3 Ways IT Asset Tracking Software Can Help Streamline Your Business
IT-intensive organizations streamline internal operational functions by automating processes. One core function that can benefit from automation is the business’s asset management. The physical and digital asset infrastructure of the company is the backbone of operations. Maintaining and tracking spreadsheets for assets is inefficient and costly. Manual documentation can also lead to the risk of data security, data loss, and the inability to retrieve assets in case of theft.
An IT tracking software houses complex data on a single platform. From asset warranties to software licenses, you can access crucial information about company-owned assets. You can get insights to make more informed business decisions.
The pandemic has served as an accelerator for the IT asset management (ITAM) industry. It is seeing steady growth as more organizations demand less downtime and optimum utilization of resources. According to a report by Markets and Markets, the size of the asset management industry is projected to grow by 27.5 billion in the US by 2025. The growth is an indication that organizations are realizing gains from an ITAM process.
Let’s reflect on 3 beneficial ways IT asset management helps streamline your business process for the better.
1. Reducing Costs
Tracking assets with a comprehensive process helps businesses cut costs on inventory management. You can stay updated about the asset’s health and life cycle. The asset can be timely maintained before it begins bearing additional costs. You can also identify unnecessary software subscriptions that are adding to the company’s expenses and assets that are not in use.
2. Minimizing Incidents of Loss and Theft
Misplacing assets is more common than you’d think. Keeping track of physical assets manually can be a challenging task especially if you maintain a large inventory. If assets are moved around frequently, chances are that they get misplaced or stolen. In the US, employees contribute to asset theft $50 billion annually. With a reliable ITAM, teams reduce the possibility of human error which can occur when tracking assets. You can use functionalities such as asset tags and barcodes to keep a close eye on all assets, locate them with ease and save costs.
3. Generate Accurate Audit Reports
Asset auditing is a crucial part of business operations to update the details such as location and users. Without a software tracking system, the process can be long with a possibility of inaccuracy. An incorrect audit report can create discrepancies and doubts about the legitimacy of transactions. You can use an ITAM to schedule audits with ease and get updates during the process. You can determine the ROI from assets and identify which assets are increasing costs. It also helps you prepare for external audits ahead of time.
The absence of a potent IT asset management system for centralizing the company’s assets can result in hindrance in workflows and an influx of issues reported. In addition, it has a negative impact on the productivity of employees. Use ITAM to simplify and organize internal processes by centrally monitoring assets. Not only can ITAM provide live updates, but it can also offer a future outlook on the company’s asset lifecycle. In this way, you can increase ROI from your assets by looking at performance metrics. ITAMs provide maintenance, security, and cost-saving benefits to organizations. Although encouraging, the variety of options can make it challenging to choose the right one. Do a thorough survey to pick a software that is not only cost-effective but also provides a holistic solution for your asset management needs.