3 Ways Asset Management Can Help Your Business

Although the phrase "asset management" can trigger thoughts of investment bankers and Goldman Sachs, especially in the wake of the global financial crisis, asset management also refers to the practical concerns of making sure that the physical aspects of your business are in good shape and where they need to be. In this digital age, there are a variety of software asset management tools and digital asset management systems that allow businesses of any size to maintain the focused attention to detail that they need to remain competitive. An asset management system can help your business in a number of ways:

PRODUCT WORKFLOW

Shipping companies live and die by their asset management systems because it is vital for them to know where their trucks are and what those trucks carry. Similarly, rental companies and public or corporate libraries also need to know what they have in stock and what is out on loan. Asset management also assists manufacturing companies to track their goods as they move along a production line, determining which products are finished and ready for shipping and which raw materials need to be moved into place for the next step in the manufacturing process.

ASSET MAINTENANCE

Asset management systems can track vehicles and other heavy equipment in need of periodic maintenance to be sure that machinery is not in danger of breaking down. Bar codes and Radio Frequency Identification (RFID) tags can also be employed by IT departments to keep track of smaller but equally complex assets, like company's computer equipment. Smart IT asset management tracks which computers need to be upgraded and which ones can be reassigned to get the most usage.

SAFETY AND SECURITY

Asset management can help companies make sure that they are processing their chemicals and hazardous waste in compliance with all local guidelines, making sure that it is stored and disposed of correctly. Stores also use asset management systems to deter theft and catch shoplifters, while museums and art galleries can use asset management systems to closely track valuable items.

You may not have considered an asset management system for your business, but they can be applied to more than just the items moved by shipping companies. Asset Management systems have real-world applications from production and manufacturing businesses that track vehicles and heavy equipment to more idea-based industries like banking or customer service that keep tabs on their computers or other office equipment.