company that has no fixed assets. Even a one-man business has to invest at least in a laptop. When it comes to SME and larger conglomerates, fixed assets represent a significant capital investment. Laptops, a fleet of trucks, entire manufacturing units, buildings and even land are all long-term assets that a company purchases towards rendering of its services. As businesses evolve and grow, tracking these assets get more challenging. Automated Asset management software is then no longer an option to consider but rather a must-have.

Before we get into the benefits of asset management software, first is it worth investing in an asset management system for your organization?

4 signs that it’s time for an asset management system

Asset management is keeping track and documenting all assets that the company owns. The location, maintenance history as well as the owner when it comes to movable assets must be documented. While employees might utilize specific tools, they belong to the company and must be returned. Fixed assets also contribute to the company’s balance sheet and net worth and must be captured accurately. A time comes when it becomes important to streamline the process.

If any of these indications ring true for your company then manual spreadsheets might no longer be enough

  • If you have faced problems of outdated stock or improper stock levels then this is a clear indicator that you need to use an asset tagging system to tag all assets using barcode to manage them accurately.
  • If auditing your inventory requires repetition because your traditional auditing process is not tallying. This is causing wasted man hours and increased cost.
  • If understocking or overstocking is a repeated problem. Bad planning because of no proper insight to stock can cause a boomerang effect on sales and increased customer complaints.
  • If you are unable to locate inventory then it is a clear indication of failure in tracking assets.

If it is a yes to any of these problems then your organization needs innovative solutions provided by asset management software. These solutions provide a data-driven approach to gather deeper insights, enhance asset maintenance and drive a more precise operation planning process.

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