What is Asset Management?
Managing company assets will unlock efficiency and leaves greater accountability. But what is asset management, and why is it large on return of investment?
Asset Management in short
We define asset management as a system of managing, organising, and maximising value from company objects or valuables. Asset management takes place across all company departments from management, to accountants and engineers and operators.
When properly deployed, asset management helps stakeholders, decision makers, and employees predict and oversee the life cycle of an asset.
What can Asset Management do:
- Gain overview of all valuable assets
- Schedule maintenance
- Locate assets
- Managing inventory
- Plan upcoming purchase
- Document invoicing
- Improving compliance
3 steps why Asset Management is Important?
1. Keep track of all valuable assets
Both managers and employees will know where the assets are located, how they are being used, and the recovery of tools can be done more efficiently within a live map.
2. Helps identify and manage risks
Asset management through an equipment control service will help identify and manage risk arising from use and plan for maintenance. This means that a company will always be prepared to act on potential risks.
3. Removes ghost assets in the company’s inventory
Ghost assets are any valuables that is lost, stolen, or not being used but is still shown as active on your lists. With a digital tracker you will gain control even of your ghost inventory.
Learn more about ABAX tool tracking
How Does Asset Management Work?
There are multiple tracking systems on the market that are developed to track all company assets.
Digital asset management is a key area to stand out in a highly competitive market. Controlling assets through SaaS (software as a solution) can bring instant clarity and efficiency to your business, while helping to reduce operational and overhead costs.
Tool tracking is asset management in the palm of your hand
To deal with your assets in the most efficient way, it is important to have a solution that work ideally outside the office. During Covid remote working has become the new normal, but company assets still must be monitored.
At ABAX we have developed both administrator and employee apps to make the high-quality data help you relocate all kinds off company assets, even when the manager is away. By using the ABAX Admin APP and ABAX Driver APP, finding your tools goes way faster.
Did you know that implementing asset tracking is easy?
Since asset management is as diverse as the kinds of equipment an employer might use, it is important to become familiar with ways in which it can impact your organization.
Setting up an asset tracker, step by step:
- Find an asset management system that communicates with other data providers
- Pick the company valuables that needs to be tracked
- Order tool trackers
- Give name and tags to make the assets even easier to locate
- Download an app to have an easy access remotely
How much can you save on Asset Management?
Let's get you started with some simple questions about your tracking needs.Set up an Appointment