Are you tired of losing laptops and other valuable assets? The City of Dallas was. They installed asset management software in a department with 4,500 items and reduced their audit time from three weeks to one day!
Organizations everywhere are seeking these kinds of results. Reliable Plant believes it’s possible for companies to transform the way they manage assets. ““The tools to manage it [assets] have been emerging steadily in recent years, and today the science of asset management is accessible to any organization willing to undertake fundamental change.”
And many are.
Asset management software delivers results.
Take Highland Brewing Company, for instance.
A booming business in North Carolina, the brewer watched profits walk out the door after expanding operations to keep up with demand. Paper trails proved ineffective for managing assets such as unreturned kegs, which were costing the brewery $85 each.
After identifying an asset tracking system designed for small-to-medium-sized businesses (SMBs), brewery owner Oscar Wong saw an immediate payback on his investment. “Just the fact that our customers know we took the guess work out of our tracking system quickly lowered our keg loss ratio. We now have accurate data, which gives us more credibility and eliminates paperwork errors.”
Stories like this fill the pages of ledgers in every industry, including education where according to Gartner, “Budgets for primary and secondary school (K-12) agencies will remain stagnant or be reduced over the next three years.” The Houston Independent School District knows this better than anyone. They originally turned to asset management software to fulfill requirements for annual audits of fixed assets in each building, but ended up eliminating expensive equipment replacements—in addition to reducing audit times by 75 percent.
“Being able to accurately account for equipment eliminates having to repurchase equipment that has been lost or misplaced,” explained Erskine Vanderbilt, HISD campus network specialist. “There are much better things we can use the money for than replacing technology we own but can’t find.”
The nation’s largest U.S. Army post also realized similar results after implementing an asset tracking system to comply with requirements for an end-to-end, verifiable chain-of-custody accountability and traceability for their constantly moving pool of assets.
Fort Hood has more than 1,000 assets in 8 buildings on base, in addition to operations in neighboring states. Manual audits led to time-consuming, error-riddled results. By introducing an asset management system, the organization dramatically decreased time searching for equipment and conducting audits. Terry French, Fort Hood property manager, estimates that the base saved “the equivalent of $30,000 in time, just on the reduced field auditing alone.”
What’s the secret to these organizations’ success? Wasp MobileAsset.
Wasp MobileAsset takes the sting out of audits.
Designed specifically for organizations like these, the popular asset management software available from Wasp premier business partner System ID is packed with powerful features that enable growing businesses, government agencies, and educational institutions to:
- Improve the bottom line by eliminating unnecessary replacement expenses due to lost or missing assets
- Comply with regulations by replacing error-riddled manual audits with automated, efficient ones that support accurate records and fast response times
- Streamline operations by effectively monitoring and managing assets and resources in multiple locations, states, and countries
- Make better, more informed decisions by easily accessing and analyzing captured data from a centralized location
- Maximize the ROI by extending the shelf life of equipment and other assets through routine maintenance and repairs
“Organizations need a fast, reliable way to print and scan asset tags, which contain barcodes with specific information about each item,” explains Brad Vinson, Wasp product marketing manager. “A complete asset management system has everything SMBs need to quickly capture and store asset information in a centralized location for easy access and analysis. Not only does this provide leaders with actionable insight about their operations; it delivers the dependability and flexibility organizations require to effectively manage the bottom line.”
The Steps to Asset Management Success
Another key to the success of these organizations is that they were prepared before shopping for asset management software. To ensure your organization selects the best system for tracking assets, follow these five steps.
- Identify the issues. Are you plagued by inaccurate records? Are you constantly replacing lost or missing items? Are your audits taking too long? Are you unable to comply with industry regulations? Regardless of the reason, it’s important to identify the primary issues that require resolution. Doing so ensures you aren’t tempted to buy asset tracking systems with features you don’t need. Plus, knowing what problems you’re trying to solve allows you to effectively measure the results after implementing your system.
- Define all requirements. Consider your organizations’ size, locations, infrastructure, and total number of current and projected assets. Understand the technical requirements for such things as operating systems, wireless communications, and compatibility with existing applications. Determine what hardware is required to support automated asset management. Forecast future needs based on your current business plan. Prepare a detailed budget.
- Understand the approval process. Who are the decision makers? What information do they require to authorize a purchase? What details must be included in the quote? Often employees using or implementing the software system influence the buying decision. To avoid roadblocks, identify who requires what information at which stage of the process. And if possible, prepare a cost benefit analysis showing the projected benefits of using asset management software.
- Research options. Once you’re armed with foundational information regarding issues, requirements, and approvals, it’s time to begin your search. When researching asset management solutions online, look for successes in organizations like yours. Educate yourself about unfamiliar topics, such as the difference between asset management and inventory control. Look for specific features that align with your exact requirements. Identify any hidden costs.
- Consult with an advisor. Experienced advisors, like those at System ID, are there to assist you. They will listen to your requirements, take time to answer your questions, and recommend the right system for your specific needs. They will also take you on a personal test drive so you can experience first-hand the benefits of effective asset management. When done, they’ll happily prepare a quote and provide support during the approval and implementation processes.
Which asset management software is right for you? As you can see, it all depends on your needs. Dallas’ Department of Intergovernmental Services did their due diligence before deciding on Wasp MobileAsset, which met their requirements for compliance, time, and budget. Is this software a good fit for your organization?
Let our advisors help you decide. Give them a call at 888.648.4452, or request an online demo. (If you’re in the education industry, be sure to ask about MobileAsset.EDU, which is designed especially for K-12 and higher education institutions like colleges and universities.)
Latest posts by Jay Schofield (see all)
- ‘Tis the Season To Prep 2018 Taxes: Asset Management Can Save You Time - May 16, 2017
- How Small Businesses Can Survive the Age Of Free Shipping - May 2, 2017
- The Biggest Supply Chain Trends - April 11, 2017
- 2017’s Emerigng and Under-the-Radar Retail Trends - March 28, 2017
- What Are Some Of the Challenges of Going Global? - March 14, 2017