Here is a brief overview of the strategic value of this organized and holistic approach to ensuring how to track what produces value for your organization.

by Amit Shingala
Date Published May 25, 2022 - Last Updated January 20, 2023

According to a recent report, some 43% of small business fail to track assets and inventory effectively. This can create absolute chaos

Assets are invaluable for any enterprise equation, and they need efficient asset management processes to streamline and improve the overall business process and performance. Whether it be risk control, workflow optimization, or successful delivery of value-added services to the customers, asset management is everywhere and connected to all your business operations.

Assets are something that either are stored or that produce value for the organization. As your business grows, it is crucial to integrate proper enterprise asset management software into your organization. IT asset management is a structured process of efficiently procuring, maintaining, upgrading and disposing of organizational assets. In simple words, it is all about tracking and using all your tangible and intangible assets for the organization. Assets management forms a vital part of the organization's overall strategy and helps in reducing risks and costs.

An effective and efficient asset management system reaps many benefits for businesses, from planning to fostering responsibility. Efficiently managing IT assets will help the organization understand where the assets are located, how they are used, and what changes have been made to them.

Here are some additional benefits:

  • With effective asset management, an organization can proficiently manage the assets from different locations in the most accurate manner.
  • Asset management also helps in creating asset inventory for insurers or lease financiers.
  • One of the significant IT asset management benefits for any organization is that it helps in eliminating older monitoring systems' drawbacks.
  • Unified asset management provides the organization with a 360° degree view of the entire lifecycle of asset management.
  • Effective enterprise asset management software will provide accurate rates if you are concerned about the correct amortization rates.
  • Whether you are concerned about capital expenditures or want to save maintenance costs, enhanced scheduling and automated warnings will help you achieve your goals with asset management.
  • Keeping track of overall organization assets is vital for any organization to enhance productivity and minimize costs. With efficient asset lifecycle management, organizations get an opportunity to understand when to update asset licenses,update software, replace the asset, or buy some new equipment or software.
  • Effective asset management software allows organizations to know the status of their security tools, which helps prevent the systems from being exposed to risks and keeps your organization safe and secure.
  • Every organization needs robust business strategies to grow abundantly, and when we talk about strategy, decision making plays a vital role. By using enterprise asset management software, organizations can use asset insights for robust operation decision making. In this way, asset management helps in achieving business goals.

In conclusion, enterprise asset management software simplifies and streamlines an organization's overall IT asset management. Investing in good IT asset management software will always help the organization save costs and time. Effective asset management is a critical process for any organization that helps evaluate your organization's core areas.

Amit Shingala is the Co-Founder & CEO of Motadata (Mindarray Systems Pvt Ltd). He holds over 13 plus years of experience in building, scaling, and selling enterprise products. He has designed and built solving complex problems of cross-monitoring by gathering meaningful insights from a hybrid infrastructure, leveraging data ingestion from heterogeneous sources, and ML capabilities.

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