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5 Tips For Better Asset Management - BFC Global



Asset management is a systematic process for procuring, maintaining, upgrading, and disposing of organizational assets in a cost-effective manner. Assets, when properly managed, can contribute to your company's growth, financial success, and sustainability. Poor management practices, on the other hand, can harm your bottom line and potentially impede or even destroy growth opportunities. 

 

No matter the type of assets your company has, whether they are tangible or intangible, managing assets is not an easy task. Even though there will inevitably be difficulties in managing your resources, it is possible to make the process easier and simpler. Black Forest Global's expert team is eager to assist your company in implementing and improving its procedures to ensure maximum efficiency. In this article, we have compiled a list of five strategies for simplifying asset management. 

 

Designate The Right People 

 

Managing assets can be a full-time job, depending on the number of materials, equipment, digital products, and other inventory your organization must maintain. As a result, it is critical to select the most qualified individual or team to be responsible for the company's assets. 

 

Take Inventory 

 

Evaluate your company's assets to compile a detailed inventory of all materials, equipment, software, and even human resources. The inventory should include equipment that is both in use and in storage, as well as the various roles and job titles required by your company to function. By determining the life cycle of your resources, you can forecast the maintenance schedule and lifespan of your assets. 

 

Review & Update Routinely 

 

As equipment breaks down and new products are added, your asset inventory will change over time. Without regular asset tracking, your company may be charged with paying unnecessary taxes, insurance, purchases, and asset maintenance. For the most accurate record-keeping, review and update your asset collection once per quarter. 

 

Learning The Depreciation of Your Assets 

 

Over time, the value of your assets may depreciate. This is especially true in the case of technology, as innovative solutions become available at a faster and more relevant pace. Out-of-date assets can thwart productivity and compromise the quality of your work. Understanding which resources are no longer meeting your company's needs will assist you in determining when to replace specific assets, making the best use of your budget. 

 

Digitize & Automate 

 

Manual asset management takes a significant amount of time, effort, and money. Using an automated asset management solution can help you make the most of your time and resources. This software will aid in the tracking of asset value and depreciation, asset maintenance, contract management, cost analysis, and the generation of detailed reports. By automating complex asset management tasks, you will be able to improve your company's efficiency, effectiveness, and productivity. 

 

Learn more about resource management and how Black Forest Global can help you improve efficiency and effectiveness throughout your organization here. 

 

By: Victoria Harris



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