As businesses scale, regularly setting up and following through on your key performance indicators (KPIs) becomes extremely necessary. KPIs ensure that you always have a comprehensive view of your company’s progress and any pain points that need to be fixed. These quantifiable measures become a measure of your success, making them extremely important in an increasingly competitive market.
Efficient management of your fixed business assets is an essential part of achieving business KPIs. You need to ensure this capital investment is generating the ROI you need for robust business growth. Conversely, poorly managed assets can become a financial and productivity drain.
How can you ensure you fall into the former category?
Implement asset management automation for enhanced transparency and efficiency across your organization.
With the progress of technology, the process of asset management has been revolutionized with asset management software. Automating your asset management needs improves internal workflows, helps you stay compliant with increasingly complex government regulations, and ensures consistent growth for your company. With an increased demand for automation in the past decade, it is apparent that businesses that do not adapt to this trend will likely fall behind on their KPIs.
Here are 6 ways automated asset management can help you achieve your KPIs:
1. Increase employee productivity and collaboration
An automated asset management process facilitates smoother workflows and greater outcomes for your business. Efficient processes such as barcode scanning during check in and check out saves your employees a great amount of manual effort and as we all know, time is money.
Automated asset management also significantly reduces chances of human error that would cause misreporting of assets. With complete oversight into the status of each asset, your team can reserve assets to ensure they will be available for projects and avoid last-minute scrambling. If assets are well maintained and reliably available, your team will be able to make the most out of them.
Also, easily coordinate tasks through automated emails to your team members and ensure that your entire workforce is kept on the same page. Seamless collaboration between your workforce is a guaranteed recipe for success.
2. Improve KPIs for profit while cutting unnecessary costs
Asset management automation also mitigates the problem of spending money unnecessarily on repeated purchases or hefty replacement costs (in the case of damage). With complete knowledge of your assets’ performance, you can be on top of your asset’s life cycles and plan replacements or maintenance to avoid equipment breakdowns.
Further, you can cut down on downtime significantly, ensuring your workforce does not sit idle during working hours. This is another way of ensuring increased profits for your business.
Meeting your KPIs for profit is the ideal way of measuring your business’ success in the market. Increasing profits reassures you of your place in the market and that your current strategy is working in your company’s favor. Similarly, decreasing costs is a direct outcome of smart planning on the management’s part. The goal is to deploy a strategy that gets more work done in less time and money.
3. Increased financial transparency
Automation can play a key role in providing accurate reporting of your business’s financial performance. With all your asset related information stored in a centralized platform, you can easily pull the required statistics to make important, informed decisions about company strategy or purchases. Have greater confidence in your decisions by automating your financial management and perform well on internal or external audits.
Generate detailed and presentable reports for your board meetings and gain greater insight into your pain points. This also includes the removal of any ghost assets or licenses that would lead to taxes greater than your capacity. With an automated asset management system, be assured that you can come up with timely solutions to your business problems.
4. Fewer items lost or misplaced
Companies with a great number of assets often run into the risk of items being lost, stolen or simply misplaced. With manual logging of these assets, there is no way of reliably tracking an asset’s whereabouts.
Automated asset management reduces equipment misuse by creating a traceable line of accountability. Request an item verification for missing items and easily see who checked out an asset in case of damage. Moreover, label your equipment and track using their individual IDs across different locations and custodians.
With the ability to assign user roles, control who has access to assets and can procure, reserve, and check them in and out.
5. Stay on top of maintenance deadlines
Maintain your equipment efficiently using automated asset management to avoid hefty repair and replacement costs in the future. Use the preventative maintenance feature to ensure that your equipment is in top running condition for the requirements of your workflows.
Set reminders for routine repairs and services to ensure you never miss maintenance appointments. Moreover, pull maintenance records instantly while making financial decisions and also avoid running into regulatory risks.
Maintenance schedules are important for your equipment’s health and usability. Properly maintained equipment has greater output rates and lasts you longer before needing replacement.
6. Automate your procurement with automated asset management
Managing procurement practices is a vital step in achieving your profit KPIs. Log what you purchase while tracking price negotiations, and manage vendors and suppliers using a single software. Asset management automation ensures that your business always gets the best deals in terms of costs and the quality of the product.
Streamline your communication with vendors to avoid coordination hassles faced by businesses. Moreover, gain actionable insights on vendor pricing and vendor performance while avoiding any duplications that may cost you extra money in the form of storage costs. Asset management automation streamlines your procurement practices while keeping all your departments up to speed on vital decisions.
EZOfficeInventory is a leading asset tracking software. It allows you to track, maintain, and report on inventory from anywhere, at any time. We offer a free 15-day trial – no credit card required!