What are some of the common challenges of asset management?

As easy as it sounds, asset management is a very tiresome task. Managers often face a lot of trouble overlooking the equipment properly. Regardless of the size of the business, there will always be a lot of assets to look after. The task itself may consume most of the working hours of the manager.

Whether it is a small item like a stapler or a big manufacturing machine, proper monitoring will always bring good results for the company. That is why managers have to put up with a lot of hassle to manage assets effectively.

What makes asset management so difficult?

Here are some of the reasons that make asset management difficult for managers:

Tracking assets

Keeping track of assets is one of the most common asset management challenges. The asset is moved from one location to another, increasing the likelihood of theft and misplacement.

Since assets like heavy equipment are expensive, losing or misplacing them may hamper daily operations and reduce productivity. That is why tracking equipment is very important. It helps determine the exact location of equipment.

Keeping clean data

You are more likely to make mistakes when you do things by hand. If there are mistakes in the data being typed in, it will make the data less valuable. Spreadsheets are used by many groups to enter data because they are free. But spreadsheets aren’t reliable because many people use them, and if someone makes changes, you can’t tell who did it. Also, changes can be made either on purpose or by accident.

Ensuring an asset’s lifetime

Monitoring the proper usage of assets is also one of the major responsibilities of a manager. Improper usage, like using it around the clock or not operating it properly, reduces the life cycle of the machines. The company will bear the expense, which easily could have been avoided with proper monitoring.

Theft or losing assets

For small assets like hand tools or office equipment, theft or misplacement is not unusual. You can never be sure where tools are because the log data is not accurate. It gets passed from one team to the next or left there at the end of the day. Also, without a real-time logging platform, your employees won’t know where your tool is, so they won’t feel responsible for putting it back where it belongs.

How can asset management software help ease this process?

The job is not very difficult. It is just difficult to do with human capacity. That is why most companies prefer to integrate a system to solve the issues. Mobile applications such as CloudApper Assets are a convenient option for businesses. The benefits it brings to the companies are:

Portability

Users do have to sit in a designated place to access the applications. Usage is as simple as any mobile application. Managers can use the system to its full potential with a simple smartphone. They can work with it anywhere at any time without additional hassle.

Automatic record-keeping

Employees do not have to worry about keeping records of the assets’ activities. Each asset will be input into the system once and then the rest of the recording will be handled by the system. The system will record the changes in location, assigned person, purchase date, etc., with each new activity.

Theft-proofing assets

The person using the asset will be recorded in the system. This will help managers keep track of the designated employee and hold them accountable for any issues with assets. This will reduce the possibility of theft or any other unethical activity.

CloudApper Assets – the one easy solution

There will always be problems with managing assets, but if you have the right tools, it’s easy to deal with them. This software can help to tackle the challenges of asset management in a lot of different ways.

Asset management software provides solutions from equipment tracking to equipment maintenance. It also has several other features and benefits that make you and your business more productive.

If you’re having trouble keeping track of your equipment, CloudApper asset management software is there for you. It can take your business to a whole new level. If you haven’t tried the software yet, you’re missing out.