The ROI Of Investing In Enterprise Asset Return Solutions

Forbes

5 days ago

Zaheer Dodhia is the CEO and a serial entrepreneur, heads projects like LogoDesign.net, Remote Retrieval, and Hummingbird International.
Head's up: People like to work from home. OK, this probably isn't a big surprise if you've been paying attention to the state of the workforce. Freelance marketplace Upwork reported an estimated more than 30 million remote workers in the U.S. alone, an uptick of 87% compared to pre-2020 levels.
Remote and hybrid workers are assets that every business owner should consider, but along with them comes a different issue: managing IT assets for the entire company, both in the office and elsewhere.
In-office IT management can be expensive; the Bureau of Labor Statistics reports that an IT manager can earn some $170,000 per year, which means a significant budget for a business. But is there another way to keep track of tech assets when they're ebbing and flowing from office to home across the nation? Short answer: Yes, there is. And it may be more cost-effective than you think.
What Is An Enterprise Asset Management System?
As defined by IBM, enterprise asset management (EAM) comprises "software, systems and services" with the goal to "optimize the quality and utilization of assets throughout their lifecycle, increase productive uptime and reduce operational costs."
Basically, for a business owner, it boils down to keeping track of your assets like laptops and other devices, maintaining device health and making sure that they can get back into rotation as soon as possible if they are returned for repair or as a result of offboarding.
But we already discussed how expensive it can be to have a dedicated IT team in the office. It might seem overwhelming to think of providing the same basic services to remote employees. This is where a third-party asset management solution comes in, helping handle everything from tracking assets as they are sent out to providing appropriate packaging when laptops must be returned.
The Cost Of Enterprise Asset Return Solutions
The nitty-gritty of what the budget will require for a large-scale asset management solution entirely depends on your company: the size of your business, how many employees require services, how many assets are being processed and so forth.
The easier question to answer would be: What's the return on investment? What should a company get out of employing external service providers? Here are some of the financial considerations when factoring your ROI for enterprise asset returns:
• Reduce the cost of IT asset maintenance. An ounce of prevention is worth a pound of cure; knowing where your assets are and what state they're in means that updates can be processed regularly and security measures are kept current.
• Optimize the use of licenses and software. Maintaining accurate tracking and logs for assets makes it easier to ensure that everything is kept up to date.
• Reduction in overall long-term costs of assets. Ensuring that laptops and other devices are well cared for and maintained, as well as making sure they are securely returned when necessary, means that the budget for new assets can be reduced.
• Reduce the cost of shipping returns. Working with an asset return solution that provides bulk services means that extra fees for shipping are trimmed off, regardless of where your employer lives.
But it isn't all just about the budget. As any good business owner will tell you, the people you have working for you deserve just as much consideration. Look to amplify benefits for them, too, through things like:
• Clarity on asset return policies and processes. You want to make sure you or your asset management service provides your employee with the exact packaging and shipping box that they will need to ensure safe return of the asset for repair or offboarding.
• Keeping the team mindset. A well-managed and foolproof IT asset recovery plan means that every employee is working with the same set of tools, and no one slips through the cracks.
• Security of information. It's also important to have some sort of data destruction after the return of the device, which can be anything from a factory reset to degaussing as necessary. This reassures both employer and employee that sensitive information remains just that.
According to research cited by Vector Networks, organizations can save up to 30% per asset within the first year of implementing a streamlined asset return process. While cost savings are a key benefit, other factors to focus on include reducing risk, improving compliance and enhancing your employees' experience during transitions. When you consider these added advantages, the return on investment goes far beyond the financials.
In a digital, virtual, remote-first world, assets of all kinds must be protected and well-managed, for the benefit of the company and for those who work there. Asset management is a tool, a service and a solution for business owners who want to keep ahead.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?