Asset Management lets your company improve its IT governance, service quality, mitigate risk and also gives more efficiency. Thus, it has become very important to adopt modern solutions to manage your company asset.
When it comes to modern solutions and emerging technologies, you might think about something big and complex. What if I told you, it is possible to get quality solutions within the technology you are using!
Yes, I am talking about WordPress. You can manage company asset virtually directly from your WordPress site. Today, I am going to show you how you can easily manage and track your company asset using a WordPress Asset Management plugin. At first, let’s find out about Asset Management.
What is Asset Management
Before jumping to Asset Management, it’s important to know about assets. An Asset is an entity, thing or item that has actual value or potential effectiveness to your organisation. This may be a Laptop, Computer, Car, Furniture, Office Space or anything else.
When you are managing a medium to big company, you not only need to manage IT assets but also other related ones. This is where Asset Management comes in. According to ISO 55000–
Asset Management is a coordinated activity of realizing value from assets within an organization.
This means, when you are able to take the right decision and optimize the delivery of value for your assets, then you can call it Asset Management.
Best Practices for Managing Company Asset from WordPress
Whether you are part of a big or small business and responsible for managing the company asset, you will eventually need a tool. There are many solutions available in the market specially for WordPress. Here are some best practices which you may follow in order to manage your company asset properly.
Identify and Use the Best Solution Suited for Your Assets
The tool or solution you are using should be adjustable with your assets and the accuracy of time it takes to manage. Thus, using legacy systems may turn out fruitless for you. If you are using a WordPress powered website, simply use a suitable Asset Management Plugin.
Create Your Assets Virtually
The most important feature that an Asset Management Plugin should have is adding or creating assets. This virtual creation of assets helps you to track them properly.
For a proper management, you must add a category, asset name and type. You should also include Item code (a unique id to distinguish each item) and its relevant information as much as you can.
You should also be able to add multiple items at once as it saves your time greatly. This comes in handy when you are adding more than one similar or same product. For example, you may have 5 Laptops of the same model. You can add them at once with different item code.
Track Depreciation Accurately
Your asset management plugin should be able to perform an accurate calculation of asset depreciation. Otherwise, your company will have to face a great deal of damage. You should include all necessary information to your asset management tool and get them from a single place.
Having a list of all your assets along with their type, category, registration and expiry date, warranty and most importantly its availability can ensure a proper tracking of your assets.
Allow Your Employees to Request Assets
Whether you have a tool to manage your assets or not, allowing your employees to request for assets manually can be a disaster. Thus, having an automated system from where your employees can request assets directly and get approval is crucial.
Using WP ERP Asset Manager, you can give your employees their personal profile from where they can submit asset request. They will view the available assets and also can asset information if they are unavailable.
Manage Your Employee Asset Requests
After your employees submit asset requests, you should monitor them properly. You may either approve or reject them based on your decision.
If you are planning to approve the request, you need to select the asset and add other important details including given date, return date and instructions.
Streamline Your Assets Allotment Reporting
It’s always better to keep an eye on what’s happening with your assets. So, you can view the status of all your assets and their allotment from a single place. This helps you greatly to take effective decisions.
When you perform most of the above best practices, managing your company asset becomes easier. As I mentioned before, it is possible to manage your assets from your WordPress website. All you need is the best Asset Management Plugin for WordPress. WP ERP is a FREE to use ERP system for WordPress and has many extensions to solve all your HR-related problems. WP ERP’s Asset Manager extension is full-featured and easy to use plugin that makes managing asset from your WordPress website possible.