Good asset management can benefit your organization in many ways.
What are the best asset management practices?
Many organizations simply do not know what assets they own, what shape they are in, or where they’re located. With a scenario like this, companies are poised to lose valuable time and more importantly, money!
Good asset management benefits the organization and its stakeholders. The existence of assets and all activities related to assets collectively enable the achievement of the organizational objectives. By tracking assets through their entire life cycle, you can improve how your business acquires and uses its assets on a continuous lifecycle.
One of the most overlooked functions in a company, both large and small, is the management of its assets. Many employees don’t understand the value that a company’s assets bring to the overall success and how not keeping track of assets or really knowing what your company has can be extremely detrimental and at times financially crippling.
- Do you know how many assets your organization has and needs to track?
- How many users need to have access?
- Where are the assets located?
- Is the asset being used?
The benefits of asset management
Keeping track of the assets of the company is an important task that can save companies money and time. Asset management is the process of maximizing the assets of the company to provide the best returns to stakeholders. It can tell where the assets are located, how they are used, and when changes were made to them.
- – Demonstrated compliance with the requirements and wishes of your stakeholders
- – Better financial results because of better ROI and/or cost reduction
- – Informed decisions from multiple angles, such as performance, profit and costs, risks and opportunities
- – Risks managed when necessary and knowingly existent when acceptable
- – Higher customer satisfaction
- – Decisions also based on entire life cycle of assets (also when this exceeds the duration of other plans)
- – Stability of the production in the long term
- – Improved reputation towards your stakeholders
- – Demonstrated compliance with regulation and legislation
- – Traceability of decisions
- – Improved knowledge management
- – Increased attractiveness for shareholders
Vendor Management offers substantial assistance in the management of assets. Asset tracking lets organizations and individuals catalogue, track, organize, audit and manage information about assets of all types, from information technology assets to office equipment and company vehicles.
Added benefits of Asset Management
- – Good Business Practice
- – More Meaningful Financial Reporting
- – Improved Regulatory Compliance
- – Improved Reliability
- – Long Term System Integrity
- – Cost Savings
VENDOR MANAGEMENT SOLUTIONS
Our Vendor Management Solution (VMS) is a discipline that enables businesses to not only cut costs but also: control expenses, drive service excellence and mitigate risks…while gaining increased visibility and value from their vendors. Through LIMITLESS’s on-line software overall vendor management, as well as – vendor expense management, is accomplished by giving you absolute visibility into your vendors and spend. No matter what the vendor or type of service they provide – companies can have a comprehensive view into their: services, contracts, rates, terms, conditions and spends through this sophisticated web-based solution.
If you have questions about any of our VMS benefits contact us today at 866-504-4050 or email LIMITLESS at email@example.com to learn more about our Vendor Management Solutions.