More and more organisations are modernising their asset management thanks to state-of-the-art technology. If you haven’t already, you might want to consider joining them. An efficient asset management process helps organisations prevent theft, maximise the value of their assets and even avoid breaking statutory regulations and health and safety procedures.
A robust asset management process will also save your organisation heaps of money. You can reduce and eliminate duplicate or unnecessary spending and even ensure timely maintenance and repairs – remember, a stitch in time saves nine.
Get buy-in from your executive team
If you want to get exec buy-in, you need to explain the benefits of a streamlined asset management process. If you’re not yet entirely sure why you’re pursuing an asset management process, this should be self-explanatory by the time you’ve reached the end of this article.
Streamline maintenance and repairs
With the right processes in place, you can ensure maintenance and repairs are carried out in due course.
Too many organisations take a reactive approach to asset maintenance. If you instead adopt a proactive approach, this can be a cutting-edge advantage to your organisation. Implement a robust proactive approach and you can benefit from huge savings, as your assets will be in great condition and won’t need to be replaced as often.
Ensure that key stakeholders are notified ahead of time when routine maintenance needs to be carried out and have a system in place to record and ensure that maintenance has taken place.
Ensure statutory compliance
Depending on your industry’s statutory regulations, it’s also not worth taking risks with compliance. Regardless of your sector, there are health and safety rules that have to be observed; for example, fire extinguishers and processes have to be checked on a regular basis, and missing a date can cost your organisation dearly in fines.
Set up reminders so you know what needs to be checked and when. If you have a comprehensive, easily searchable list of assets, this can be easier than you think to organise.
Manage your intangible assets
Asset management isn’t just about your premises, tools and furniture. Everything that your organisation owns is an asset, and that includes your intellectual property and even your contracts.
We call these non-physical assets your ‘intangible assets’. They’re subject to the same statutory compliance and maintenance (contract renewal) as your tangible assets, so it’s worthwhile to keep a record of them alongside your other assets.
Track asset depreciation
This one is a game-changer. Your assets depreciate in value over time, but organisations often don’t bother to track this.
If you aren’t tracking this depreciation, you can’t make financial decisions with any degree of confidence. For example, at what point is it worth disposing of an old, deprecated asset and replacing it with something new? Build depreciation tracking into your asset management process, and you’ll be able to make these decisions with financial confidence.
Bonus: Automate all these processes!
If you’re feeling a bit overwhelmed at this point, don’t worry – there are software solutions to asset management that can do all the heavy lifting for you.
We’ve developed PS Assets to streamline your processes, manage both tangible and intangible assets, and track asset depreciation across your organisation. Messages are automatically routed to key stakeholders to manage maintenance and compliance, ensuring you never miss a date again.
Users simply tag an asset with a sticker, scan it using the app, and then add any associated information. You can also add files directly to the system. PS Assets exists in the cloud, so this information can be accessed from anywhere and you can build in-depth reports for your executive team.
We’ve also added advanced functionality, such as our self-serve ticketing system Action Helpdesk. If you want to see the full range of features and discover how we can help you keep track of your organisation’s assets, you can contact us today for more information or even book a free product demonstration.