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Top 6 reasons why an asset management program is important for your business

Posted by Tristan Sharrock on 11-Jul-2018 09:58:00

A company with an end goal pointing towards profitability should always have in place key asset management strategies. Large corporations like government agencies ordinarily utilise them, but small companies can also benefit from such programs. Companies are better placed to achieve the highest gains while incurring the lowest costs, hence maximising the lifespan of the assets. 

While employees play a significant role in the provision of services and conveying products to clients, physical and non-physical assets are also essential components in the functionality of any company. And managing these assets can be hectic, especially if no systems have been put in place.

A company can keep track of its assets by identifying where the assets are, how they are used, and when changes are made to the assets.

Here are the top reasons why you should consider an asset management program for your facility.MyTAG-icon

1. It can help in the management of assets from different departments or locations. As a result, efficiency and responsibility are highlighted.

2. Asset management programs help streamline business financial records. For example, when an asset is disposed of, it is removed from the records. 

3. It saves the company's maintenance funds. Over-maintenance or under-maintenance problems can cause business expenses that cut off the profits of the company. Over-maintenance increases the company costs, while under-maintenance reduces productivity.

4. Ghost entries in the inventory are dealt with promptly. Lost or stolen items sometimes remain in the inventory records, and asset management programs eliminate this error.

5. Theft incidents are significantly reduced when there are proper asset management systems. The company maximises returns with few cases of lost items during the process.

6. It optimises operations regarding planning, implementation of programs, and resource use. In return, the company enjoys efficiency and increased gains.

MyTAG Trusted Tag solutions and access control cards help you monitor who gets access to valuable company assets by providing proof of presence. At ID Supplies, we believe that it is vital to have an asset management program as an addition to your facility's security. Contact us today for products, services and solutions tailored to meet the security needs of your company.

Topics: MyTAG, Key and Asset Management

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