9 Ways to Reduce Costs with Government Asset Management Software

The government sector, in some ways, is no different from other businesses or organizations in various industries. They too manage a group of employees and are responsible for providing high-quality service to their customers. Like these companies, governments also struggle with managing hundreds, if not thousands, of assets and struggling with not knowing what assets they own, where they are, and who is using them at any given time. This leads to massive inefficiency, wasted resources, and service delays that not only cost employees time and frustrate the public, but also waste a significant amount of money.

While you can manage your assets with spreadsheets or a pen and paper, in the long run this an extremely time consuming, frustrating, and expensive method. Asset management software might add an extra line item to your budget, but with the proper software in place, employees will have more time for productive work and spend less time on tedious administration. Here are nine ways government asset management software can help reduce costs and streamline operations.

1. Insightful Data-Based Decisions

Instead of gauging decisions based on emotional reactions or inaccurate information, asset management software allows you to make evidence-based conclusions. Using up-to-date data and detailed reports, you can make decisions faster and with more confidence.

2. Increased Safety = Increased Savings

By automating your maintenance schedule and having inspection records and histories at your fingertips, you will be able to analyze recurring problems and prevent accidents before they happen. Increasing the level of safety compliance and preventative actions not only makes on site employees safer, but also saves you from costly mistakes and accidents.

3. Reduce Maintenance Cost

According to Mintek a company can save between 12 and 18 percent by using preventive rather than reactive maintenance. Governments spend so much of their time reacting to damage or maintenance issues rather than preventing them! A government asset management system allows you to set reminders, optimize maintenance schedules, and reduce costs by simply being proactive.

4. Centralize Asset and Equipment Information

By digitizing your asset records and equipment information, you will have a database at your fingertips to retrieve figures much more quickly than hunting down a file or searching a spreadsheet. This accessibility makes it possible for multiple users to access and manage the same data while standardizing management processes across departments.

5. Increase Operational Efficiency

As we all know, time is money. Solving inefficiencies and streamlining processes is one of the best ways to make sure time isn’t being wasted or spent on unnecessary costly tasks. Not only does government asset management software reduce administrative tasks but it also makes sure no time is wasted on-site by optimizing schedules and getting real-time feedback.

6. Improve Asset Use

You no longer need to worry about lost or misplaced assets. With detailed records of all your available assets, you can easily find and manage their use. This also decreases the downtime spent trying to locate equipment or employees having to make additional trips to complete the same work order.

7. Accurately Understand Asset Value

Every asset has a value and anything with a value can be monetized. This is extremely valuable to not only understanding the current value of all your assets but helping control costs and evaluate spending on future projects. Asset management software gives you a clear picture of your entire asset portfolio and allows you to make informed investment decisions and avoid unnecessary purchases or rentals.

8. Eliminate Administrative Redundancies

With an asset management solution, you can eliminate your need for paperwork, forms, and other documents. This reduction in administrative work increases efficiency and streamlines operations to give your employees their time back for more important tasks.

9. Manage Information on the Go

A great asset management system will be mobile enabled and allow you to assign work orders, manage assets, and track resources on the go. Real-time cloud reporting capabilities allow you to have complete visibility and gain vital information on productivity, logistical trends, and costs.