How Your Asset Management Tool Should Be Working

Asset management is a practice in organization, data, and brand control. It plays a huge role in helping companies capture, catalog, manage, analyze and report on data for each asset they own – as well as maintain consistency in how their brand is perceived. There are many tools in the world of asset management alone, and if you don’t have an asset management tool, you’re not experiencing a world of interconnected assistance when it comes to scale, organization, and efficiency of your teams’ efforts. If you are using one or some of these tools, they should be fulfilling specific goals for you. If they aren’t, you may want to consider other practices to improve the use of your technology in order to capture the advantages.

What Your Tools Should Be Doing

Real-Time Asset Tracking

Assets can come and go quickly, and can alter from their original version even faster. Ensuring the single, final version of an asset is the only one in use – and tracking how, when, and where it’s used – is one of the most important things your asset management tool should be doing. In this world, there won’t be questions about where an asset is, what condition it’s in, or who has used it last. One of the most common issues in brand management is a situation when an employee, contractor, or company-affiliate doesn’t adhere to brand guidelines when using something for external purposes. Using an asset management tool properly should completely mitigate this common problem.

Your tool can also help prevent theft of your assets, and help identify “ghost assets” – an asset that has simply disappeared. Because all information regarding the missing asset has been recorded in the system, your management tools can help pull up key information, including who used it and where it may exist now.

Enhance Company-Wide Efficiency

Your asset management tools should be used to improve efficiency. Using these tools, you can collect data and information about each asset, and understand the utilizations for each. In turn, this helps to significantly cut marketing efforts as only commonly used assets will be renewed and duplicative efforts are removed entirely. Because of centralized, real-time asset tracking, your tools should create a clear, transparent line of communication between each team member about the exact details of each asset.

Forecast Your Upcoming Assets

With asset histories recorded and stored within your management system, you’re provided with the foundation for accurate analytical data of current assets, and how the use of your assets in the past can provide key information for the projection of creating future assets. What type of materials are being used more, and how much should you invest in each asset type. Additionally, through your asset management systems, you should be able to reduce money spent on unnecessary replacements or maintenance, and better understand each asset’s life cycle.

Integration with Your Other Systems

Merging the information from your asset management tools with your other operational softwares can also be valuable to enhance overall efficiency and productivity of the company. Organizations have many branches, no matter their size, so ensuring the entire IT ecosystem works together effortlessly is a great way to maintain smooth workflows between team members.

Suggested Tools to Implement

Some companies may have implemented asset management tools with these incredible benefits in mind, but they may not be seeing the most optimal results from their practices. If you aren’t seeing the expected results from the use of your tools, it’s time to reconsider your practices. How are you using your technology to benefit your company? Though there are many options to best suit your company’s needs, here are a few capabilities we recommend you analyze as you may not be using to their best potential:

  • Discovery/Automated Inventory – An automated compilation of the entire hardware and software components within your company’s IT ecosystem
  • License Management – Provides management of specific licensures, based on requirements, certified expirations, or term agreements of your entire asset base.
  • Product/Service Catalog – Provides a master list of assets and resources approved for use within your company. It should capture specific product information for each asset.
  • Configuration Management Database – Provides a centralized repository to record IT assets, their configuration and relationships with other components.
  • Digital Media Asset Management – Provides optimal operational processes for organizing, storing, and retrieving media; also helps manage digital rights and permissions for your media assets.

Key Takeaways

At the end of the day, your tools should complete the three main functions of asset management: documentation of all assets within an organization, proper location identification of each asset, and depreciation calculation of the assets. Asset management tools should optimize the use and tracking of your assets, and allow for each department of your company to easily obtain information regarding any specific asset. By integrating your asset management tools into your IT ecosystem, information can travel amongst each section of your company more smoothly – giving you a fair chance to optimize your time and energy spent on the management of your assets.

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