Asset Recovery Management

How Asset Recovery Management Can Help Your Business During Financial Crisis?

It is critical to keep track of a company’s assets, regardless of size or industry. Asset management enables an organization to monitor and manage its assets systematically. 

When managed strategically, it provides a slew of advantages, including increased productivity and efficiency, which are critical components of a company’s ROI.

This blog post will teach you how asset recovery management can help your company liquidate assets to alleviate financial stress. With good asset recovery management, you can discover new ways to make the most of your assets while getting rid of those you no longer require.

  

What is Asset Management?

Asset management is a system that assists businesses of all sizes in streamlining their operations by providing detailed asset information, tracking the property, and maximizing the ROI of assets such as equipment, machinery, vehicles, and tools. 

A business can improve asset acquisition and use, compliance, and reliability with an efficient Asset Management system. As a result, it helps to reduce costs, increase productivity, and improve business efficiency.

  

Why is asset management critical? 

Companies that invest in asset management oversee plenty of benefits, but not all are economical. 

An asset management system creates a steady data stream via asset tracking in real-time, keeps planning and equipment maintenance on track. 

Tracking and managing assets digitally help avoid specific pain points in outdated tracking systems. It includes relying on inaccurate data with no way to know where assets are or how they are performing.

With a centralized location and efficiently trackable assets, misunderstandings stemming from differences in departments or branches diminishes, as decision-makers can coordinate across time zones and different international locations. 

 

Here are some more reasons showing the importance of asset management: 

  • Easier coordination with departments. 
  • Saved time and resources. 
  • Better risk management.
  • Improved regulatory performance. 
  • Increased safety.
  • Less legal risks.
  

What are the types of asset management?

It is critical to find the type of management best suits your company’s needs to manage your assets most efficiently.

Understanding the various types of asset management is an essential part of selecting a workable system. Here are some of the types of asset management: 

  • Digital Asset Management (DAM)

Digital asset management is growing rapidy. It involves the organization of digital media and content and storing as well.

 
  • Fixed Asset Management

Even if a company is primarily concerned with the supply chain, fixed asset management is essential. They are typically significant investments that serve the company for several years before depreciating throughout their life cycle. They require preventive maintenance, generate data for research, and may require constant monitoring.

 
  • IT Asset Management (ITAM)

IT asset management encompasses the management of hardware and software. 

It includes company-owned devices such as computers, similar IT equipment and intangible assets such as software subscriptions (SaaS), licenses, patents, and network infrastructure.  

 
  • Enterprise Asset Management

Enterprise asset management is a fast-growing aspect. It organizes and optimizes any physical asset or infrastructure a company owns throughout its entire lifecycle. It involves documentation, productivity, inventory records, and the condition of facilities.

   

Ways in which asset recovery management helps businesses

#1. Track assets 

Fixed asset management allows tracking all assets owned by a company. It can specify where the assets are located, how they get used, and when they got modified. Asset management data ensures better returns and aids in the integration of asset recovery.

 

#2. Easy handling 

Implementing fixed asset management aids in the accurate and efficient management of company assets from various locations. Based on the data from asset management, the company can generate an inventory report to show to insurers or lease financers if necessary.

#3. Saves money 

Implementing fixed asset management techniques can help your company save money on maintenance. A business faces numerous repair or maintenance issues during the operating process of an asset’s life cycle. 

Maintenance is a recurring business expense that can reduce a company’s profits. Overspending on maintenance has high costs that can affect a company’s financial stability. On the other hand, under-maintenance of assets can result in decreased productivity and efficacy.

 

#4. Risk mitigation 

Implementing fixed asset management enables the development of risk management plans for a business. It also entails managing associated risks through proper use and maintenance of the company’s assets. Accurate fixed asset management reports aid in identifying risks and discovering solutions to mitigate them.

 

#5. Proper asset recovery 

Asset recovery gets automatically reflected in a fixed asset management report. When assets are discarded or sold, they get removed from the company’s records and accounts. Spare parts and consumables are written off or traded for free storage space.

  

Dependable asset recovery management for your business 

Telecom Recycle provides fixed asset management and innovative solutions to manage all types of management needs. Our expert team assists you in formulating, developing, and implementing selected asset management techniques to maximize your company’s growth. Join forces with us and let us help you in achieving the best possible results for your company. If you have any questions about asset management, please get in touch with us, and we will gladly assist you.

  

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