Small- to medium-sized businesses often have limited budgets which means that they must get creative when it comes to cutting costs and saving money. But many still aren’t aware of the significant cost benefits of having asset management software or assume these systems are only for large companies. But there are a wide range of options, including more affordable ones that can save smaller organizations a lot of money over the long haul by doing everything from automating tasks to carrying out proper procedures.
Staying on Top of Purchases and Within Budget
Asset management software can determine if you have a surplus of software licenses or if you’re missing any. It identifies cloud subscriptions, mobile app purchases, and PC software licenses that are on-premise. When building an inventory of software, many businesses end up with very similar software as they forget what they already have. Those costs can add up even if they’re small individually. An asset management software can help a business stay on top of all these purchases and stick within its budget.
Increased Safety
When you have asset management software, your assets will be visible at all times. You’ll always know where they are provided the GPS tracker is on. Traceability is the essence of this software, saving the company money by lowering the odds for loss. It saves on costs by eliminating or reducing potential risks that are most likely to occur if the assets weren’t under surveillance.
Customer and Employee Retention
Asset management software helps with stock management which can ensure your company’s orders can be fulfilled. If stock runs out, it’s disappointing for both parties, plus your customers are likely to head to one of your competitors that does have the item. When items are in stock, your customers will be happier and more likely to become repeat customers. Your current customers are much more likely than the average consumer to buy more and recommend your brand to others too. An increase in retention of just 5 percent can increase revenue by anywhere from 25 to 95 percent, according to some estimates.
By simplifying business processes and taking the guesswork out of supplier orders, asset management software can also lessen frustration among staff, which can improve employee retention. Having a high retention rate results in saving time and resources required for hiring and training new staff, potentially saving a significant amount of money.
Improved Regulatory Compliance
An asset management program can help ensure that your company is following the requirements mandated by your industry to avoid potential penalties, which can come at a very high cost or even cause an organization to lose its business license among the most regulated industries. This software keeps your asset records up-to-date so that you can run regular audits, helping to improve workflow transparency so that you can meet compliance standards. It provides an audit trail to confirm compliance and generates custom reports geared to the specific needs of any local regulator with just a click. When designed around the industry’s strictest regulatory bodies, it helps to ensure no matter what the type of information is needed, it will already be built to allocate and report on it.