Accurately managing assets is a key component to the success of any small business.
In addition, the new tax laws make it also important as there are new regulations which can make it possible to save on taxes.
According to Brian Sutter is the Director of Marketing at Wasp, “whether tracking IT assets, vehicles or rental equipment, keeping important assets in check can make or break a business.
Sutter offers a list of factors to consider when trying to find the an effective asset management solution for small business use.
- Ease of Operation – Training staff to use new technology can be an expensive, time-consuming process. Many vendors offer live demonstrations or even limited trials, so consider test-driving the asset management software before buying it. This is a great way to evaluate how easy (or hard!) a product will be for the employees to learn, without having to reorganize an entire budget.
- Consider What Comes Packaged– Similar to buying a new computer; it’s easy to get caught up in all the bells and whistles that are not necessary. Unfortunately, this can add to the complexity of a product. Make a list of the vital asset management features required for the business – like the ability to track assets by serial number or see assets at various locations – and use this as a guide for the solutions being considered.
- Mobile Capabilities– Asset management software can be used on its own or with a mobile computer. Using a mobile computer provides flexibility to update asset data while on the go, instead of doing every transaction from one fixed location.
- Integration with Existing Technology – There are two considerations here: hardware and software. Avoid unexpected expenses by carefully reviewing the system requirements for the asset management software being considered. Be sure that the existing computer and operating system can support the solution in question. Also take into account any software currently used. For example, if a a rudimentary method, like Excel, is commonly used, will the new system easily allow for integration of old files?
- Is It Affordable? – Trying to determine what an asset management solution actually costs can be challenging. Elements that can bump up a basic solution cost are per-seat software licenses, hardware add-ons (like mobile computers or barcode scanners), technical support contracts, training and implementation. Consider requesting a quote that includes everything the requirements needed to make the tracking system a viable option for the company, so there aren’t any surprises when it comes time to buy.
Sutter concludes by reminding small business leaders that choosing the right asset management solution for a business can take time and careful research, but it is well worth the investment.
Brian Sutter is Director of Marking at Wasp.