Check out our latest article: IT Asset Management: 14 Best Practices for ITAM in 2022
Helpful Summary
Overview: An asset management system is a comprehensive tool for monitoring, controlling, and managing all types of assets within an organization, ensuring efficient utilization and maintenance.
Why You Can Trust Us: At Bluetally, we offer an intuitive asset management solution that integrates history, warranty information, and maintenance records, highlighting our reliability and user-friendliness.
Why It Matters: Effective asset management reduces unnecessary expenses, increases productivity by minimizing asset search time, enhances security against theft, and improves maintenance practices, significantly impacting an organization's bottom line.
Action Points: We suggest carefully assessing your organization's unique needs, considering scalability, integration capabilities, user-friendliness, and security features when choosing an asset management system.
Further Research: Explore platforms like Bluetally for our customizable, secure, and user-friendly asset management solutions that fit various business sizes and needs.
Organizations deal with a multitude of assets, ranging from physical equipment and IT infrastructure, to intellectual property and human resources. However, a staggering 43% of small businesses grapple with ineffective asset and inventory tracking, exposing a significant gap in asset management practices within smaller enterprises.
At Bluetally, we understand the importance of an efficient asset management system for businesses of all sizes. In this guide, we aim to delve into the intricacies of asset management, shedding light on its definition, significance, and providing valuable insights into selecting the right tool for your financial goals.
Why Listen To Us?
Asset management systems are crucial for businesses to maintain accurate financial records and ensure operational efficiency. Through our work with small and large businesses, we've seen firsthand the challenges they face in tracking and managing assets.
At BlueTally, we automate asset tracking and consolidate asset history, warranty information, and maintenance records. We've helped businesses like yours streamline their asset management, leading to significant savings in time and resources.
Our first-hand experience in helping businesses like Pfizer and Warner Music Group has not only proven the effectiveness of asset management systems but also underscored the importance of adopting such systems for better asset utilization, data security, and cost savings.
What is an Asset Management System?
An asset management system is a comprehensive software solution designed to monitor, control, and manage an organization's assets throughout their entire lifecycle. These assets can include tangible items like machinery, vehicles, and office equipment, as well as intangible assets such as software licenses, patents, and contracts.
The primary objective of an asset management system is to provide a centralized platform that enables businesses to track, maintain, and optimize their assets efficiently. The system typically uses advanced technologies, such as RFID tags, barcodes, and integrated databases, to collect and store pertinent information about each asset.
This data includes acquisition date, maintenance history, depreciation, and current location, offering organizations a comprehensive view of their asset portfolio. In short, an asset management system is any process used by a company or organization to track their important equipment - but also their licenses, accessories, inventory and components. A lot of companies underestimate the importance of having their assets organized and counted for, and thus lose both money and time.
BlueTally is an example of an intuitive asset management solution that unifies asset history, warranty information, maintenance records, and audits within a centralized platform for a reliable single source of truth. Our platform’s user-friendly interface facilitates asset assignment, check-in/check-out processes, and barcode generation.
The importance of using an Asset Management System
Many companies and organizations are currently managing their equipment through manual processes (such as spreadsheets, physical notebooks) - most of which are mainly managed by a single employee. Keeping these records up-to-date by yourself is very challenging with all the other things happening during a normal workday, which means it often becomes the employees last priority.
Here are some of the usual consequences of not using an asset management system:
- Lost assets such as projectors or monitors that mysteriously went missing during an office move.
- Forgotten assets such as phones or laptops given out to employees but are never returned as planned.
- Damaged assets that are never sent off for maintenance or just get thrown out instead of being
fixed and re-used. - Human errors
- Time wasted looking for assets
- Inaccurate information for accounting and compliance
Benefits of Using an Asset Management System
Optimized Use of Assets
Proper asset management ensures all assets are utilized efficiently, reducing unnecessary purchases and expenses. According to recent data, approximately $1.1 trillion of working capital is tied up in inventory, equivalent to 7% of the US GDP, underscoring asset management's economic scale and importance.
Increased Productivity
By ensuring that employees have quick and reliable access to necessary assets, asset management systems significantly reduce time wasted searching for information, thereby boosting productivity. A study found that 80% of employees waste up to half an hour daily retrieving information, indicating a widespread inefficiency that asset management can address
Theft Reduction and Security
Implementing asset management practices reduces the risk of asset theft and enhances security measures, protecting both physical and digital assets. Data showed one-third of tradespeople have been affected by asset theft over the past two years, demonstrating the prevalence and impact of this issue.
Maintenance and Upkeep
A focus on preventive maintenance over reactive maintenance saves costs and prevents operational disruptions due to asset failure. A study found 80% of equipment maintenance is reactive when it should be proactive, suggesting a potential area for improvement in asset lifecycle management.
Data Security
With the growing importance of digital assets, asset management helps in safeguarding critical data against cyber threats, thereby protecting the organization from potential data breaches and loss. According to Statista, 35% of necessary data is not adequately protected, highlighting significant risks in digital asset management and the need for improved cybersecurity measures.
Meet BlueTally
Due to the reasons above, companies and organisations needs an effective way to keep track of their most important equipment - and that's where we come in. BlueTally provides companies and organisations with a free, easy to use, cloud based and secure platform to manage their assets. Our team has invested hundreds of hours into research and development of the platform.
BlueTally lets you easily check in or check out assets on the go, keep track of maintenance and audits and get a complete changelog and checkout history to know the complete history of an asset. You can create unique ID tags for each asset and print them out directly from the app, so that you can easily scan it and see the full history of an asset.
You can determine the location, user and status of any asset in only a few seconds.
