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.
Probably the most important thing that an asset management system does for you is to help you figure out what are the costs and benefits of taking certain actions. This is a great advantage because it can save your from making costly mistakes down the line and prevent simple mistakes from turning into hugely damaging errors. 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. So no matter what comes your way, you are prepared for it. 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.
Of course, this is not just a benefit analysis, but a cost-benefit analysis, so we must balance these positives with a few negatives. An asset management system does cost money, and so you need to carefully weigh the pros and cons of purchasing one and whether or not it fits 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 Manufacturing or Fishbowl Warehouse, to handle your asset management. Then you can avoid all of the expensive maintenance costs and huge learning curve associated with an ERP while still enjoying all of the benefits of a full-fledged asset management system.
There is also the problem of having to learn a whole new system as you navigate an asset management system. This can take some time to get all of your employees trained on how to use the software and implement it in their daily tasks. The good thing here is that a solution like Fishbowl offers numerous training videos to explain how to get started and use just about every module and feature. And if that is not enough, there are also hundreds of articles in Fishbowl’s Documentation Wiki, which explore in great detail every aspect of the software. So if you have any questions about how to use a feature in Fishbowl, you can simply look it up in the wiki.
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 previously unreachable goals
- Make the best use of your resources
Let’s discuss each of these points in greater detail:
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 for them, 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 and get big jobs done in record time.
IMPROVE YOUR ABILITY TO MEET PREVIOUSLY UNREACHABLE GOALS
It is easy to get discouraged when you find yourself confronted by a challenge that seems insurmountable. Imagine the hopelessness you would feel at the prospect of saving a huge amount of time and money with no increase in your efficiency or resources. 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 barcode scanners, automatic reorder points, and a well-organized warehouse, you will find that all of those goals of bringing down costs that were previously unreachable are now within your reach.
MAKE THE BEST USE OF YOUR RESOURCES
As hinted at in the previous sections, 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 Manufacturing and Fishbowl Warehouse are great asset management systems because they perform all of the tasks listed above, and they offer all of the features that you need at a fraction of the price of high-end ERP systems. They are an ideal choice for any organization looking to save money and increase efficiency. Get a demo of Fishbowl.
An asset management system helps an organization keep track of its resources to reduce waste and streamline processes by weighing the pros and cons of each decision. Doing so allows the organization to:
- Save money
- Save time
- Achieve goals
- Optimize resource use