Each educational institution has a large inventory of assets, ranging from laptops to library books. Most of these assets are a significant investment for an organization. Because of this, any damage or theft to these assets can result in a major loss and severely impact an institution’s overall budgets. Unfortunately, damage to assets is a fairly common occurrence due to the sheer volume of individuals who are handling them. A library book, for instance, can pass through hundreds of pairs of hands within a year. Given this lengthy trail, how does a college track each asset and ensure its properly handled? Asset management software is emerging as one of the most critical tools for an institution. It can be one of the most powerful ways for a college to minimize damages and control costs.
What is an asset management software?
An asset management software is generally a cloud-based software that can track every single asset recorded at any given time. Logging into the dashboard can give you exact information on which individual is currently using what asset. This software can also integrate with all electronic devices registered to the institution and ensure that safety updates are run regularly.
Advantages of asset management software
Given the investment required for an inventory management software, institution’s might be wondering if the benefits justify the cost. Here are some of the biggest advantages that institutions stand to gain from investing in asset management software.
1. Forecast yearly budget accurately
Before the beginning of the academic year, institutions generally set a yearly budget which takes into account investment in new assets, resources for teaching staff and other educational activities. An inventory management software gives schools a complete view of their existing assets, giving them an opportunity to plan an accurate allocation for expenses on asset purchases or maintenance. Doing so helps avoid unexpected expenses in the middle of the school year which can eat into the budget of another department. Asset management software also helps colleges streamline purchase of assets well in advance. Admin staff can schedule purchases well in advance and also set a limit for usage of things like paper and other types of stationary. Once the limit is reached, a purchase request will immediately be sent to the respective vendors to ensure there is never a shortage. Scheduling payment of these purchases well in advance, is another way in which institutions can plan budgets accurately.
2. Proactively plan maintenance of assets
A whole range of electronic equipment is vital to the functioning of almost every class in a university. A single class might be reliant on projectors, laptops and speakers for their lecture. A malfunction in any of these devices could mean valuable time lost for students as well as teachers. Unfortunately, most institutions don’t service electronics until something goes wrong with one of them. Waiting for this to happen means that delays in classes are inevitable. There is also another serious downside to neglecting maintenance. Often, by putting it off for too long, devices are too far damaged to be repaired by the time they’re finally sent for servicing. This means that universities have to bear the brunt of additional costs incurred by purchasing new devices.
An asset management software, on the other hand, can notify concerned authorities whenever a piece of equipment is due for servicing. This can ensure that any underlying issues can be fixed before they become more serious. In this way,inventory management software can prevent disruptions in classrooms due to malfunctioning equipment and can save colleges a significant amount by avoiding unnecessary replacement of equipment.
3.Easily track assets for greater accountability
Every object in a college, whether it’s a library book or a projector is likely to pass through numerous hands within as short a timeframe as a week. Because of this, damage and theft of assets is, unfortunately, a fairly common occurrence. Many times, assets can even get lost or misplaced. All of these instances force a school to have to purchase a replacement and as a result, cut into their pre-allocated budgets. Due to the sheer volume of people the assets come into contact with, tracing the individual responsible for the damage or theft is close to impossible.
This is where asset tracking has a clear advantage. Since every object in the system is tracked, it allows you to gain visibility into exactly who was in possession of a certain object or device. This can track the individual responsible for the damage or theft and hold them accountable for the cost of replacing the device. In the case of a device being misplaced, asset tracking software can display the exact location of the device, allowing institutions to recover it quickly. This helps institutions avoid the cost of repairing or replacing a product.
4.Ensure seamless organization of asset usage
For any educational institution, time is as valuable a currency as actual money. Because colleges consist of multiple moving parts, it can become difficult for students or teachers to procure the necessary devices when they actually require them. They will have to book AV rooms, auditoriums or outdoor locations well in advance and will also have to request permission to use devices like speakers and projectors weeks before the actual class. In case someone has already booked them, you will either have to reschedule the class or make do without the necessary equipment. Both these alternatives can severely impact the efficiency of a class.
An asset tracking software gives you immediate visibility into when a device has been booked, giving you enough time to plan your classes around available slots. It also tells you exactly who has booked the device so you can request a switch if you have a more urgent requirement. This improves efficiency of processes within an institution.
Investing in a good asset management software can improve operational efficiency. It can be a valuable way to save costs which can be diverted towards other essential things.
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