Since the Roman Empire, organizations have developed ways to log and monitor their assets. Today, technology has produced new ways to track assets through software. This centralized approach can track hardware, such as computers, peripherals, and mobile devices, as well as software assets like spreadsheets and production applications. But how can asset management software produce a measurable, worthwhile return on investment?
How Asset Management Eliminates Materials Waste
Has your company purchased new hardware before all the goodie was used out of the old? Have you purchased redundant machines, only to realize what you had was probably sufficient? Worse yet, have you not bought needed items until it was too late? Asset management software allows you to identify the expected lifespan of a given machine or device, so that you always know what you’ve got and how long it can be expected to serve the company. Asset management can also help cut down on items that “accidentally” get “misplaced” or go home with employees who “forget” to bring it back.
How Asset Management Eliminates Labor Waste
The old system of logging product IDs on spreadsheets led to a lot of busywork, redundancy, and incorrect information. One transposed numeral in the product barcode could mean a lost product worth hundreds or thousands of dollars. Asset management software makes it simple and easy to log in purchases, track it during its lifespan, and find warranty or guarantee information immediately if the need arises. As employee compensation becomes more expensive, the ROI for reduced labor adds up quickly.
How Asset Management Eliminates the Costs of Software Licensing Non-Compliance
The average costs for licensing non-compliance is $20,000. Here is where asset management shows its true ability to produce ROI. With the right software in place, you can identify when licenses are set to expire, keep up with the number of users actually using your licensed software to avoid going over the limits of your license, and identify licenses you’re paying for that aren’t benefiting the company.
How Asset Management Improves Security
Where are your devices and machines? Are employees using mobile devices on insecure Wi-Fi? Are devices getting lost or stolen? Are you paying monthly fees for devices that have been broken or are no longer used? These devices could be lying around vulnerable to password theft, data theft, and even breaching the system. Asset management software allows you to identify these security lapses and tighten them up for better security throughout the organization. Asset management can also improve the security of apps and software by assuring that patches are installed regularly and that the latest versions are in use, which come with the latest security updates.
How Asset Management Allows You to Get Better Deals on Software
Sometimes, companies roll out asset management only to realize that they own multiple applications that all do the same thing. By integrating these applications, the company can save money on software, in addition to streamlining and integrating processes. Asset management also identifies the number of users who need specific software, so that they can purchase only what they need, and never buy too few or too many licenses. Additionally, you can identify which products are up-to date and which need to be upgraded to get the best ROI on all your software packages.
How Asset Management Allows You to Get Better Deals on Hardware
If you know ahead of time that you need 100 new computers or 50 new smartphones, or 25 new laser printers, you can negotiate bulk prices and eliminate overpayment for these machines. Without asset management, each device has to be identified as outdated, inefficient, or faulty, and the company has little choice but to pay full price for each purchase. Negotiating lower bulk prices for just one item across the company, such as all new telephones or keyboards, can result in thousands of dollars saved. Now that’s getting ROI on your asset management tools.
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