5 commonly misplaced office assets and what they could cost your business

It’s not uncommon for items to go missing from the workplace. That’s not because most employees are like Creed from The Office (AKA the King of Stealing Things), it’s because company assets are no longer confined to the office premises. 

An office move or relocation can also result in items going missing without a trace. When companies lack a reliable system for coordinating workplace moves, logistics get hairy, and valuable assets like laptops can easily go unaccounted for, posing financial, security, and operational challenges that no business can afford to ignore. As workspaces evolve and change, so must asset tracking strategies. 

The real risks of misplacing office assets

The frustration of a missing laptop before a crucial presentation or the panic of a lost access card can disrupt productivity, but more importantly, it can open businesses up to cybersecurity threats or trigger compliance audits. 

Organizations may be subject to an audit if they’re unable to account for not only the location of physical assets, but also ownership, service history, and whether an asset is still functional and in use. Let’s break down the risks associated with missing assets: 

Financial risks

Both high-value assets like machinery and seemingly innocuous items like furniture need to be tracked and accounted for, otherwise it can create ripple effects that disturb financial processes and accountability. Accurate financial reporting relies heavily on knowing what you own and its value over time. Missing assets can disrupt and cause inaccuracies for depreciation schedules, capital expenditure tracking, and budgeting processes. 

Auditors, whether they are external or within your organization, rely on comprehensive asset records to match with a company’s financial reports. If discrepancies arise, it could trigger deeper investigations.

Red flags for auditors

Missing assets could point to:

• Improper accounting practices 
• Fraud or theft 
• Wasteful spending 

Failing to properly track and account for assets potentially jeopardizes trust in your fiscal accountability. 

Regulatory and compliance obligations

Organizations working in regulated sectors like healthcare, finance, education, and government face additional scrutiny regarding asset management. Regulations in these industries exist to protect sensitive data, ensure safety, and maintain high operational standards.

Key compliance standards impacted by missing assets

1. HIPAA (Healthcare): Medical equipment and devices must be secure and traceable to protect patient information.
2. SOX (Sarbanes-Oxley): Requires accurate reporting of company assets to avoid fraud.
3. ISO Certifications: Strict audit policies linked to asset control and tracking ensure businesses align with international standards.

Failing to maintain clear records and asset control can result in non-compliance, which can trigger:

• Significant fines and penalties.
• Potential loss of certifications.
• Reputational damage that may hurt customer and investor trust.

Proper asset management is non-negotiable for staying compliant and mitigating risks associated with regulatory audits.

Security and data risks

When IT equipment like servers, laptops, or mobile devices goes missing, the risks extend far beyond financial discrepancies. These missing assets are often loaded with sensitive company information, making them a prime target for breaches.

Risks associated with missing IT assets

• Data breaches: Stolen or misplaced devices with sensitive data could lead to costly breaches.
• Non-compliance penalties: Violating internal data governance or regulatory standards can damage credibility and cost a fortune.
• Weakened cybersecurity resilience: Unsecured or unmonitored devices are an open door for malicious actors.

A solid auditing process ensures all IT assets are accounted for, secured, and, if necessary, properly decommissioned. Proactive oversight is the best defense against these high-stakes risks.

Operational risk

Lost or mismanaged equipment can bring operations to a grinding halt. Businesses depend on assets to keep processes running smoothly. Missing items can compromise timelines, disrupt workflows, and increase risks of operational bottlenecks.

Common operational challenges

• Project delays: Missing tools or tech can pause essential projects or client delivery.
• Service gaps: Companies may fail to meet client expectations if critical equipment is unavailable.
• Vendor relationship strain: Mismanagement of assets could affect vendor contracts, warranties, and maintenance schedules.

Audits allow businesses to identify these weak points, address inefficiencies, and ensure operational stability.

Fortunately, with the right strategies and tools, asset management doesn’t have to be a chaotic scavenger hunt. Let’s delve into some of the most commonly lost office items and the immediate steps you can take to lessen the impact. We’ll then cover some preventative strategies so you can avoid losing track of costly and sensitive assets.

5 commonly misplaced assets

1. Laptops

Company-issued laptops are among the most commonly misplaced assets in the modern era of work. Many companies ship laptops to remote and hybrid employees, and retrieving those IT assets after an employee leaves the company can be a challenge. Your team may not have a clear record of who has what, leaving it up to the employee themselves to return their device.

Employees aren’t the only ones who are loaned devices for at-home use; many students today are given school-issued laptops to complete homework assignments. CBS News found that tens of thousands of laptops and other devices were stolen or missing between 2023 and 2024. This puts a financial strain on school districts already facing budget issues.

