An efficient workforce management system provides a way of managing employees and allocating the required resources, training opportunities, performance management support and so on. One of the most important parts of this process is the management of an organisation’s assets. This can include everything from a laptop to a lawnmower. Every organisation wants to save time managing the inventory of assets and resources that have been assigned to workplaces and employees. Asset management is keeping track of and efficiently using all different assets of an organisation, and automation can obviously help here.

This blog post discusses asset management systems and why they are important.

What is an asset management system?

Essentially, an online asset management system is software that helps businesses manage all their tangible assets, including smart allocation, maintenance, record-keeping, report generation, etc. The purpose of this software is to manage assets in a way that increases employee productivity, reduces costs, and saves time. It can be an independent system or a part of the broader framework known as a human resource management system or workforce management system.

What assets can be managed using this software?

1. Computer hardware

It includes the management of every hardware device related to computers assigned to your employees and being used in and outside your workplace. For example, laptops, desktops, printers, other computer peripheral devices, etc.

2. Furniture

All the pieces of furniture in your workplaces, such as desks, chairs, conference tables, file storage units, and other fixed office assets, can be easily managed using an online asset management system.

3. Trees and plants

Organisations also need to comply with regulations regarding the trees and plants planted inside their premises. Asset management systems provide for keeping detailed records which also include the employees responsible for the management of each tree and plant.

4. Buildings

The premises or buildings from which a business operates might be leased or owned. An asset management system allows businesses to manage all the details regarding the lease agreements or ownership of one or more buildings.

5. Machinery

If an organisation owns machinery to manufacture goods, they are also regarded as assets and can be managed with the asset management system.

6. Vehicles

All the vehicles, either owned or leased by an organisation used to transport goods or provide transportation to employees, can be managed using asset management software.

Why is an online asset management system important?

Asset management requirements are quite challenging if done without the right tools. Having an efficient online asset management system at the disposal of employees can make a big difference to this function. It saves invaluable hours otherwise spent handling paper-based documents manually. Once the data is entered into an online asset management system, it can be stored in the cloud and can be accessed from anywhere using just a computer and the internet.

Large organisations that have different geographical locations do not have to share their assets manually, and even small organisations can benefit from the cost savings of having to create an asset register manually. Security features such as authorised user access can help maintain the integrity of the information stored and being accessed.

Real-time reporting is an immensely helpful feature for both compliance management and decision-making. Asset management software can help generate powerful reports on demand and export them to a required format. Meaningful reports can help elevate the decision-making for top management and create better asset management strategies.

What are the best practices for asset management?

The sheer number of assets in an organisation can make its management intimidating. Better strategic planning can make things run smoother. Some of the best practices to manage assets in an organisation include:

  • Learn from the data and identify trends. Asset management is an ongoing process.
  • Pay attention to any anomalies in the asset data.
  • Again, analyse asset usage statistics thoroughly before renewing licenses, lease agreements, etc.
  • Implement the best asset management software for your organisational requirements.

The Takeaway:

Regardless of your approach to asset management, having comprehensive online asset management software will help streamline the process for your HR personnel and management. Accessing useful information and compliance reports has been made easier by these systems. Sentrient HR is a human resource management system that also includes an efficient online asset management system. It allows users ease of access and simplifies their experience. Contact Sentrient HR to learn more about this system.