Everything a business owns that holds value is considered an asset. This can be physical things like equipment and inventory, or intangible things like intellectual property. Asset management is the process of tracking, maintaining, and optimizing these assets to get the most out of them.

Imagine a toolbox overflowing with random tools. Asset management software is like a well-organized tool chest, keeping everything categorized, easy to find, and in top condition. It helps businesses save money, improve efficiency, and make informed decisions about their valuable resources.

Importance of IT Asset Management In Business 

There are several problems your company may encounter when you do not give much importance to IT asset management. A comprehensive IT asset management software offers operational and financial advantages & minimizes the potential hazards.

Here are some benefits of proper IT asset management:

1. Simplified Asset Management

It will be easy for you to upload assets, allocate them to staff members, send items for repair, and much more if you have a thorough IT asset management strategy. These optimized asset management processes will result in a substantial reduction in manual labour as well as the reduced likelihood of errors.

2. Improves Operational Efficiency

Your team can manage IT assets more efficiently and can save a ton of time and money by optimizing your asset management procedures. With just a barcode scan, you can swiftly deploy devices and eliminate the need for tedious spreadsheet management. This lets you increase the overall effectiveness of operations and free up time for everyone to work on the other crucial issues of the company. 

3. Better Asset Forecasting 

Companies can effectively plan the future purchase demands by maximizing asset usage and comprehending the entire lifecycle of their IT equipment. This would not only be able to predict when equipment will need to be replaced, but will also be able to supply reliable evidence to back up this requirement and acquire the required funding for that. 

4. Improves Asset Lifecycle 

All of your asset lifecycle data will be available on a single & consolidated platform, giving you access to the whole lifespan history of that particular asset. With this feature, you can now view to whom a device has been assigned to over the course of its life, how many times it has been repaired, if its warranty is still in effect, and any other pertinent information you are monitoring.

5. Ensures Proper Asset Utilisation 

It is simple to maximize the use of your IT assets when you have visibility and control throughout its entire lifecycle. Ensuring optimal asset utilization guarantees optimal usage of your gadgets and provides your staff with the tools they need to do their tasks well.

5 Interesting Facts About Asset Management Software

Fact #1 

Proper Maintenance of assets will result in long term financial savings

Over their lifetime, well-maintained assets will yield higher revenue than malfunctioning ones. You’re losing money if you have to fix or replace damaged property on a regular basis.

In addition to being expensive, maintenance requires accounting. This covers both the time invested in routine maintenance and repairs needed to keep an item functioning.

Fact #2

The mode of payment has no relation with the value of that asset

Assets are necessary for any firm in order to make money. Whichever method you used to pay for it, that asset has the same worth. Additionally, these items have no impact on the depreciation rate.

For the company, an asset is just that—an asset.

The mode of payment used to acquire the item is crucial. However, it is recorded just for your financial accounting data so that your accounts can be balanced.

Fact #3

The profitability of the company can be measured by how well you utilize your assets

You make money by using your company’s assets to generate revenue. It’s not just defective assets that are at fault. Lost production value results from not even knowing what assets your business possesses or where they are.

Maintaining the proper quantity of assets to complete the task at hand is the delicate balance that asset management requires. Don’t let assets mishandled and lost by inattentive employees to ruin your company. Profits will significantly rise by using your assets effectively & efficiently.

Fact #4

Track the complete lifecycle of asset to understand its worth within the company

There are certain products that your company uses just occasionally. In addition, the nature of the work affects their performance, so fixing them is not worth the money.

Understanding each asset’s life cycle allows you to predict the cost of future expenses. An item is not worth owning if it is causing excessive financial losses for your company over its lifetime.

Fact #5

Asset management software lets you track purchase information, warranty details &  more with ease

An asset management software does exactly what you need which is the comprehensive administration of all your assets, without missing any single information. 

Korvage asset management software provides everything from keeping a track of where you’ve bought the asset to keeping your warranty information updated at all the time to avoid any future risk.

WRAP UP

One of the most vital tools for the growth of your company is IT asset management software, which also assists your organization with audits. In addition, it monitors and helps extend the asset life cycle. You will see results when you put robust IT asset management into practice which will help your company reach new heights.

The primary goal is to increase the accuracy and comprehensiveness of this information while decreasing the amount of work needed to meet these standards.