Network Asset Management – Manage Physical Assets to Reduce Costs

It is vital to keep track of your company’s assets. Know what and where they are and the existing condition and usage.

Asset management vs. inventory management

In asset management, the company assets are tracked throughout the company’s life cycle.

Asset management keeps track of the organization’s assets. Good network asset management can improve asset performance and business productivity. As a result, you also incur lower operating costs.

On the other hand, inventory management uses a take to manage the inventory, such as buying, storing, and tracking. This process usually keeps an eye on your inventory and forecasts for the upcoming month if you need to focus more on an item.

What is asset management?

Asset management is the process of maintaining, operating, developing, and selling assets with cost-effective measures. This practice is expected in the finance industry.

Each company has to know and keep track of its assets. This way, the stakeholders will know which assets can yield better returns. Assets in a business can be either fixed or current assets.

Importance of asset management

There are several reasons for getting asset management services.

Establishing an account for all assets

Asset management can save a company much time because they have the proper tools.

Amortization rate

Since assets are regularly checked, asset management sees that the financial statements are appropriately recorded based on the amortization rates. This rate can let you know if your business is eligible for a loan.

Cleaning up asset list in the company’s list

There may be cases where the assets are damaged or lost. When you know which ones are lost, you can update the list.

Reasons to use physical asset management system

Why should your business have an asset management system? There are several reasons, such as those listed below.

Improved productivity

Knowing the location of every asset and its condition, you can boost productivity and maximize it. You can save much time locating the asset if you have a list of what you have.

By tracking the assets, you can plan for upgrades or add new assets depending on your needs as a company.

Lower costs

Assets are essential for a business to run. If they are stolen or misplaced, a company has to buy its replacements, and so, the operational costs are up as well.

Estimate value 

Assets that are most often used also lose their value, where the depreciation computation comes in. It would help to know the depreciated asset value if you had the original value. All of this can be made possible if you have a reliable system in place.

Faster coordination

Maintenance work for assets requires downtime and coordination with others. Network asset management can help you decide the schedule without disrupting normal operations.

Future purchases

Should you wish to upgrade or replace an asset, asset management can help you plan for your future purchases.

GUIÓN PARTNERS are experts when it comes to asset management. They can help your business reduce costs and improve security. Staying on top of asset inventory can be undemanding at the beginning. However, as your business grows, staying on top of it yourself can be challenging. Guión Partners gives you peace of mind as they handle these things while you do what you do best – running the business.