Asset Inventory System in 2022

An asset inventory system is a critical part of any organization, yet it is often overlooked or not given the attention it deserves. A well-run asset inventory system can save an organization time and money, while a poorly run system can lead to lost or misplaced assets and wasted resources.

Related article: Spare Parts Inventory Management Best Practices

What is an asset inventory system?

An asset inventory system is a software application that is used to track, manage and store information about an organization’s assets. The system can be used to track both physical and digital assets and can be used to store information such as asset location, serial number, purchase date, and warranty information. It also helps organizations keep track of their assets and can be used to generate reports that can help with asset management, resource allocation and capital planning, and decision-making.

Typically, the asset inventory system is designed to improve asset management and accountability and to help companies meet their strategic goals. The system will track all assets, including non-IT assets like land, property, equipment, and vehicles. It helps manage inventory, monitor utilization, track depreciation, and more.

An asset inventory system is essential to businesses because it enables optimum utilization of your assets, ensures timely care and maintenance, and helps businesses avoid losses due to theft or damage.

What is Asset Inventory Services

Asset inventory services are provided by a company specializing in tracking and managing corporate assets. It can include anything from office equipment and furniture to vehicles and computer systems. Often, these services are used by companies with a high volume of assets and need to keep track of them for tax or insurance purposes. Then there are other times companies need these services to manage their inventory in the event of a natural disaster or other emergencies. Many different asset inventory services are available, each with its own features and benefits. Some services may offer online tracking and reporting, while others may provide on-site support and consultation.

When choosing an asset inventory service, it is important to consider the needs of your business and the level of support you require. There are steps to the asset inventory process:

The first step in using an asset inventory service is to inventory your assets. You can do this by taking a physical count of all items or by using an electronic tracking system. Once all assets have been accounted for, the inventory service will create a report detailing each item’s location, value, and description. This report can be used for tax or insurance purposes or to help manage your inventory.

Asset inventory services can save companies time and money by providing accurate and up-to-date information on IT and non-IT assets.

Benefits of using Infraon’s asset inventory services

Using Infraon’s all-encompassing asset management platform offers benefits in several ways, including:

An accurate and up-to-date inventory of its assets.

The benefit of having an accurate and up-to-date inventory of assets is that it allows an organization to know the value and whereabouts of its assets at all times. This information is critical in the event of an emergency, such as a fire or theft, as it can help authorities locate and recover assets quickly and efficiently. Additionally, having an up-to-date inventory can help an organization track the depreciation of its assets over time and budget for future replacement costs accordingly.

Tracking and managing all assets more effectively.

Infraon’s asset inventory system enables tracking and managing all assets more effectively. It can help organizations keep track of their assets, ensure that they are being used effectively, and make informed decisions about future purchases. Additionally, it can help reduce operational costs and improve asset utilization.

Reducing costs associated with managing and maintaining its assets.

The primary benefit of using an asset inventory system is the reduction in costs associated with managing and maintaining assets. This is because Infraon’s solution is responsible for keeping track of the assets and their whereabouts and ensuring that they are properly maintained. It can save the company a significant amount of money in terms of both time and resources.

Improving an organization’s asset utilization and productivity.

Asset inventory services can help companies improve asset utilization and productivity. By identifying and tracking the location of assets, organizations can ensure that they are being used efficiently. Additionally, asset inventory services can help improve communication and coordination between different departments within an organization. It can lead to better decision-making and a more efficient overall operation.

Mitigate risks associated with assets.

Using an asset inventory system can

  • Reduce losses due to asset damage or theft
  • Improve insurance coverage
  • Enhance security
  • Improve asset management and decision-making
  • Greater transparency and accountability
  • Increased stakeholder confidence

With all the benefits from Infraon’s asset inventory services, all that’s left is choosing the right one for your business.

How to choose the right asset inventory services for your business

Choosing the right one for your business can be challenging. However, a few factors that can help with decision-making include:

The type of assets used in your business

What assets do you need to track? Some asset inventory services can handle IT assets, others Non-IT assets and several can manage both. Some are ideal for the manufacturing industry., i.e., industry-specific. You must ensure that the asset inventory system you choose is designed for the type of assets you will manage. Fortunately, a comprehensive asset inventory system can handle every kind of asset in a single centralized platform.

The number of assets that need to be inventoried

If you only have a few assets, you may not need all the features offered by some of the more comprehensive asset inventory services. On the other hand, if you have many assets, including IT and Non-IT, you will need a solution to handle all your asset management needs. Remember that you may need scalability as your business grows, and an increasing number of assets need to be managed.

Do you have the budget?

Asset inventory services can vary widely in price, depending on the features and technology. So it’s crucial to find a solution that fits within your budget. Some programs offer a free trial period, an option to consider if you’re on a tight budget. It will also help you decide the kind of investment you want to make after the trial period.

A significant part of asset inventory services is the tracking and reporting features of the asset management platform. Once the assets have been listed in your inventory, keeping track of them and having a centralized view makes asset management a streamlined process. For instance:

The features of Infraon’s inventory tracking system help identify who is using the asset, how it is used, and when it is available. Other features include

  • Check-in/ out of equipment
  • Scheduling routine maintenance
  • Tracking assets by location, category, serial number
  • Customizable alerts and notifications
  • Tracking and monitoring the performance and availability of equipment
  • Scheduling maintenance of parts or equipment replacements

With Infraon’s asset and inventory tracking feature, you save time and resources while improving operational efficiency. It makes it easier to know the whereabouts and the condition of IT and non-IT assets. Additionally, with the accurate asset and inventory reporting feature, you can:

  • Access custom asset inventory reports
  • Address issues proactively
  • Provide crucial information for compliance, asset depreciation, and asset appreciation calculations.

Related article: Benefits of Equipment Inventory Management Systems in 2022

Final Note

Asset inventory services play a significant role in businesses. They help companies keep track of their assets, inventory, and other important information. They also help keep their information organized and up-to-date, which can help them save time and money.

The first step is to identify the organization’s needs. What type of assets does the organization need to track? What is the organization’s budget for an asset inventory system? Once the organization’s needs have been identified, it can begin to research the different types of asset inventory systems.

The system should track all of the organization’s assets, and it should be able to do so in a way that is efficient and cost-effective. The system should also be user-friendly so employees can easily access the necessary information. Additionally, you will want a system that seamlessly takes over the whole asset management lifecycle, such as Infraon’s comprehensive asset inventory system and lets companies focus on business growth,

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