How Colleges can Control Costs by Using Asset Management Software

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Each educational institution has a large inventory of assets, ranging from laptops to library books. Most of these assets are a significant investment for an organization. Because of this, any damage or theft to these assets can result in a major loss and severely impact an institution’s overall budgets. Unfortunately, damage to assets is a fairly common occurrence due to the sheer volume of individuals who are handling them. A library book, for instance, can pass through hundreds of pairs of hands within a year. Given this lengthy trail, how does a college track each asset and ensure its properly handled? Asset management software is emerging as one of the most critical tools for an institution. It can be one of the most powerful ways for a college to minimize damages and control costs.

What is an asset management software?

An asset management software is generally a cloud-based software that can track every single asset recorded at any given time. Logging into the dashboard can give you exact information on which individual is currently using what asset. This software can also integrate with all electronic devices registered to the institution and ensure that safety updates are run regularly.

Advantages of asset management software

Given the investment required for an inventory management software, institution’s might be wondering if the benefits justify the cost. Here are some of the biggest advantages that institutions stand to gain from investing in asset management software.

1. Forecast yearly budget accurately

Before the beginning of the academic year, institutions generally set a yearly budget which takes into account investment in new assets, resources for teaching staff and other educational activities. An inventory management software gives schools a complete view of their existing assets, giving them an opportunity to plan an accurate allocation for expenses on asset purchases or maintenance. Doing so helps avoid unexpected expenses in the middle of the school year which can eat into the budget of another department. Asset management software also helps colleges streamline purchase of assets well in advance. Admin staff can schedule purchases well in advance and also set a limit for usage of things like paper and other types of stationary. Once the limit is reached, a purchase request will immediately be sent to the respective vendors to ensure there is never a shortage. Scheduling payment of these purchases well in advance, is another way in which institutions ca