5 Importance of Asset Management for Workplace Productivity

If it’s efficiency and productivity you desire at your workplace, then a key factor to bear in my mind is how you manage your assets or simpler still asset management.

Your business’ assets, believe it or not, are a key factor in your business’s overall productivity. Every asset from buildings, machinery, equipment to even intangible assets need to be managed properly to ensure workplace productivity and efficiency.

What Exactly Is Asset Management?

You can’t know if a thing is important when you don’t fully grasp or understand what it is. So, first of all, what is an asset? Assets are tangible or intangible things that bring value to your company. Asset management is then simply all the systematic processes involved in managing an asset from start to finish of its life cycle.

These systematic processes involve planning, acquiring, operating, accounting, maintaining, deploying and controlling of your company or business’s assets.

Asset management can be achieved via spreadsheets and until recently and most efficiently via automated IT systems. Using these fully automated asset management systems many companies today have unlocked a different level of productivity and efficiency.

Now that we have delved into what asset management is all about, let’s guide you in understanding why and even how it is important to workplace productivity.

Why is ensuring that workplace assets like personal protective equipment, communication devices, vehicles, computers, licenses, computer software, etc are properly managed is important to your company’s productivity?

Importance Of Asset Management to Your Workplace’s Productivity?

Disclaimer! Asset management is not enough to ensure workplace productivity. Effective asset management is what ensures your workplace and by extension your business is productive.

So why is this so important?

1.        Total control

What effective asset management does is ensure that you are first, knowledgeable about the number of assets you have, their condition, and their location at every given time and from any location. You as an asset manager and or a workplace executive can have real-time insights about every single workplace asset.

Not only that but an effective tool ensures you can centralize your control, cutting back on the number of people whom you’d need to monitor these insights and the number of tools you would need to collect them. An effective platform also gives you centralized control over all assets.

2.        Increased Asset Effectiveness

If your assets are working properly and are in good shape, you and your employees will be more productive. This means that the efficiency of your assets is tied to your workplace’s productivity. An effective asset management system ensures that your assets are at an optimal level.

An effective asset management system would be (preferably) automated hence you’re able to see regular updates on an asset’s condition, servicing records, functionality, etc. Comprehensive data is always at your fingertips, hence you’re able to plan towards maintenance, reselling, insurance, or a complete change of the asset.

3.        Transparent Accountability

An effective asset management strategy allows you to track your assets, especially when it comes to assets that are given to employees. No matter the asset, its size or location, an effective asset management strategy helps your account for these assets in real-time from point of allocation to return. With these the processes of purchase, allocation, upgrades, repairs, and turn-ins are transparent and the data is easily accessible for accounting and auditing.

This means asset management increases productivity by allowing for seamless tracking of assets and accounting for their condition and whereabouts to mitigate security risks and allow for speedy maintenance and allocation of assets.

4.        Cost and Time Efficiency

You can’t talk about the benefits of an effective asset management system without mentioning cost and time efficiency. Older ways of asset management like the use of spreadsheets are less efficient in time and cost management of assets. They are constantly riddled with issues of inaccuracy but with newer asset management systems, you are constantly updated on the conditions and whereabouts of your assets.

You’re able to save costs by avoiding unnecessary purchases and operating expenditures by knowing when and what assets to update and maintain.

5.        Workplace Collaboration

You can’t end the importance of a system to workplace productivity without mentioning the core aspect of the workplace, which is the employees. The employees are the ones who make use of the assets in the company to ensure productivity.

A good management system in addition to other benefits mentioned ensures that employees can easily request and return company assets seamlessly. The entire operations process from purchase, procurement, request, allocation, reporting, approval, and return of the assets is efficiently managed and automated through a good asset management system. This efficient management system ensures that asset operations are efficient, organized and properly audited. Hence employees can work more productively using workplace assets.

With a good management system, you’ll be able to stay in complete control over your business, get more value from every asset, and achieve your business goals efficiently. With asset management in place, you’re ensuring that your business workplace stays productive through seamless asset monitoring and management. With efficient assets, your company can operate optimally and productively.

Throughout this article, we have made mention of effective asset management and it would be a disservice to both you and us if we do not tell you how to go about choosing the right management system for your company. Asset management software varies and to get the best out of your investment you need to choose one that gives you value for your assets.

Also read The Ultimate Guide to Choosing The Best Asset Tracking Software for Your Business

At Rayda, we offer a fully automated, easy-to-navigate, and seamless asset management software for your workplace. Not just that, but we have gone beyond just basic asset management software to give you a system that allows you to manage, track, and insure your fixed assets without breaking the bank. Rayda’s asset management software ticks all the boxes needed for idle asset management software. With us your guaranteed productivity, efficiency, and profitable value.

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