When focusing on cost reduction strategies, a successful asset management solution can provide significant savings. Not just financially, but also when it comes to saving time and lots of headaches! Many organizations simply do not know what assets they own, what shape they are in, or where they’re located. This lack of understanding creates unnecessary costs both from a time and money point of view.
Many employees don’t understand the value that a company’s assets bring to the overall success and how not keeping track of assets or really knowing what your company has can be extremely detrimental, and at times financially crippling. It is not intentional. They simply don’t realize that every asset has a cost, and it is more than just the original purchase, or the cost of monthly service.
Ask yourself these questions…
- Do you know how many assets your organization has and needs to track?
- How many users need to have access?
- Where are the assets located?
- Is the asset being used?
The benefits of asset management
Keeping track of the assets of the company is an important task that can save companies money and time. Asset management is the process of maximizing the assets of the company to provide the best returns to stakeholders. It can tell where the assets are located, how they are used, and when changes were made to them.
Here are a few examples
- Demonstrated compliance with the requirements and wishes of your stakeholders
- Better financial results because of better ROI and/or cost reduction
- Informed decisions from multiple angles, such as performance, profit and costs, risks and opportunities
- Risks managed when necessary and knowingly existent when acceptable
- Higher customer satisfaction
- Decisions also based on entire life cycle of assets (also when this exceeds the duration of other plans)
- Stability of the production in the long term
- Improved reputation towards your stakeholders
- Demonstrated compliance with regulation and legislation
- Traceability of decisions
- Improved knowledge management
- Increased attractiveness for shareholders
Vendor Management offers substantial assistance in the management of assets. Asset tracking lets organizations and individuals catalogue, track, organize, audit and manage information about assets of all types, from information technology assets to office equipment and company vehicles.
Added benefits of Asset Management
- Good Business Practice
- More Meaningful Financial Reporting
- Improved Regulatory Compliance
- Improved Reliability
- Long Term System Integrity
- Cost Savings
Using a Vendor Management Solution to track assets
It is almost impossible to track assets properly without a vendor management solution that incorporates asset management into your cost reduction strategy. Systems like the one that is part of our flagship vendor management solution, VMS Platinum, are typically part of a fully managed service that enables businesses to not only cut costs but also: control expenses, drive service excellence and mitigate risks. Our solution at Limitless Technology Cost Reduction Services also provides increased visibility and value from their vendors. We leverage our proprietary on-line software, giving you absolute visibility into your vendors and spend. No matter what the vendor or the services that our clients provide – they have a comprehensive view into their: services, contracts, rates, terms, conditions and spends through this sophisticated web-based solution.
Limitless Technology, LLC has been managing complex indirect spend and vendor documentation since 2006 for some of the largest companies in the USA saving them millions in costs.
Through our Billing Optimization and Vendor Management Solutions proprietary platforms, we utilize technology, processes, expertise, time, and resources to improve our client’s bottom line.
Limitless Technology manages your vendors, so you can manage and grow your business.