Asset management is critical to managing the physical and digital assets of an organization. Having good asset management reaps benefits for a company and its stakeholders. Achieving better financial results is possible due to cost reduction and better return on investment.
Taking control over your asset management will allow you to know precisely where each asset is, eliminating the need for you to hunt for it – this makes you highly attractive to potential new shareholders and customers.
Keep in mind, however, that while investing in asset management is a powerful move for your business, knowing how to get the most out of your new asset management system is even more important.
Here are Five Essential Tips for Asset Management System
Don’t Overlook Training
Each person who interacts with the asset management system needs to be trained to use it well. This includes all employees in your sales, marketing, finance, and HR departments. Your staff should be provided in-depth and comprehensive training for the system, especially those who will be organizing assets, naming and adding new files, capturing metadata, setting expiration dates, and accomplishing other crucial tasks.
Meanwhile, the staff members who are considered regular system users will only need to be trained in tasks such as finding files, distributing files to customers and clients, and creating collections for collaboration use.
It may be beneficial to assign and train a specific individual or even a team of individuals to become a “Librarian” or “Digital Asset Manager.” These people must be handed tasks wherein they will need to update and manage information in the database.
Having this extra help can prevent critical information from being misspelled or eliminated. The extra staff members can help spot errors that could potentially make it difficult to locate time-sensitive assets in the future.
Evaluate and Prioritize
Once you have done an “inventory” of the assets placed into your new asset management system, you will then need to evaluate and prioritize your assets. Carefully look over each asset and categorize each one based on how important they are to your company and which ones you may need on demand. Some key factors that you may want to keep in mind when prioritizing your assets are:
- How soon you should replace an asset
- How important the asset is to the operation of your system or company
- How critical a physical or digital asset is to the everyday demands of your business
Track Your Workforce With a Digital Asset Manager System
With this powerful technology, you can also track workforce needs. Don’t miss out on the cutting-edge technology that can be used to track your workforce and assets such as vehicles so you can improve your company’s response time.
Not only will you be benefiting your customers with this innovative technology, but you will also be ensuring the safety of your work and even limiting asset loss. You can rest assured that your technicians’ and employees’ location and work hours will be properly logged to make payroll a breeze.
Eliminate Ghost Assets
Most people have ghost assets. One example would be a business laptop that you already replaced. Assets are notorious for being misplaced (becoming “ghosts”) when certain major assets and hardware go missing.
So what does that mean? How do assets go missing, anyway? They can get stolen, lost, thrown out, or they can break down. Companies can save thousands of dollars by dropping assets that are no longer in use, as they are essentially paying fees for things that no longer serve a purpose or benefit the company.
The next time you look at your assets in your asset management system, keep this in mind so that you can receive a significant boost in your profit and loss margin.
Create a custom URL
With a custom URL, you can give your organization the ability to keep your digital asset management branded. This benefit will ensure total cohesion between your website and digital asset management system. Having a custom URL makes the site easy to navigate for viewers who are browsing your account. What’s more, customization will make the URL easier to remember so guests will know exactly where to go to view their digital assets.
Starting with intensive training for your employees, you can be off to a successful start with the right asset management system. It’s important to make sure that everyone is on the same page to ensure the most profitable return on investment with this system. Evaluating and prioritizing your assets on a regular basis will allow you to make any necessary changes.
Knowing you can always count on a powerful system to access your assets when you need them the most is reassuring. You don’t have to end up losing clients or important files for your business as they will be fully secure. Your employees, clients, and business will be organized, and you can get more done on your end.
Oliver Threlfall is the CEO of TechLoc, a provider of innovative assets and workforce management technology for businesses. TechLoc asset tracking and business systems now have three international offices in the US, Canada and Australia and continue to roll out all over the globe. A biology major at Deakin University and a born entrepreneur, Oliver also founded Steamatic Australia, a leading cleaning and restoration firm servicing Australian businesses and families.