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5 Tips for Better Asset Management

Most companies agree that employees are their single most valuable asset. Managers track sick days and vacation days so they know their people’s work status at all times. You develop schedules to ensure you have enough people staffed to handle business. You monitor performance and intervene when productivity drops.

What’s interesting is that many companies fail to handle their other assets in a similar manner. You may have millions of dollars in equipment, materials, or even digital assets at any given time, but without a confident way of tracking these items, it’s difficult to tell from day to day exactly what is at your disposal, what’s coming and going, and how those assets are being used.

Take a look at the following tips to improve your asset management techniques to get the most from your investment:

1. Designate an Asset Manager

Managing assets can be a full-time job, depending on your organization’s materials, equipment, digital products, and other inventory. Some companies have dedicated materials managers that can take on all of your company’s assets. Smaller operations may consider appointing a responsible, detailed person to put the remaining asset management tips into action.

2. Take Inventory

Go through your company’s assets to create a detailed inventory of all materials, equipment, software products, and even human resources. The inventory should include equipment that is both in use and in storage, along with the various roles and job titles your company needs to function.

3. Understand Asset Depreciation

Over time, the value of your assets may depreciate. This is especially true with technology, as new solutions that become available will be faster and more relevant than products made 10 years prior.

Continuing to use resources that no longer meet your company’s requirements can impede productivity, yield lackluster results, and potentially impact the quality of your work. You can use asset data to time your purchases and make the best use of your budget.

4. Review and Update Your Asset Inventory Quarterly

Asset inventory will change over time as equipment breaks down and new products are added to your inventory. Not tracking your resources could mean paying taxes on items you no longer have or paying more on taxes for items whose value has depreciated (more on this topic in a moment).

The best practice is to review and update your asset collection once per quarter for the most accurate record-keeping.

5.  Digitize and Automate Asset Management

Software solutions like ForeSource can transform your inventory list into a digitized asset database. Whatever tools you choose to manage your company’s assets, it should be able to track each item, its location, usage, age, and other data to help you make key business decisions.

You can automate workflows to track asset depreciation, value, maintenance schedules, and more to understand how assets affect productivity and assist its users to accomplish their goals.

Learn more about ForeSource for resources management and how we can help you improve efficiency and effectiveness throughout your organization.