How Asset Inventory Management Can Maximize Your Office Space

Insights, Logistics

Key Takeaways:

An asset inventory management system helps you save money, satisfy customers more easily, share assets better throughout your company, improve transparency, and simplify audits. It also improves your regulatory compliance.
Asset management also helps ease office moves and manage space better and more efficiently.
dancker offers an asset inventory management program with tailored plans to help you track, store, and redeploy your assets. dancker programs help lower your capital expenditures and maximize the use of existing resources. The 24/7 portal provides clients with real-time information whenever they need it.

Asset inventory management is critical to your business, whether you are planning an office relocation or seeking to optimize your current office space. Assets change constantly, with new devices added and others retired. Inventory stocks also change quickly.

An asset management program also ensures your organization operates smoothly and efficiently while providing excellent customer service. It also helps ensure all your assets are secure. Here, we unpack the concept of asset management and explain how it can benefit your business.

What is Asset Inventory Management?

Asset inventory management is a strategic approach to track, manage, and optimize both physical and digital assets throughout their entire lifecycle. This encompasses a wide range of assets, including office furniture, IT equipment, medical equipment, and even intellectual property.

At its core, asset inventory management involves utilizing a centralized platform to record and monitor each asset’s location, condition, and status. By maintaining a detailed and accurate inventory, businesses can effectively manage their resources, optimize usage, and ensure that assets are readily available when needed.

For instance, a well-implemented asset management system allows companies to streamline operations by quickly identifying and reallocating underutilized assets, thus enhancing overall efficiency and supporting informed decision-making.

Common Elements of Asset Inventory Management

Asset Tracking: Monitoring the location, condition, and status of assets.
Asset Classification: Organizing assets into categories for better management.
Inventory Control: Managing quantities to avoid surplus or shortage.
Maintenance Management: Regular maintenance and repair scheduling.
Unused Asset Storage: Efficient storage and retrieval of unused assets.
Lifecycle Management: Overseeing assets from acquisition to disposal.
Compliance and Reporting: Ensuring regulatory compliance and generating reports.
Integration with Financial Systems: Linking asset data with financial tracking.
User Access and Security: Controlling access to asset information and ensuring data security.
Asset Redeployment: Reallocating assets to different departments or projects.

dancker's Asset and Inventory Management Process Chart

Why Is Asset Inventory Management Important?

Reliable and effective asset inventory management has many benefits.

Informed Decision-making

An asset inventory management system improves asset tracking and record-keeping. Because your business will always have an accurate view of assets and stock levels, you can make better strategic choices. You can plan capital expenditures more easily, knowing when equipment is approaching its useful life.

Enhanced Productivity

Asset inventory management helps you develop an equipment maintenance schedule and determine the optimal time to schedule maintenance. This helps you avoid equipment downtime at inopportune moments and extend equipment life. It also helps you track inventory so you can avoid running out of key supplies or products.

Asset inventory management also informs future purchases, provides information on asset life, and provides utilization information, such as whether all your laptops are in use or whether extras are available for new hires. Effective asset inventory management also helps you compare the performance of similar assets, helping you determine which brand or vendor provides the best value.

Finally, an asset inventory management system always knows the location of each asset, so employees don’t waste time looking for an asset. It also provides the condition of the asset so employees avoid spending time preparing for a certain process only to find out the equipment is offline.

Improved Customer Satisfaction

An asset inventory management system keeps track of inventory levels. Businesses that maintain proper stock levels can more quickly satisfy customer needs. Satisfied customers are more likely to be loyal and may provide good reviews on social media. They also improve a brand’s reputation.

Increased Transparency

Because asset management systems can track assets, they reduce instances of theft and mishandling. Transparency and accountability improve, and costs improve, as well, because companies avoid spending money to replace lost or stolen assets.

Simplified Audits

Asset inventory management simplifies audits by creating an audit trail. You can prove regulatory compliance and develop more efficient operations by knowing which equipment is operating optimally and which needs improvement.

