Office asset management software is a valuable tool for ensuring that all aspects of a business run smoothly.
It assists in organizing not only the office as a whole but also each asset or item of inventory the company manages.
This guide will discuss what office assets are, as well as the benefits of managing them with software.
It will then suggest what a company should look for in office asset management software.
Let’s dive in.
In this article...
What Office Assets Are and Why You Should Manage Them With Software
Office assets are items or resources owned by a company. These are not necessarily for sale.
Instead, they are essential for doing business in any way, regardless of whether the company provides goods or services.
Often the customer or client never sees the assets their business owns or simply remains unaware of them.
This is because the emphasis on a transactional relationship shifts the focus towards what will change hands between the company and customer.
Some assets are tangible, meaning that people can see, feel, and touch them.
Good tangible candidates for tracking with office asset management software include furniture, electronic equipment, and supplies such as pens.
Other assets are intangible and include different types of intellectual property like song lyrics and patents.
Assets are most efficiently and comprehensively managed with software.
The Benefits of Office Asset Management
When office assets are managed by intuitively designed software and a comprehensive tagging system, the benefits are economic, psychological, and even physical.
Here are just a few reasons to consider office asset management.
1) Improved Asset Visibility
Asset visibility is the valuable ability to call forth complete and correct data about all assets, no matter where it is or when.
This information can include its status, age, maintenance history, and GPS location, sometimes down to its position in a building.
Sometimes this also involves a custody chain of who is in charge of the asset, including who had it last and who will interact with it next.
Asset visibility is important because it forms the raw data of asset analysis, which involves careful study of how well the asset is performing.
Complete asset visibility is essential to understand where an asset is in its life cycle and how decision makers might manage it more efficiently.
Strong asset visibility improves control over inventory in the following ways:
- Money saved in over-ordering extraneous assets
- Time saved in knowing where assets are (no fruitless and wasteful employee searches)
- Ability to maintain constant and efficient flow of assets
When office asset management software becomes a priority for an organization, improved asset visibility becomes automatic and easy to maintain in real time.
2) More Effective Procurement
Effective office asset management leads to more efficient procurement. This is important for stakeholders, decision makers, and middle managers.
Shared goals and understanding of procurement can minimize misunderstandings between departments.
When procurement is more efficient, members of the workforce are better empowered to stay ahead of potential crises and fulfill job expectations.
Effective procurement ensures that members of the information technology (IT) team can work together seamlessly with other units.
They can communicate more clearly about budgets, expectations, and goals.
Contracts with third-party vendors are negotiated effectively, and software licenses become more organized.
Software usage is also more easily tracked, particularly over time and from project to project.
More effective procurement can also mean lowered prices for IT items and better security in all respects.
Office asset management software has a life cycle of its own, and during its usability, it can provide a great deal of information about each asset in the organization.
3) Better Asset Life Cycle Management
Using the right solutions regarding office asset management software quickly results in better asset life cycle management.
Here are just a few ways it can help:
- Improved Understanding of Depreciation: Depreciation is how an organization spreads the cost of a significant asset across the entirety of its usefulness. When an asset’s life cycle is properly understood and predicted, tax burdens and procurement budgets are accurately foreseen.
- Avoid Panic Buying: Improved life cycle management means that the chances of suffering a sudden breakdown are lowered. When this is the case, companies avoid the heavy cost of buying an expensive replacement asset in a panic, rushing the procurement process and failing to invest in the best fit.
- Include All Departments: A better understanding of asset life cycle management means that a cross-departmental strategy is possible. Employees from different areas of the company can provide a wider view of how to best use a particular asset throughout its useful life.
A life cycle can last decades — or even the span of the company’s duration.
Understanding how to best manage each moment in the use of an asset improves efficiency and employee participation.
4) Reduced Theft and Loss
Managing office assets with software solutions can help to prevent theft and loss.
This includes misplacement, theft done by staff, vandalism, and robbery from outside forces.
Theft and loss have more far-reaching consequences than just impacting a company’s bottom line.
They can also result in lowered productivity, as their occurrence demands that employees either attempt to track down lost items or dedicate valuable time to filing police reports and participating in forensic investigations.
When assets are part of an office asset management software system, the most vital pieces of information about them are recorded and instantly accessible.
The increased security that office asset management software offers will also protect any intellectual property and other intangible assets.
In addition, asset management helps to avoid punch in/punch out padding (time-clock errors).
Also, it provides control over the equipment that is checked out, either at a worksite or over a long period of time.
When a chain of custody is established and the workforce is aware that assets are tracked, especially with GPS tags, items are less likely to disappear.
5) Better Readiness for Audits
Implementing proper office asset management solutions makes organizations better prepared for audits.
The arrival of an audit does not have to be terrifying or a matter of lost production with office asset management software:
- Data reports and analysis are easily generated with just a click or two
- Statutory, regulation, and warranty compliance are easily provable
- When assets are sold or retired, the data trail is automatic
- The contact each asset has with third-party vendors or clients is constantly tracked
- Assets that are not present for the audit are accounted for by location and condition
- Reports are generated in a wide variety of formats
- Asset registers are accessible from any era
- Accuracy is much more achievable than with spreadsheets or pencil and paper tracking
When either an internal or an external audit takes place, it is possible to isolate only the data needed for it. Office asset management software makes the process as painless as possible.
