Excel exists for a long time, there is no doubt that it is a useful effective tool for offices. Unfortunately, offices utilized excel for those purposes for which excel was not meant to. Yes, we are talking about asset management!
What is the reason that Excel is used for asset management?
The reason that excels sheet is used for asset management is that it is easily available without any cost on the other hand asset management software is paid. Organizations do not think of a big picture, as an excel sheet is simple to use but when it comes to asset management it does not add value.
However, for small size organizations excel can be used for asset management but on a small scale. As the size grows of the organization it will become non-effective and non -productive. Then it will not be efficient.
Another reason was few years prior there was no solid solution was there so companies did have another option than excel. It is one of the big reasons why excel is used for asset management!
Why using excel is a bad idea for asset management?
If your association is still utilizing excel to monitor and manage assets, then read on to find why excel is not used for asset management, and what the advantages are of changing to committed asset management software.
Data is not accurate –
One main reason behind using dedicated asset management software is saving asset from theft and location and in that purpose, data play a crucial role. When anybody changes data, a timestamp is saved and with that timestamp, it can be seen who made the changes and when.
In excel, anybody can change or alter data without keeping records in simple words there is no chance for tracking about changes done. So, if theft occurs you will think that the asset or equipment in the place but when you check physically it does not exist. Thus, data is not accurate and no feature for traceability.
Spreadsheet accuracy can result in a lot of financial loss. According to the Business Insider article “In 2012, a spreadsheet error in the rail franchise bid process for the West Coast Mainline cost the taxpayer about 60 million. Reports suggest that JPMorgan Chase lost 250 million because of a spreadsheet slipup in 2013.”
Excel does not provide notification feature –
One of the main purposes of asset management is to keep assets and equipment in the best condition. It becomes hectic when there are lots of assets to maintain. Asset management software can provide alert and notification to the responsible person on the other hand excel does not have any kind of alert feature.
We know how big financial loss can occur if assets or equipment failure happens. The employee has to keep remember itself if the employee is using excel but the software keeps employees free for other activities.
This notification feature also comes in handy to an employee for several other objectives. For example, if inventory is low, then this software will alert the responsible for refilling inventory.
Excel is not mobile-friendly –
Excel can be only used on laptops, computers but not on smartphones. For keeping asset information up to date, the smartphone is essential. For example, let us take a maintenance work order!
In a work order, there are several activities that need to be performed and for better customer engagement. Technicians update their work status in real-time such as which activities are completed which are yet to completed and if they need any specific inventory required. So that managers can also fulfill the requirement of the technician and update their clients about the same.
These activities cannot be done with an excel sheet. For effective asset management, smartphones are very crucial. When managers are away from their office or work station, they can update the status of work orders from their smartphones.
No review trail –
As various excel spreadsheet is likely circled and spared more than, a record of what things may have been lost or harmed can likewise be eliminated.
An asset tracking system is uniquely intended for monitoring assets permits you not exclusively to find assets but also to conduct a direct audit for interior or different purposes.
Despite the fact that the budget is tight, it merits the speculation to upgrade to a fixed asset management system intended to track & monitor your organization’s fixed asset.
There was a time when there was no other option for asset management except an excel sheet. But now the excel sheet is outdated and in these tough competition in business excel is not fit for asset management.
These days for effective asset management real-time information is required to make a quick decision. Moreover, asset location and status need to be seen regularly which cannot be done with excel.
For asset management, excel is not reliable, data is prone to error and nowadays there are several asset management software services can be availed of at a reasonable price.