The ultimate guide to asset management for modern workplaces 

HVAC units failing on a hot day, laptops that go missing in action…

The reality of workplace maintenance and asset management isn’t always pretty, but it is necessary. Behind every smooth workday is a small army of assets: IT hardware, office equipment, building systems that need to be tracked, maintained, and ready for action. When something breaks, it disrupts productivity, burns budgets, and lands facility and IT teams in the hot seat.

Modern asset management is about preventing chaos before it starts.

What’s an asset?  

In the context of the workplace, “asset” is a broad term. Each organization has its own unique and extensive list of digital and physical assets to track and manage in order for the workplace to function, and function well. Facility managers and IT professionals play the most critical roles in asset management for businesses, making sure every component of a workspace is accounted for, up to date, and meets compliance and safety requirements. 

What asset management means in modern business

Asset management has become increasingly complex in today’s working environment. Hybrid schedules mean that the demands on physical resources can be unpredictable. Some organizations might struggle with retention and turnover, and on the flip side, rapid growth and expansion, meaning workplaces today need to stay agile. Adapting existing spaces, downsizing to fewer floors, or relocating to a new building entirely all require strategic space planning and flexible move management. It also means facility managers have to consider the stuff that makes up offices. They need to track assets during those inevitable changes, and know which employees need what, when, and how often.  

IT teams, responsible for hardware assets and software licenses and subscriptions, to name a few, face similar challenges in these rapidly changing environments. Hybrid employees may switch from home devices to work devices throughout their day; employees may leave an organization while working remotely and still have access to company information or laptops. Not to mention laptops and other equipment don’t last forever; they need to be replaced and updated on a regular basis so that the rest of the business can operate smoothly and securely. 

At the end of the day, facility and IT managers are at the forefront of asset management for businesses, and often the ones who get blamed when something goes wrong. Here’s how teams can get a single source of truth for tracking and managing physical and digital assets, streamline workflows, and keep things safe and operational, while they already have a lot on their plates.

What is asset management?

Asset management involves monitoring, maintaining, and optimizing your organization’s physical resources to ensure you get the most value out of them during their lifespan. A primary component of this is inventory management to gain a holistic view of everything within your workplace and where it lives. This applies to physical items like IT equipment, office furniture, and building infrastructure, as well as intangible resources like contracts and software licenses.

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What assets do businesses typically manage?

Assets differ depending on the organization but typically include:

• IT tools and hardware such as laptops, servers, and routers.
• Office equipment and furniture.
• Facilities infrastructure like HVAC systems and elevators.
• Company vehicles used in daily operations.
• Software licenses and other digital tools.

What is IT service management (ITSM)?

ITSM involves resolving unexpected issues with hardware, fulfilling requests for installs, tracking devices (and their health) in an organization’s inventory, and managing infrastructure changes like software updates or server upgrades. 

Tracking high-value assets

Capital asset tracking focuses on managing big-ticket items, like manufacturing machines or building systems, to ensure they’re used efficiently throughout their lifecycle.

Unlike everyday supplies or consumables, capital assets are long-term investments that require ongoing upkeep and play a critical role in an organization’s financial stability.

Why it matters:

Optimize ROI: Monitoring the usage of capital assets allows organizations to extend their operational life, minimize downtime, and maximize the value derived from each expenditure.

Avoid expensive breakdowns: Proactive maintenance schedules and real-time tracking help identify potential problems early, reducing the risk of costly repairs or asset replacement.

Maintain regulatory compliance: Keeping detailed and accurate asset records is essential for passing audits, managing insurance claims, and adhering to financial standards such as GAAP and IFRS.

Guide long-term planning: Asset data provides insights for budgeting, timing replacements, and shaping long-term capital strategies.

Track depreciation effectively: Since capital assets decrease in value over time, proper tracking ensures depreciation is calculated correctly for both tax and financial reporting purposes.

Understanding proactive vs. reactive maintenance

A standout feature of these platforms is their ability to facilitate preventive maintenance. Here’s a breakdown of how it contrasts with reactive approaches:

• Preventive maintenance
  • Regularly scheduled upkeep to avoid unexpected failures.
  • Reduces repair costs by addressing small problems early.
  • Keeps operations running seamlessly by minimizing interruptions.
• Reactive maintenance
  • Fixes issues only after a breakdown occurs.
  • Can lead to higher expenses and extended downtime.

For most organizations, adopting preventative strategies through software is a smart move that yields long-term savings and efficiency.

The benefits of asset management software 

Beyond staying organized, a comprehensive asset management system is an all-in-one tool for tracking, managing, and maintaining facilities. These solutions bring major advantages, including:

• Minimized downtime: Keeping operations running smoothly by addressing issues before they interrupt workflows.
• Cost savings: Reducing repair expenses through proactive maintenance.
• Regulatory alignment: Ensuring compliance with relevant safety, environmental, or industry standards.
• Fewer errors: Avoiding mistakes often tied to outdated, manual tracking techniques.