6) Automated Asset Discovery
Automated asset discovery is an important benefit of office asset management software.
Asset discovery is an accurate accounting of the items a company owns and uses.
Additionally, automated asset discovery involves studying the relationship between these assets and how they flow within the company.
When the right office asset management software is in place, the following is possible:
- Maintenance of IT and non-IT items
- Preventing use of unlicensed software
- Diagnosing technical as well as structural problems
- Stopping malware and viruses
- Lowering and managing security risks
- Protecting the company’s sensitive and proprietary information
- Provides opportunities for studying hardware and software life cycles and effectiveness
- Automating transfer of secure information to the cloud, drastically lowering storage costs and increasing data efficiency
- Finding security holes before they are exploited
- Active protection against online as well as physical threats
Finally, automated asset discovery is achievable with limited human interaction, which is safe as well as efficient.
7) Real-Time Information
One of the main benefits of asset management is the ability to receive and react to information in real time.
This is important because it enables security or law enforcement to locate stolen items.
It also allows employees to provide third-party vendors, contractors, and clients with important information about where an item is located in the supply chain.
In-house, relaying real-time information increases communication and effectiveness.
Team members have a clear and accurate idea of when employees and important tools are on the way.
GPS technology and motion sensors provide this information, along with a sustained record of how efficiently the asset is moving.
Even small businesses and non-profit organizations can benefit from real-time information, as it allows the money they invest in transport and organization to go farther.
What to Look For in Office Asset Management Software
Finding a good fit for a company’s needs is the most important part of investing in office asset management software.
Decision makers have to make sure the solution they decide upon is suitable for their particular circumstances.
That said, some things represent a best-practice standard.
Here are a few features to seek out:
1) Cloud-Based and Mobile-Friendly
The best office asset management software uploads automatically to the cloud and is immediately available on smartphones or tablets.
A modern company demands this feature, and cloud access is expected from vendors, clients, and even employees.
Not only does cloud data storage eliminate the need for expensive and inefficient hard copy records, it protects this valuable data from theft, loss, or security breaches.
Items are more easily searched when stored virtually, and locating them off-site safeguards them from natural disasters, loss, and damage.
Implementation is quick and customizable, and employees often require minimal training on hardware with which they are already familiar.
2) Labeling and Label Scanning
Strong office asset management software, such as the system offered by GoCodes, includes a full label and label-scanning suite.
Asset tagging involves a scalable structure which can allow a company to grow or downsize as necessary.
Depending on the needs of the company, scanning can involve the use of mobile devices or handheld bar scanners.
Other forms of technology might involve the use of Bluetooth or radiofrequency technology.
The most user-friendly tags are customized.
Additionally, depending on the conditions in which the asset will stay, labels are easily manufactured in metal, mylar, plastic, or other durable materials.
3) Customized Access Control
Security and efficiency demand customized access control.
Not every employee needs to access each asset at all times, and various levels of admission are often appropriate.
Customized access control ensures one efficient system for the entire company, yet with different layers of incorporation.
This aspect of office asset management software immediately flags unauthorized activity and provides a more robust security system.
It’s possible to toggle access user by user and enable access on a case-by-case basis.
4) Alerts and Notifications
Good office asset management software offers customizable alerts and notifications for team members.
Many kinds of alerts are possible:
- Email digests for daily updates or more comprehensive information
- Push smartphone alerts for missed calls, texts, weather information, and app updates
- Low stock level alerts
- Asset visibility checks
- Job task updates
- Check-in/check-out reminders
- Maintenance updates
- Customer and vendor communication
- Reservation requests
- Flags for any unauthorized activity or security breaches
- Calendar reminders
Best of all, all of these notifications are customizable. Only the employees who need to receive this information will do so.
5) Availability Calendar for Shared Assets
Some assets, such as IT items, health spa equipment, and construction resources are shared amongst project managers, employees, and even different branches of the same company.
Managing these items is best accomplished by the use of office asset management software.
This system is vital for ensuring that assets are not double booked.
It helps managers plan for maintenance downtime and enables them to provide realistic completion timelines to clients and superiors.
Members of the workforce are provided with an idea of how to plan their workdays, while assets are more easily moved and positioned for maximum effectiveness.
Office asset management software streamlines many everyday tasks and quickly benefits organizations across all departments.
Through reduced loss and theft, improved asset visibility, better asset life cycle management, and the provision of real-time information, tracking becomes automatic and effective.
GoCodes Can Help
GoCodes asset management app is a simple solution for offices, especially those with multiple locations. Our tracking solution uses the power of cloud-based software, smartphone scanner apps and patented QR code tags. You can easily check in and out your office equipment in seconds and effortlessly track it. Sign up for a free trial here.