Effective Asset Management: Key Considerations from Returns to Disposal
Poor asset management can result in significant financial losses beyond the cost of replacement, with reputational damage, compromised data, and operational disruption a few of many risks involved. Effective asset management, on the other hand, is essential for businesses across industries, with advantages that include increased productivity, elevated asset utilization, and minimal downtime, The Enterprise World highlights. For organizations that aim to enhance their asset management process, the perfect balance of key strategies is a must — especially when the goal is to better manage the return and disposal of physical assets.
Preventative maintenance as a front line defense
For companies that manage assets like physical tech equipment, a strategy that focuses on maintenance is essential in order to maintain assets that are in optimal working condition at all times. Further advantages include asset longevity, reduced maintenance costs over time, and greater operational efficiency. Due to the value that preventative maintenance can bring, businesses must consider the strategy as a valuable front line defense in an asset’s life cycle.
While manual, routine inspections are crucial to an effective asset maintenance strategy, technology now plays an indisputable role in predictive maintenance and asset management as a whole. Artificial intelligence (AI) is just one technology that is gaining traction in asset management. For example, AI algorithms can process large amounts of data in order to predict maintenance issues and generate optimal schedules for maintenance — all the while factoring in an asset’s previous maintenance data. This can prove to be particularly beneficial for organizations that possess a significant number of assets (such as many laptop computers). When combined with efforts like manual asset tracking, businesses can rest easy in knowing that everything is accounted for, in good condition, and up-to-date on routine maintenance.
A streamlined return process
Effective equipment tracking is essential for any business with physical assets. Today, equipment management endeavors go well beyond a simple spreadsheet, and will typically involve the combined use of both physical tracking options (like barcodes or equipment tags). Software is another essential element, as asset management software provides a deeper look into the valuable details associated with physical assets. This technology will not only provide an overview of the assets that a business has, but details in regard to maintenance history and location (to highlight a couple of insights).
Businesses that have a well-defined asset tracking approach can easily overlook the complex nature of certain parts of the asset management process. For example, the return process can often involve several kinks along the way, such as employees that fail to send back company equipment, or inefficient shipping which can result in untimely delays. As such, effective equipment tracking does extend to a successful equipment return process. This is especially crucial for companies that routinely ‘loan out’ technology to their employees — a lost laptop is just one asset that can create a ripple effect for a business. In addition to lost productivity and the cost of replacement, the company may also have to shoulder the cost associated with a data breach, a factor that further underlines the importance of an effective return process. In addition to clear instructions, it’s essential that a business has a strategy in place to streamline the return. In addition to a trustworthy equipment management system and staying on top of paperwork (such as custom fees, etc.), aspects like consistent tracking updates throughout the shipping process can make a major difference.
Asset disposal can be a sustainable process
The integration of technology can elevate an asset management strategy by enabling businesses to continuously optimize maintenance schedules and elevate the return process. In turn, companies can minimize the downtime of assets, and benefit from equipment that will go the mile. When assets are truly no longer useful, however, businesses must abide by an effective disposal strategy. In many cases, there are sustainable approaches that can underline further advantages, such as environmental benefits or supporting the local community.
In some cases, a business may wish to donate old equipment (like computers, printers, etc.) to schools in order to support the local community. Businesses may wish to explore other options as well, such as the ability to refurbish and sell their equipment. Recycling old tech is another solution, and can be a sustainable option for equipment that is truly at the end of its life cycle. Before old tech leaves the hands of a business, however, it’s crucial to gain a full understanding of the laws, regulations, and the additional considerations that are involved. For example, businesses that wish to recycle their tech will need to comply with e-waste disposal laws. Other tasks are equally as necessary, such as a thorough asset inventory, the proper and secure destruction of any sensitive information (including GDPR compliance where applicable). Enlisting the help of a certified and professional Information Technology Asset Disposition (ITAD) provider can be a great option that can help guide a business through the process.
Poor management of physical assets brings to light a number of stark consequences for a business, from unnecessary financial losses to lessened efficiency overall. A balance between technology driven solutions and smart considerations, however, can make for an elevated management process even where asset return and disposal are concerned.
*This article is written by Lottie Westfield. Lottie spent more than a decade working in quality management in the automotive sector before taking a step back to start a family. She has since reconnected with her first love of writing and enjoys contributing to a range of publications, both print and online.
