Now, more than ever, businesses of all shapes and sizes need to be smarter and more strategically focused. They need to work out new ways of engaging their target market from a distance and adapting to the inevitable impact of the current pandemic on their operations, especially in the field of retail. However, global crisis aside, all businesses benefit from leveraging technology to better manage their assets. Whether we’re talking about the inventory sitting on your shelf, the machinery you use or the people who work for you, proper asset management can help ensure that your cash flow remains consistent and that your business remains liquid and agile enough to weather the coming uncertainty in the business landscape and the broader economy.
Here are some ways in which the right investments in tech can help insulate businesses from risk and help them achieve success in the future…
Invest in Business Intelligence
In the Big Data age, businesses have become extremely adept at gathering data. Where they tend to be less strong, however, is processing that data effectively to create actionable strategic insights. Many legacy business structures can push individual departments into working as semi-autonomous data silos which are keeping an eye on their own KPIs but have little real understanding of how their efforts fit into the big picture. As such, those in upper management may be unable to see how their assets are used and deployed while individual departments may lack a broader understanding of important metrics like the company’s margin.
Investing in the right Business Intelligence platforms can help centralise your data and glean actionable insights which can be shared with different departments providing the transparency leaders use to manage their assets effectively, even at SKU level. This is especially important to retailers because it means that their assets needn’t be stuck in failing product lines.
Consider end to end asset tracking
It’s one thing being able to track an asset over a fixed time period. It’s another to be able to track it throughout its complete lifecycle. In the world of logistics, for instance, Fleet Management Software proves incredibly effective in managing assets like trucks, cars, vans, forklifts and other materiel from acquisition to disposal. These software platforms go far beyond the capabilities of standard telematics devices and can yield a broader range of insights to ensure that their vehicle assets are properly used and maintained. What’s more, drivers can send reports and images of their vehicles which fleet managers can monitor in real time, so they need never worry about a lack of transparency obscuring the location or condition of their assets.
Get the most out of your software with SAM
Of course, software is also an asset, and one that needs to be managed effectively to ensure that it is always fit for purpose, productive and frictionless for users. The practice of Software Asset Management (SAM) involves taking a proactive approach to ensuring that software assets remain cost effective, reliable, available and, of course, secure. In an era where virtually every business uses some kind of software to facilitate its operations a focus on SAM can ensure that they’re always getting peak productivity and value for money from their software.
Take a proactive and agile approach to managing your assets and you’ll be able to keep your business cost effective while ridding yourself of assets which are a dead weight.