Fully Customizable
We've built BlueTally to be fully customizable, so you can add custom fields and status labels to assets, and generate your own reports. BlueTally lets you invite as many team members as you want to, and you can track an unlimited amount of assets. Try our demo app instantly yourself.
Tips on How to Choose the Right Asset Management System
Selecting the appropriate asset management system for your organization is a critical decision that requires careful consideration. Here are some tips to guide you in making an informed choice:
1. Define Your Requirements
Take the time to outline your organization's unique asset management needs thoroughly. Consider the diverse range of assets under your management, the expansive scale of your operations, and any industry-specific requirements that may apply.
By delving into these details, you can pinpoint a comprehensive system that not only meets but anticipates and addresses your distinctive challenges and aligns seamlessly with your overarching goals.
2. Scalability
Select a system that possesses the flexibility to grow alongside your organization's expanding horizons. Ensure that the asset management system demonstrates the capability to adeptly manage a burgeoning volume of assets and users, all while maintaining peak performance levels. By prioritizing scalability, you future-proof your asset management infrastructure, ensuring it remains robust and responsive in the face of evolving demands and organizational growth.
BlueTally for example is a cloud-based asset management software, providing scalable solutions tailored for both small and large enterprises. Our platform is recognized for its capability to address the diverse needs of businesses across various industries.
As a user of BlueTally, you have the advantage of tracking an unlimited number of assets. Our pricing structure is designed to be adaptable, allowing users to upgrade their plans and access advanced features such as Single Sign-On (SSO), integrations, and custom permissions.
To cater to the needs of larger organizations, we offer an Enterprise plan that includes dedicated hosting and support, ensuring a comprehensive solution for their asset management needs.
3. Integration Capabilities
An ideal asset management system should seamlessly integrate with other business systems, such as Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) software. This strategic integration goes beyond mere compatibility; it actively contributes to elevating data accuracy and streamlining workflow efficiency.
BlueTally offers a wide range of integration capabilities to streamline asset management and boost productivity. For example, our platform automatically adds new devices from Microsoft Intune and checks them out to their assigned user in Intune. We also eliminate double work by automatically syncing employees from Azure Active Directory into BlueTally with SCIM, and increase security and convenience by using Single Sign-On (SSO).
BlueTally also sends important notifications directly into any Microsoft Teams or Slack channels. It also automatically pulls detailed warranty information for all Lenovo and Dell devices. Furthermore, we offer one-click integrations with the most popular Brother Label Printers.
Other key integrations include JamF, Kandji, Jira, Okta, OneLogin, JumpCloud, and Google Workspace.
4. User-Friendly Interface
Opt for a system with an intuitive and user-friendly interface. A system that is easy to navigate and understand will facilitate quicker adoption by employees, reducing training time and ensuring effective utilization.
BlueTally offers a comprehensive Asset Overview feature, allowing users to understand their asset landscape holistically. Users can:
- effortlessly track the location of assets
- determine the quantity of assets at a specific location
- identify the employee currently in possession of a desired asset
- and monitor the status of assets, whether they are ready for checkout, undergoing repairs, or currently in use.
This robust overview empowers users with real-time insights into the dynamic movement and status of their assets, facilitating efficient asset management.
Meanwhile, the assignable assets functionality in BlueTally enhances the asset tracking process by enabling users to seamlessly check out assets to specific employees or locations. This feature includes the option to attach a score and a photo to document the condition of the asset.
Furthermore, users can automate communication by sending email confirmations to employees upon asset checkout or check-in, ensuring a transparent and accountable asset management process. This level of detail and automation contributes to a streamlined and organized approach to asset assignment within the BlueTally platform.
5. Mobile Accessibility
In a mobile-centric world, having an Asset Management System with mobile accessibility is advantageous. This feature allows users to access crucial asset information on the go, enhancing flexibility and responsiveness.
BlueTally is designed to be mobile-friendly, enabling you to carry it with you wherever your journey takes you. The platform is entirely responsive, ensuring seamless functionality across all devices. This capability empowers you to effortlessly monitor your assets and implement changes and updates from any location.
6. Security
Ensure that your asset management system prioritizes security by providing robust data encryption, role-based access controls, and frequent security updates to safeguard sensitive asset information. It should adhere to industry-standard security protocols to instill confidence in the confidentiality and integrity of your asset data.
BlueTally proudly holds SOC 2 Type I certification, a testament to its commitment to security standards as of December 20231. Currently undergoing an audit for SOC 2 Type II accreditation, with completion expected in Q1 20241, we are dedicated to maintaining the highest levels of data security.
We leverage Amazon AWS for hosting and encryption, benefiting from its robust security features. Your data's integrity is further ensured with 256-bit SSL encryption for traffic and AES-256 encryption for data at rest.
Furthermore, our platform includes audit trails to monitor user activity and asset modifications, improving accountability and transparency within the system. This proactive security strategy effectively protects your assets and data from potential breaches or unauthorized access.
Experience a Robust Asset Management System With BlueTally
An asset management system is a pivotal tool for organizations seeking to streamline their operations, enhance efficiency, and make informed decisions regarding their diverse assets. By providing real-time insights, ensuring compliance, and optimizing resource utilization, these systems contribute significantly to the overall success of a business.
When choosing an asset management system, carefully considering requirements, scalability, integration capabilities, user-friendliness, and mobile accessibility is essential. With the right system in place, organizations can embark on a journey towards effective asset management and sustained operational excellence.
BlueTally offers a comprehensive solution for businesses tracking, managing, and maintaining their assets effectively. With our platform’s user-friendly interface, robust features, and ability to adapt to an organization's evolving needs, we stand out as a top choice in the market.
To learn more about BlueTally and sign up for free, visit bluetallyapp.com