Modern asset management software is transforming how businesses track and maintain their resources. These platforms replace outdated spreadsheets and manual methods with real-time tracking, automated workflows, and advanced reporting features that simplify decision-making.

Key features of asset management software

• Asset tracking to keep tabs on the location, usage, and condition of assets.
• Automated maintenance scheduling for routine check-ups, inspections, and service to prevent breakdowns, with notifications to alert teams when items need attention.
• Financial tracking to monitor depreciation, understand the actual valuation of assets for accurate net book value, smart CapEx investing, long-term planning, and compliance with standards like GAAP.
• Detailed reports for smarter resource planning.
• A user-friendly interface, so busy facility management and IT teams don’t get bogged down.
• The ability to access software via mobile app, so teams can update inventory while walking the floor of their facility
• Integrations with work order management, so IT teams can manage service desk requests, and FMs can streamline facility tickets. 

Getting started with digital asset tracking

If your current processes rely on manual systems, transitioning to asset tracking software can make an enormous difference. Here’s what you need:

• Asset Identification Tags (e.g., barcodes, QR codes, RFID): Assign unique tags to every asset.
• Tracking software equipped to monitor assets in real time.

Adopting software solutions enhances clarity about how and where assets are used, promotes accountability, and provides valuable asset data to optimize performance.

Why modern systems make all the difference

Upgrading to advanced systems, such as CMMS (Computerized Maintenance Management System), or a cloud-based asset management platform elevates your organization’s asset management capabilities.

Outdated approaches versus modern solutions 

• Old methods
  • Rely on cumbersome spreadsheets and manual processes.
  • Subject to frequent errors and inefficiencies.
• New tools
  • Offer easy-to-navigate dashboards centralizing all asset-related data.
  • Automate tasks like work orders and reminders for maintenance.
  • Offer Integrations with existing platforms like IT monitoring or finance tools.
  • Provide critical asset information, like serial numbers, warranties and expiry dates, and purchase costs for easier planning and tracking.

Why a modern asset management solution is essential for hybrid offices 

The rise of hybrid work environments poses new challenges for managing distributed resources. Modern asset tracking tools can help by:

• Managing loaner equipment for remote employees.
• Monitoring office tools like printers, conference room technology, and more.
• Ensuring compliance with data protection and safety standards.

5 steps to smarter asset management

Here’s a simple starting point for improving your asset management strategies:

1. Assess your current system
   • Identify the assets you manage and pinpoint inefficiencies in your current tracking methods.
2. Choose the right software
   • Focus on systems with features tailored to your needs, like preventive maintenance and detailed reporting.
3. Tag your assets
   • Implement tagging methods such as barcodes, QR codes, or RFID for identification.
4. Engage your team
   • Train your team in using the new system to maximize its benefits and encourage adoption.

Taking the step to modernize how your teams manage assets with tools like advanced lifecycle tracking software will revolutionize how your organization operates, ultimately saving money and improving efficiency.

Asset management glossary:

To excel in asset management, familiarizing yourself with these terms is key:

Asset Lifecycle Management (ALM)
The process of managing an asset from acquisition through operation, maintenance, and eventual disposal or replacement, ensuring optimal performance and cost efficiency.

Scheduled Preventive Maintenance

A forward-thinking asset management method where routine maintenance is planned in advance to avoid unexpected failures and prolong the life of equipment.

Data-Driven Predictive Maintenance

Leverages advanced analytics and condition-monitoring technologies, such as IoT sensors, to anticipate asset failures and enable timely interventions that prevent disruptions.

Total Cost of Ownership (TCO)

Encompasses all expenses related to acquiring, using, maintaining, and eventually retiring an asset, offering a clear view of its overall worth and long-term viability.

Real-Time Condition-Based Monitoring (CBM)

Relies on live data from sensors to track the status of equipment and determine when maintenance actions are necessary for optimal performance.

Asset Performance Return on Assets (ROA)

A key financial metric that assesses how efficiently a company turns its assets into profits, calculated by dividing net income by total assets.

Reliability-Based Maintenance Framework (RCM)

A thorough approach to identifying the most appropriate maintenance strategies by assessing asset failure modes and their impact on operations.

Proactive Failure Modes Analysis (FMEA)

A methodical process aimed at pinpointing potential failure points in assets and estimating their effects to prioritize preventive measures.

Operational Asset Utilization Metrics

A measure of how effectively an asset is performing compared to its maximum potential usage within operational contexts.

Asset Tagging and Real-Time Tracking

Technologies like barcodes and RFID systems used for identifying and monitoring assets, with RFID enabling automated recognition over larger distances.

Geospatial Asset Management Tools (GIS)

Systems that combine location data with asset details to support geographic analysis and management of infrastructure and resources.

Geospatial Tracking

Tracks exact asset locations with GPS and RFID technologies.

Mean Time Between Failures (MTBF)

Calculates the reliability of assets based on breakdown intervals.

Mean Time to Repair (MTTR)

Tracks the time taken to repair assets, helping to minimize disruptions.

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