Optimizing Investments with Modern Asset Management Solution

Different equipment like computers, phones, and other devices require significant capital investments. For instance, a company with 100 employees often invests hundreds of thousands of euros in its IT equipment. For the healthcare sector, the investments are typically much higher.

It is often forgotten that asset management is more than just handling what you already own. Asset management software also provides valuable information for budgeting and investment planning.

Five ways how asset management solution helps to budget and plan for new investments

Up-to-date information about your inventory

Employee turnover is a natural phenomenon that also affects your assets. Besides turnover, there are plenty of other reasons why devices become unused. Therefore, it is important to learn how to utilize existing devices better.
With ITAM software you always have up-to-date information about your assets and you can make sure that unused devices are not left in storage where they depreciate month over month.

Prepare for upcoming costs

Knowing your inventory will also improve your budgeting accuracy. For example with asset management software, you’ll easily see which devices need to be replaced in the next few years, allowing you to plan your budget for them well in advance.

Save money with better asset leasing

With the best asset management solutions, companies can also manage their leased assets. This is very important because extending the lease period over the initial contract term will typically incur extremely high additional costs for no benefits. With ITAM software in place, you will be automatically informed before the leasing period is ending.

Understand and decrease the lifecycle costs of your assets

Different assets need maintenance during their lifecycle. A good asset management system keeps track of these costs and compares them to the purchase price of a new device.

This helps ensure that maintenance costs do not exceed what is financially reasonable, allowing you to save money. With the best asset management software, high upkeep cost devices are automatically spotted and suggested for replacement.

Written by Mikko Lehmus. Mikko works as CEO of IDR. IDR is the most versatile asset lifecycle management software for IT devices and healthcare. Read more about IDR here.