Should Growing Businesses Embrace Dedicated Asset Management Software?
For any business, keeping track of one’s assets and stocks plays an integral role in the eventual definition of success, or failure. As a growing business however, there is added pressure of trying to keep strict control of costs and spending in order to allow for the all essential profit margins that will allow further growth. Losing track of assets or stock during this period can essentially spell the end of what was once a business labelled as ‘the next big thing’ by market analysts and investment gurus.
Whether its a business in I.T. or a simple catering company, the fact remains that it is not affordable for expensive equipment or stock to go missing, and if this does happen, to say that it would have a disastrous effect for years to come would in most cases be an understatement.
The obvious solution to this predicament is for a company to use dedicated asset management software to keep stock and keep track of everything owned by the company, but unsurprisingly these types of accounting software can get very expensive very quickly, from installation, to training staff to be able to use it, and then the ongoing maintenance of the software itself.
So the real question is can a business justify the costs of dedicated asset management verses the potential losses from not having a system in place.
In a sense its like an insurance policy, the difference however is that for a growing company its not really a case of “if some assets go missing” its more a case of when. Its inevitable that with growing numbers of staff and items to keep track of, that at some point it wont be practical to keep records in long spreadsheets that have to be updated manually, and do not have built in calculations for things like asset depreciation, or tracking for who is currently in possession of said asset.
Asset management software is really essential for any company, it’s just a case of when the time is right for a growing business to have the benefits out-weigh the costs.
And when is this the case? Well naturally that varies from company to company, from market sector to market sector, and so on. But its safe to say that once any business starts falling behind on manual records, its a slippery slope that should be avoided at all costs.
Real Asset Management International are one of the leading market providers of Asset Management and Tracking software, and provide both demonstrations of software and audits to clients interested in establishing dedicated asset management for their business. Regardless of whether asset management is a current issue for your business, forward planning is the key to staying on top of your business as it grows.