An asset management system also helps you accurately depreciate assets by tracking their purchase date, expected lifecycle, and utilization.

Reduced Costs

An asset inventory management system saves you money in administrative costs. You can manage all your assets more efficiently from a central repository, making rekeying unnecessary and improving productivity. Asset inventory management also helps you avoid costs associated with equipment downtime by keeping your maintenance on schedule.

How Does Asset Inventory Management Maximize Office Space?

Keeping a detailed record of your assets helps you manage your space better. For example, asset inventory management helps you:

Identify Underutilized Space. Identifying furniture and equipment that isn’t used can enable you to identify areas to be repurposed.
Optimize Desk and Workspace Allocation. Use your knowledge of asset needs to create a more efficient workspace layout.
Reduce Hardware Redundancy. You can easily identify and eliminate duplicate equipment and free up space.
Facilitate Asset Sharing: A central inventory allows employees to locate and share available resources.
Streamline Relocation and Move Management: Knowing exactly what assets you have simplifies your office relocation.

Why Trust Us?

dancker d’ploy: Industry-Leading Asset & Inventory Management

d’ploy by dancker helps its clients efficiently track and manage assets throughout their lifecycle through services like:

1. Asset Tracking: This involves monitoring the location, condition, and status of assets using various methods such as barcodes, RFID, and GPS. Accurate tracking helps prevent loss and ensures assets are used effectively.
2. Asset Classification: Organizing assets into categories based on type, value, or function. This classification aids in managing inventory more efficiently and helps in reporting and decision-making.
3. Professional Support: dancker’s in-house design and project management professionals ensure accurate redeployment of assets, generating millions of dollars annually for our clients.

Tailored Solutions: From hospitals to clinics, our deep understanding of healthcare environments has enabled us to craft tailored solutions that ensure your medical equipment is always in the right place, precisely when you need it.

Inventory Control: Managing the quantities of assets to ensure that there is neither surplus nor shortage. This includes processes like auditing and stocktaking to keep inventory levels optimized.
Maintenance Management: Regularly maintaining assets to ensure they are in good working condition. This includes scheduling preventive maintenance and handling repairs to extend the lifespan of assets.
Unused Asset Storage: Efficiently managing the storage of assets that are not currently in use. This includes organizing and maintaining an inventory of these assets to ensure they are easily retrievable when needed.
Lifecycle Management: Overseeing the entire life of an asset from acquisition through disposal. This involves planning for upgrades, replacements, and proper disposal of assets at the end of their useful life.
Compliance and Reporting: Ensuring that asset management practices comply with relevant regulations and standards. It also involves generating reports for financial auditing, regulatory compliance, and strategic planning.
Integration with Financial Systems: Linking asset management with financial systems to track depreciation, budget impacts, and financial reporting. This integration helps in accurate financial forecasting and asset valuation.
User Access and Security: Controlling who has access to asset information and ensuring that data is secure from unauthorized access or tampering. With 24/7 access to dancker’s secure web portal, clients can access real-time reporting and information about their assets.
Asset Redeployment: Efficiently reallocating assets to different departments, locations, or projects based on current needs and priorities.

Case Study

At dancker, we partner with over 50 clients annually to help them achieve a collective annual cost avoidance of $1.2 million. A recent collaboration with a New Jersey Healthcare System exemplifies our approach to strategic savings. Through meticulous planning and execution, we saved this healthcare system $850,000 in cost avoidance, successfully managing the deployment of 5,200 pieces of furniture and medical equipment. Here’s what the customer had to say about their experience with dancker:

“dancker’s turnaround time on information and asset delivery saves everyone on our team a lot of time and energy. Their design support and attention to detail has been excellent. I think one of their greatest strengths is their reporting – knowing that we are consistently generating traceable cost avoidance by being strategic about our furniture and equipment storage is a great comfort,” said Construction Controller Manager of New Jersey Healthcare System.

dancker is a strategic partner in optimizing commercial workspaces. To incorporate dancker into your asset inventory management program, contact us for more information.