Asset management is the process of monitoring, updating, and maintaining an organization’s resources. An asset management system provides a framework for your organization to organize its efforts and make smart decisions in order to achieve its goals. It enables companies to do more with their assets by giving each one a specific task and tracking its usage and effectiveness over time. Let’s drill deeper into the costs and benefits of an asset management system to see how it can help your business.

Cost-benefit analysis

An asset management system aims to help you figure out what are the costs and benefits of taking certain actions, which help to find cost savings and save your from making costly mistakes. If, for example, you are in charge of distributing medical supplies across an entire state, you need to know which supplies are needed the most at different locations. If you send too many vaccines to one hospital, it could lead to overstock and spoilage, as well as shortages at other hospitals that need those vaccines much more than the one you sent them to.

With an asset management system, you can avoid costly mistakes like this. It helps you decide exactly where resources should go and in what quantities. That way, you can keep up with daily needs and also plan ahead for emergencies. You can cut down on costs while increasing your efficiency. A good asset management system can help you achieve greater stability in your asset levels and maintain what you have worked so hard to build.

In a proper cost-benefit analysis, a business must balance pros and cons. An asset management system does cost money, and so you need to carefully consider how to fit the cost into your budget. Luckily, you do not have to break the bank and purchase an entire enterprise resource planning (ERP) system to have good asset management. Instead, you can choose a much more reasonably priced solution, such as Fishbowl, to handle your asset management. It is possible to incorporate a robust asset management platform without the expensive maintenance costs and huge learning curve associated with ERPs.

There is also the problem of having to learn a whole new system as you navigate an asset management system. Implementing new tools and software can take some time. A trustworthy and reputable asset management solution will offer implementation support and training for you and your staff. Ongoing access to customer support and communication on product improvements and upgrade options are additional signs of a good asset management solution.

Getting on track

An asset management system will help you get your organization on track in many ways. Using its tools, you will be able to:

  • Save money by reducing waste
  • Save time by streamlining key processes
  • Improve your ability to meet  goals
  • Make the best use of your resources

Save money by reducing waste

As you reduce the asset quantities in some locations where there is a high level of redundancy, and increase the asset quantities in other locations where there is a high level of demand, you will quickly discover that you are not only being more efficient, but you are saving money and reducing waste. This is a key advantage!

Save time by streamlining key processes

How long does it take to pick the right products off your shelves and ship them out to the right locations? What if you could shave precious minutes off that time? An asset management system does exactly that by cutting out unnecessary steps and ensuring employees have the right tools at their disposal to make the most of their time.

Improve your ability to meet goals

An asset management system may not be able to increase the number of resources available to you, but it can help you make better use of what you already have. With the help of reports and automation, you will be able to make informed, timely business decisions that positively impact your people, finances, processes, and customers.

Make the best use of your resources

An asset management system helps you make the best use of your resources by making sure they always go to where they are most needed. Instead of having shortages in one place and overstocks in another, you can balance them all out and keep every location ideally stocked for their own unique needs. And doing this will be a big boon to your business or organization.

Fishbowl’s asset management system

Fishbowl offers all of the features and functionality you need at a fraction of the price of high-end ERP systems. With Fishbowl, your organization can save money and increase efficiency.