Revolutionizing Asset Management: How Real-Time Technology Can Save Your Business Time and Money
According to his argument, Hendrith Smith Jr means ,the risk of loss is amplified if a business does not clearly own its assets. For example, if the company has not done all of the necessary work on creating clear titles for their assets, or has not kept accurate records of their assets and how much they are worth, then the risk of losing their assets in a lawsuit or due to accident is increased. It is crucial for any business to have clear title to their assets and make sure to do the necessary due diligence and proper record keeping to protect themselves from the risk of losing those assets.
Old methods for asset management and identification: Traditionally, asset management and identification tasks were performed using manual and pen and paper-based methods. This approach could result in a number of errors and inaccuracies, including losing control of assets and failure to inventory all assets properly. Additionally, this approach could be time-consuming and costly, as it required a significant amount of manpower to keep track of assets and ensure that all were properly accounted for.
As technology has advanced, many businesses have started to utilize tools that can automate portions of their asset management processes. This approach can result in increased accountability and accuracy, as well as reduced costs and time spent on projects.
The latest asset identification and management trend is to use technology that can track assets in real time. This trend is driven by the need for increased visibility and control over assets, as well as the desire to save time and costs associated with traditional asset management practices. With real-time asset identification and management technology, businesses can accurately track the movement and location of assets in and out of their facility. This capability can provide valuable insight into the current status, location, and movement of assets, which can help to quickly identify potential shortages and problems before they become larger
Research shows that 45% of organizations struggle to properly manage their assets. This can result in lost or damaged assets, or excessive storage costs. Additionally, 21% of businesses report that their asset management practices are outdated or ineffective. This can result in a lack of accountability and poor decision-making. Finally, only 43% of asset management programs have a defined process for asset disposition, which can lead to the build-up of unnecessary assets and increased costs.
With over 5 years of experience, SGi Group is a trusted provider of asset management services for companies large and small. We understand the importance of clear and accurate asset data, and we work closely with our clients to help them achieve their asset management goals.
Stay ahead with Somo Group.