In today’s modern age, the number of technological assets required to keep a given business on its feet continues to grow every day. Asset management can be a significant hurdle for many businesses, especially small and medium-sized businesses.
As a logistics consulting company, asset management falls squarely within our realm at Reverse Logix. We’ll help you simplify every part of your business process, and can lower your costs in a number of areas. On the flip side, a failure to properly manage your assets can lead to several big issues – here are a few to be aware of.
Bad ROI
Just like any standard investment, whether or not you’re able to track your asset is a huge factor in determining whether you can track your return on investment, or ROI. Poor asset management will mean the data is not available to determine your ROI.
Resource Allocation
Anytime you add new resources to a network, several other assets and people are associated with it. If the sales team is preparing for a client meeting, for instance, they should have a higher priority for computer repairs than, say, the HR team. Another cost of poor asset management is the common inability for companies to properly categorize their assets and create a proper hierarchy.
Insurance Costs
When outdated technology leads to your company failing a regulatory compliance audit, you’re seeing one direct effect of bad asset management: Insurance and compliance costs. There are numerous compliance regulations out there, and if you aren’t in order here, you can be subjected to various penalties and fines.
Remote Inventory Management
It’s vital that you’re able to remotely monitor and manage technology, from Patch updates to security monitoring. Without the proper infrastructure, though, this won’t be possible.
Software Audit
Software licenses come with very strict instructions for their application. If you don’t have asset management in place, it will become almost impossible to track who has which license and how many seats are available. This could leave you open to a software audit, which are commonly performed by many of the major software vendors.
Want to learn more about asset management, or interested in any of our other solutions such as reverse logistics or returns management services? Speak to the pros at Reverse Logix today.