Get Efficient, Save Money: Electronic Asset Verification & Management

Posted by Ashley Little on April 21, 2015

shutterstock_265943639-677957-editedAsset verification and management has come a long way since the days of pencil and ledger, but taking the step toward using connected, automated technology to keep track of your valuable assets not only makes things easier, but more cost-effective as well.

Not so long ago, many companies used a book, a thousand-year-old graphite writing implement and a paper-based perpetual inventory system to track their most valuable assets. The invention of the desktop computer made things easier, but the task was still a manual, time-consuming, and generally unreliable process. Today, time lag and human error has been greatly reduced. Assets are now accounted for and can be scanned, tagged, and instantly filed.  Finding them has gotten easier due to the fact they can be searched and cross-referenced in just about any way imaginable.

So what is the economic benefit of using modern, electronic asset verification to generate the good data you need to run your business in the most efficient—and cost-effective—way possible?

Better Teamwork

Good data results in the ability to better manage both assets and the people who interact with them. This reduces unnecessary activities and redundancies and leads to saving money.

Clarity & Control

Knowing exactly what you have—from your plant and network footprint to facilities and individual plugs—is invaluable to reducing wasteful buying. Additionally, good, timely asset verification can help companies keep track of spare levels, helping businesses avoid the expense that comes with carrying excess inventory.

Less Maintenance Costs

Knowing what is going on at your facilities and details about the equipment itself where it exists can help technicians quickly identify both violations and what corrections are needed in one visit. To the rest of the world, “field trips” sound like fun but to your business they just sound like the cha-ching of a cash register, nibbling away at profit margins.

Faster Expansion

With good data and a handle on verifying assets, companies have the tools to reduce backlog requests and the ability to make the revenue-increasing moves of getting service to new customers.

Spotless Service

Finally, perhaps the most important money savings good asset verification and management can bring a business is the ability to conduct good business as usual. Happy customers are paying customers, and paying customers make for a happy business.

The bottom line: Do not be tempted to view asset inventories simply as a cost. The reality is that the economic benefits of having good asset verification and management, as well as the actionable data that comes from conducting regular, meaningful inventories, far outweighs the initial cost.

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