2. Key fobs/access cards

The modern office relies heavily on secure access, making a misplaced RFID key fob or access card significantly disruptive. Imagine an employee returning from an off-site training session or a client meeting, only to realize their essential access card is missing. Not only does this prevent them from entering the building, but it also raises security concerns for the organization. 

3. Tablets

The sleek and portable nature of company tablets makes them incredibly useful for presentations and on-the-go work. However, this same portability can lead to them being easily forgotten – perhaps left on a table after a client meeting in a bustling office or slipped between papers upon returning to a desk after an off-site visit. 

4. Smartphones and mobile devices

In our hyper-connected world, the company smartphone is an indispensable tool. Yet, temporarily setting it down – be it on a charging station in a shared workspace during a quick interaction or on a corner of a desk amidst a flurry of activity – can, unfortunately, lead to it vanishing without a trace, causing immediate disruption to communication and workflow. As industries including healthcare, government, and finance often issue mobile devices to their employees, misplacing them is not just an inconvenience but also a high security vulnerability.

5. External hard drives

Often small and unassuming, external hard drives hold a wealth of important work files and backups, making their loss particularly concerning. Whether inadvertently left behind after a collaborative session in a conference room or misplaced during transit between locations, the disappearance of an external hard drive can trigger data security anxieties and workflow interruptions.

Immediate steps to take for effective asset recovery

What action can you take when a company asset goes missing? Swift reactive measures are not as ideal as having a preventive system in place, but they can minimize potential downtime and secure potentially high-value equipment and data. To streamline the recovery process, encourage employees and facility managers to follow these immediate steps:

• Issue a company-wide announcement: Promptly notify the wider office community through internal communication channels (email, messaging platforms, or your workplace management system) with a clear description of the missing asset and contact information if found.
• Leverage built-in tracking features: For devices like laptops, tablets, and smartphones, utilize any built-in “find my device” or remote tracking capabilities if enabled.
• Alert security and facilities teams: Inform building security and facilities management, providing details of the missing item and asking them to be vigilant during their rounds.
• Secure data remotely (if applicable): If immediate recovery isn’t likely for laptops and mobile devices containing sensitive information, consider initiating remote lock or wipe protocols through integrated IT management systems.

Mitigation strategies for preventing and tracking asset loss

The recovery tips we just laid out are great steps to take once an asset goes missing, but they’ll only take you so far. For a more reliable, all-encompassing asset-tracking solution, the work should start before you issue any physical or IT asset. 

Implementing preventive measures is the most effective way to minimize asset loss and streamline tracking in the long run. A robust asset tracking system can help you manage a diverse inventory of IT assets and other valuable equipment. That way, when something goes missing, there are easier ways to flag it down. Here are key strategies your organization can adopt:

Implement a comprehensive asset tagging system

Attaching unique identifiers to all types of assets is the foundation of effective tracking. Utilizing barcode or QR code labels allows for quick and accurate scanning and identification using a mobile app. This ensures every item is easily accounted for within your asset management software.

Establish a centralized asset repository

Maintain a detailed database within your management software containing comprehensive asset information for every item, including its description, serial number, assignment history, purchase date, and expected lifespan. This creates a single source of truth for all asset locations and details.

Utilize check-in/check-out procedures

Implement a formal check-in/check-out process for shared or borrowed assets. This ensures accountability and provides a clear record of who has which asset and when it’s due back. Assets not returned by the due date can instantly be flagged as missing, improving inventory management.

Conduct regular asset audits

Schedule periodic physical audits of your assets using a mobile app to scan barcode or QR code labels and verify their real-time location against the information in your asset management software. This helps identify discrepancies and potential losses early on.

Building a maintenance schedule can also help you identify assets that are either missing or beginning to depreciate in value and efficacy.

Track asset lifecycle from acquisition to disposal

An effective system manages the entire asset lifecycle, from initial purchase and assignment to maintenance records and eventual disposal. This provides valuable insights into asset utilization and helps predict potential breakdowns or the need for replacements.

Utilize a mobile app for on-the-go management

A user-friendly mobile app empowers employees and facility managers to quickly access asset information, perform check-ins/check-outs, and report issues or missing items directly from their smartphones or tablets.

By implementing these proactive strategies and leveraging comprehensive asset management software, organizations can significantly reduce the incidence of lost assets, improve accountability, and gain better visibility into their valuable resources.

Ready to say goodbye to excel spreadsheets, stop fearing audits, and keep your assets functioning longer?  Request a consultation and learn about OfficeSpace’s asset management solution.