How often is it that your employees are looking for an asset only to find it in use elsewhere by someone else? Does it mean that you invest in an endless supply of assets for availability 24x7x365? Regardless of the size of your business, it is not feasible to ensure that your assets will always be available and free so you can lay your hands on them when the need arises. A better solution is to have an asset reservation system. It can ensure that you can book it in advance and let other team members know that you have a need for a particular asset. But what is an asset reservation system? We will explore this in detail and how this system can help you streamline your asset utilization process. We will also discuss the various factors that can help you choose the right asset reservation system for your business.

What is an asset reservation system?

As the words define the purpose, an asset reservation system helps you reserve a particular asset. In other words, the system enables you to manage your asset utilization, so no employee is left without knowing where an asset is, if it is in use, or if it is going through maintenance.

An asset reservation system lets employees know the schedule of asset circulation across the company. It lets you make your reservation for the asset you need. More often than not, assets can go missing or in need of repairs. Knowing about the availability and condition of the asset gives employees time to prepare for an alternative solution. With each employee checking an asset in or out, you can track them in real-time. There are a few essential features that a sound asset reservation system must have.

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Features of an asset reservation system

A sound asset management system must have the following features that help manage your asset reservation process, for instance:

Booking an asset

When you have a limited set of assets, tracking and managing their distribution is best. By viewing the current schedule of the asset, you can avoid a lot of wasted time and make your reservation. It also helps other employees know the asset status. 

Checking-in and out

The check-in and out feature enables visibility and accountability. Every employee can see where the asset is and who is using it while holding the one using it accountable for the asset. Additionally, it lets everyone know if the asset requires maintenance or will be out of circulation for a while.

Asset visibility

Asset visibility ensures that your assets are used optimally. No asset is left unused, and tracking how often an asset is used gives you an idea of its usefulness. A single dashboard gives you a view of all the company assets, their location, and their availability. 

Reports and analytics

An asset management system must have reporting capabilities and analytics to ensure data-driven decision-making. For instance, analyzing asset availability, performance, frequency of use, unused assets, asset maintenance, misplaced or damaged assets, etc., helps increase productivity. Moreover, data analytics can help you see which assets are accessed more often than others. 

Security

Asset reservation systems can enable authorized asset users and limit unauthorized access. It should let you set permissions based on user roles and responsibilities. Ensuring data security offers you user control of the system and eliminates misuse of your assets.

A modern asset reservation system will have the above features at a minimum and can play a significant role in your company’s asset management. Implementing an asset reservation system for your business growth has several benefits.

Asset Reservation

What are the benefits of an asset reservation system?

Using a cloud-based asset reservation system effectively can offer several benefits to your organization. Listed below are a few key advantages:

Asset utilization efficiency

You can keep track of your assets and ensure they are used efficiently. That is to say that none of the assets is double booked. When your asset gets double booked, it impacts operational efficiency. It can cause delays that increase costs and drive away the customers. The wait time caused because it is being used by someone else can delay the service needed by your customers. Avoid overbooking of assets and ensure that all assets are available when needed. 

Reduced costs

Reduce the costs associated with managing and maintaining your assets. Your assets play some of the most significant roles in your business growth. Tracking your assets in real time helps you know where your devices and equipment are located and their usage at all times. Tracking the assets with an asset reservation system allows you to monitor the assets and take action before it impacts productivity.

Data security

Data security is critical to businesses of all sizes. The number of data breaches continues to increase, and companies must take all possible measures to eliminate cyber threats. An asset reservation system can ensure data security by reserving specific user and group assets. This way, only authorized users can access the data, making it more difficult for unauthorized users to gain access. Additionally, the system can track who has accessed the data and when providing an audit trail in case of a security breach.

These are not the only benefits of using an asset reservation system. It also helps in planning and coordinating the use of assets to make the most of your investment. It allows managers to see what assets are available and how they can be used to meet the needs of the organization best. Furthermore, it helps ensure that assets are used in a way that is consistent with the organization’s goals and objectives.

If you are ready to choose an asset reservation system, you must ensure that the above features are available at a minimum. 

How to choose an asset reservation system?

There are a few key things to consider when choosing an asset reservation system: 

Ease of use: 

You’ll want a system that is easy to use and navigate so that you can quickly and easily make reservations. The system must also be easy to set up. You wouldn’t want to spend too much time training your employees to become familiar with the system. 

Functionality: 

Make sure your chosen system has all the features and functions you need, including managing workflows and reporting capabilities. It should allow users to view the entire asset lifecycle and make it easy to search and find the one they are looking for quickly. It goes to enhanced efficiency and saving time, effort, and resources.

Scalability and flexibility: 

Choose a system that can easily be scaled up or down depending on your needs. A cloud-based asset reservation system offers mobility, which you can access anywhere and on any device. Businesses go through change often, and the asset reservation system must be able to handle these changes smoothly. It must offer flexibility to allow you to customize it to suit your business needs. 

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Are asset reservation systems and asset management systems the same? 

One question that often crops up is whether asset reservation and management systems are the same. 

While both systems are used to track and manage assets within an organization, they serve different purposes. The asset reservation system is an integral part of the asset management system. An asset reservation system is used to track and manage the use of assets within an organization so you can make a reservation. It also ensures that no double booking is made and an asset is always available when needed. Asset reservation systems are typically used by organizations with a large number of assets and need to ensure that they are not underutilized. The tracking includes equipment, vehicles, hardware, software, and buildings, i.e., IT and non-IT assets.

On the other hand, asset management systems are used to track and manage assets and handle the associated financial aspects of an organization. An asset management system is used by businesses to track and manage both physical and digital assets and can be customized to fit the company’s needs. The asset management system can track the assets’ location, value, and depreciation. Furthermore, the system can generate reports on all the business assets, including asset reservations. These reports help make sound decisions on how to use the assets and create asset-level budgets. Additionally, the system can be used to track the budget for each asset and to track the actual spending on each asset. 

Generally, both systems ensure that you invest in company assets wisely and provide streamlined workflows to increase performance and productivity. 

Final note

A cloud-based asset reservation system is a system that allows organizations to manage and track their assets in the cloud. You can track, monitor, and manage your company assets. You can also use the system to track the location of assets, their condition, and the utilization of assets. A vital element of running a business is managing and maintaining the asset lifecycle, from purchasing, utilizing, and disposal of assets. As seen above, an asset reservation system can take the bulk of your operations that rely on assets and ensure minimal wastage of time and resources, greater efficiency, and increased ROI.

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