Asset Management

Asset Management in a Volatile Economy

Volatile as the economy may be, asset management may still stand and survive to keep your company in top shape. Organizations and companies with proper asset management tend to go farther in terms of productivity and results. The good thing is that asset management is a holistic effort of the components, and is something that is really meant to be shared within the bound of the company. You don’t need to outsource asset managers to do it for you if you know how to go about it. Here are some strategies that will ensure that your asset management will withstand any economic storms.

Asset Management Strategy 1: Go for the solid assets

By solid assets, we mean assets that are not easily threatened by changes. If you have some stocks, which are highly volatile in nature, have some investments on established entities as well. This may oppose the “Nothing venture, nothing gained” adage but a certain measure of security is still vital for success.

Asset Management Strategy 2: Ensure support from the higher ups

The higher officers of your company must support your endeavor to managing assets of the company if it were to materialize fully. The support will also prompt other members in the company to be mindful of the undertaking.

Asset Management Strategy 3: Set your priorities

You must always have an outline. What are your priorities? If your priorities are to establish one’s security, you might have to be more rigid with your asset management tactics. On the other hand, if you are planning to venture out and expand your company, you may have to manage your assets in a way that it is more open for change and risk. However, you must make risks that are calculated and make sure that you can bounce back should things go badly.

Asset Management Strategy 4: Easy does it

Make changes gradual, if you are to introduce them. Don’t shock the system with revolutionary changes. In order for it to last longer, there needs to be at least a period of transition for any undertaking. The same thing goes with asset management.

Asset Management Strategy 5: Determine patterns and learn from them

If there have been instances that occur again, make sure that the current system is able to learn from its past mistakes. This self-learning quality is one of the ways in which you can ensure that the asset management system will be able to endure even the toughest economic shakings. It would be completely useless

Asset Management Strategy 6: Get the best tools available to you

If you are talented in managing assets but undermanned when it comes to resources, you may be in for a losing trend. The technology today enables you to manage everything from the desk and without much hassle. So make the best use of the technology while it is made available for you.

Asset Management Strategy 7: Review the facts regularly

Regular review is the lifeline of asset management. If your last inventory was a decade ago, then your assessment may not be at par with the demands in a company over time. Update the inventories, keep stock and review the statistics regularly. In that way, should hard times come, you will find that you have a ready answer because you know yourself fully well.

Software Asset Management

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Software asset management is one of the things you can do to ensure that you are at par with the influx of computers and technology in the corporate world. A few people are familiar with the concept of software management, but it is as important as other aspects of asset management in the organization or company.

Software is an Asset

One of the concepts that must be considered as a fact is that software is an asset. It is an asset in the sense that it can make a lot of favorable returns when you install it. At a fairly minimal cost, you will be able to get back what you invested in a particular software, especially if it is on a business setting. The thing about managing software assets is that you must first inherently believe that it is an asset to the company.

What are the software assets popular today?

Some of the more popular software assets today depend on the nature of your company operations. For example, if you are oriented on spatial data, you will find mapping software to be one of your greatest assets. Licenses for highly upgraded and updated software are quite expensive, so they need to be managed more carefully and in full detail. If you happen to be on a software business, the software inventory might be more than just a means of managing your software assets.

How do you manage your software asset?

Software assets may basically be managed by checking out license receipts and the like all over the company's operations. This way, duplication of purchases are prevented and you will already which software needs more updating than the others. A good record of the software bought will also ensure that you are able to keep track of your expenses when you are purchasing software. You might also consider getting a software that will actually help you manage not just your software assets but all the other physical assets in your company.

Constantly upgrading your software

Aside from taking inventory, part of software asset management is scheduling your upgrades. You must do it quite regularly so that you can be ensured that you get the best of all your software. Periodically inspect if the upgrades are working properly, and replace them immediately if they malfunction in one way or another. These little things may seem insignificant, but nothing beats the frustration of having wasted time because of menial things such as not having the right software when you need it the most.

Software Asset Management in the Organization

In the organization, a unified software asset management strategy is needed to be able to efficiently function with all the right updates needed by the company. If one component is updated and the others are falling behind, this still doesn't constitute effective software asset management. If you are really serious about getting it all right, all the other components within the organization must support your endeavors of making software asset management a habit.

Salient issues pertaining to Software asset management

Salient issues pertaining to software asset management involve miscommunication on the part of the software asset manager and the other end users of the software. Duplications due to loopholes in the updates of the software inventory may also cause a dent in the integrity of the software asset management system.