80 percent of workers attempt to locate the knowledge they require to perform their jobs every day for about 30 minutes (or a full working day every three weeks). And that's just one illustration of how improperly tracking assets, such as digital files, can have an impact on your revenue. If businesses only changed their asset management procedure, workers may spend their time on less tedious activities.
In addition to assisting you in better anticipating problems before they arise, a sound asset management procedure also aids in meeting client expectations for customer service and compliance.
It's crucial to first comprehend what Dubai asset management is, why it's necessary, and how to get the most of it before you design a specific asset management strategy for your company (whether you'll use it for financial, infrastructure, or digital asset management).
Having knowledge of asset management
We all have possessions that have economic value that might rise or fall over time, such as vehicles, homes, and works of art. Additionally, you have resources that your business requires to succeed, whether they are real (such as equipment and tools) or intangible (like software, databases, or data).
In order to reduce risk and expense, asset management entails planning, managing, maintaining, and disposing of the relevant assets. Asset management and protection are comparable to insurance. Ignoring it is not realistic because it is a vital procedure, especially as your firm expands.
Enhancing the way you handle your assets
You may streamline your routine operations with the aid of asset management. Additionally, by monitoring both current and fixed assets, you and your stakeholders may create more precise, flexible strategies based on these resources. You can grow and expand more quickly by saving time, effort, and money when you have an excellent system in place.
Here are four strategies to enhance your asset management process if it's currently giving you trouble.
- Make a list
Take an inventory of all of your assets, whether large or small, before you can manage them. Make a comprehensive inventory of all your assets, including equipment, cars, tools, and software, so you know what you use frequently, what you have in storage, and what is no longer useful.
Consider using forms like asset declaration and asset disposal forms to keep track of any assets you sell or dispose of, as well as any items you lend to staff. This will assist you in maintaining an accurate and current inventory list over time.
- Specify and assess the challenges to your assets
Any problem that needs to be fixed requires a thorough understanding of the cause before a suitable fix can be offered. To respond to the following inquiries, gather information and brainstorm with your team:
- Which resources require prioritization?
- What are the costs and requirements for maintenance?
- What is each asset's life cycle?
Understanding each asset's purpose, intended usage, and maintenance requirements will help you predict its rate of depreciation and anticipate future requirements, which will improve your business's overall efficiency, productivity, and profitability.
- Name a team member to oversee resources
Choose a trustworthy individual to handle the responsibility of keeping your assets after you've recognized each of them and made note of the best ways to manage them. Make sure they are a productive team member who will utilize all the procedures you are putting in place to the fullest extent possible. They should be organized, reliable, communicative, and responsive.
Delegating this duty will not only provide your staff more time to focus on other tasks, but it will also give you some peace of mind knowing that someone specific is in charge of keeping track of your assets.
- Make your asset management procedure automated
Make life easier for you (and your authorized staff) by automating the procedure after you've evaluated your assets and any management challenges. With automated asset management, you can operate more productively and sustainably by doing all of your trackings and reporting in one location rather than using antiquated, error-prone human data entry.