Thursday, June 1, 2023

Achieving Significant ROI with Better Asset Inventory Management

By Prangya Pandab - August 02, 2021 4 Mins Read

Achieving Significant ROI with Better Asset Inventory Management

With appropriate asset inventory management, IT leaders can streamline their business processes, significantly improve security response times, and make more informed analytics-driven business decisions, resulting in greater inventory optimization and security.

Asset inventory management is crucial for the planning and accounting process of every company. If IT leaders have an accurate and up-to-date view of everything the enterprise possesses, they can better optimize their inventory, forecast upcoming costs, and account for the current state. It can also help them defend their assets against cyber-attacks.

What is the challenge? This frequently necessitates tracking hundreds, even thousands of assets across their entire lifecycles, from acquisition through retirement. Furthermore, if IT leaders are still using spreadsheets or managing multiple systems, they don’t have a complete picture of the state of their inventory.

Implementing a single cloud-based system of record that can track and monitor all facilities and devices throughout the company is one way to address this issue.

Also Read: 4 Traits of a Growth-Oriented IT Leader

In various aspects, having a single integrated platform streamlines and optimizes the inventory management process.

Eliminating ghost assets

Organizations can reconcile what they think they possess against what they actually possess with effective asset inventory tracking and management. It can help businesses can reduce the depreciation charges they record each year for assets that do not exist, and this enhances the accuracy and health of the corporate financial statement.

Furthermore, teams with superior inventory visibility and the ability to identify and monitor all active devices have a better understanding of security vulnerabilities. The IT and security departments can identify remediation measures and put in place a system of action if the relevant details for the assets are immediately available. Cyber threats can be immediately identified, prioritized, and responded to directly throughout the inventory by teams.

Also, removing ghost assets aids IT leaders in lowering contract expenses. Leaders can simply reconcile their asset register with their actual inventory using a good asset inventory management system. It also enables them to take advantage of automated workflows to ensure that ghost assets are properly removed from the record and decommissioned.

This can result in a significant return on investment for businesses, both in terms of lowering depreciation costs and allowing teams to improve their cybersecurity efforts.

Quickly create dashboards and reports

IT leaders can easily develop reports on the status of their assets when they have up-to-date data in one cloud-based system. IT executives can use dashboards to gather data, then customize and automate reporting.

Cybersecurity-related reports can also be developed with the right asset management solution. IT teams can create customized reports that detect vulnerable or afflicted devices depending on specific criteria. They can monitor trends and track connected devices. Teams may not be able to quickly recognize and visualize possible security vulnerabilities without a thorough system in place, leaving the inventory open to hacks.

It is also considerably easier to demonstrate that the company complies with industry regulations. CIOs can use a single system of record to show that their teams are frequently maintaining devices and equipment, removing the risk of fines for failing to demonstrate regulatory compliance.

Also Read: Leveraging Automation to Reduce Time to Market for IoT Projects

Optimizing warehouse management process

Downtime, rushed shipment, and short-term solutions are all costly when businesses do not have the right parts or items in stock to service defective equipment.

Leaders can conduct parts inventory audits using a more comprehensive inventory management solution. This gives them a greater understanding of the equipment they have on hand, allowing them to anticipate problems or eliminate unnecessary items. Then take it a step further by incorporating advanced analytics into the stockroom inventory management process. Effective software solutions include automatic inventory level optimization and pricing optimization capabilities, as well as automated monitoring and reordering.
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Prangya Pandab

Prangya Pandab is an Associate Editor with OnDot Media. She is a seasoned journalist with almost seven years of experience in the business news sector. Before joining ODM, she was a journalist with CNBC-TV18 for four years. She also had a brief stint with an infrastructure finance company working for their communications and branding vertical.

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