The penalties for poor asset management are both far-reaching and expensive.
A recent survey revealed that over 60% of organisations conduct manual searches each day looking for inventory, whilst a worrying 24% carry out more than ten searches every day.
The impact on the bottom line is all too clear. A third of companies estimate that it costs them nearly £30,000 per annum in labour to locate missing assets, with write-off costs for some organisations reaching almost £300,000 a year.
In stark contrast are those companies who actively manage the lifecycle of their assets. Using specialist automated asset management solutions rather than relying on spreadsheets or even more inflexible and outdated manual approaches, they can typically reduce the cost per asset by 30% in the first year and save over 10% per annum on staff costs.
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