Feeling overwhelmed by a growing device inventory? Struggling to keep track of costs and optimize your IT budget? If your answer to these questions is even remotely close to a Yes, you have come to the right place. In this article, we tackle all the how-tos of optimizing your devices, understanding device lifecycles and cost savings, as well as ROI and IT asset management.
ROI and Device Inventory Management
Return on investment (ROI) is a popular profitability metric that is used to evaluate how well an investment is performing. ROI is expressed as a percentage, and it is useful for ranking investments in different projects or assets. Return on investment is used by businesses to determine the efficiency of an expenditure. With enough information and productive estimation, it can be used to predict the future and, therefore, lead to better business decisions.
Device inventory management means involvement in managing IT assets, from creation to disposal. With its overwhelming positives, like eco-friendly practices and energy efficiency, it is essential for environmental benefits, financial benefits and brand reputation enhancement. Proper practice of device inventory management is significant and impactful on ROI for:
- Reduced costs
- Improved productivity
- Enhanced customer satisfaction
- Optimized asset utilization
- Data-driven decision making
For example, JPYC Co. partnered with JOSYS for IT asset management and significantly reduced the time and resources spent managing devices and SaaS accounts. This improved device security, efficiency, and remote work operations.
Inefficient device management leads to excess inventory costs, wasted resources (time and labor) and significant security risks. However, investing in a straightforward inventory process and maintenance strategies can help reduce these costs and improve the overall efficiency and productivity of your business.
Now that we uncovered the financial failures of ineffective device management, it’s time to explore how the tables can be turned by embracing efficient inventory practices.
Benefits of Efficient Device Inventory Management
Cost reduction
You need to maintain your device regularly. Repair and software maintenance are essential aspects when it comes to keeping your device’s lifespan long and productive.
With regular maintenance and necessary repairs to your device, you are preventing any potential major risks or irregularities of your device. Therefore, your device will last longer and ensure cost savings.
Through device optimization, there is a cost reduction and potential savings on energy consumption.
Improved Productivity
Efficient inventory management reduces time spent searching for devices. Management ensures that the right devices are available when needed, reducing delays. All necessary equipment can be accessed without straining time consumption. With proactive maintenance and repairs equipment downtime is minimized, there is better task prioritization, faster decision-making and reduced redundant work.
Faster deployment times ensure enhanced customer experiences and minimize labor costs. It also increases flexibility and builds employee morale. By ensuring the system’s proactivity you are, in turn, improving productivity. Better safe than sorry!
Enhanced Security
With frequent maintenance of your devices, you are ensuring updated and optimized security patches for equipment. Timely and thorough research and check-ups can prevent any potential threats or malfunctions of equipment. This process also reduces the vulnerabilities of the devices and works towards making them more secure and reliable.
Increased User Satisfaction
Cost savings, improved productivity and enhanced security are an ideal combination that leads to increased user satisfaction. Having quick access to new features, reduced downtime, enhanced performance and reliability, increased confidence in IT services. This makes clients more inclined to provide positive feedback.
Due to timely updates and frequent software maintenance, the user experience is made much more seamless. There are fewer issues, challenges, and problems they encounter, which creates a good support system and cooperation.
Assigning the right devices to the right users is crucial for optimal performance of your business or project. Having appropriate tools to perform certain tasks is both efficient and effective and creates a healthy atmosphere.
Strategies for Efficient Device Inventory Management
Here is a complete step-by-step approach to device inventory management and a list of strategies that ensure its efficiency and productivity.
Step-by-step Approach to Device Inventory Management:
- Assessment. The first plan of action here is to create a detailed assessment of the inventory and identify needs. The second is to create a management plan.
- Categorization and Tagging. Categorize devices based on type, usage, user needs, etc. Attach asset tags to each device for a more productive identification.
- Inventory tracking. It is essential to choose and include an inventory management system or software in this procedure. Without proper tracking systems and staff training management, the process wouldn’t be as effective as it is supposed to be.
- Lifecycle management. Stick to a maintenance schedule and follow the device’s lifecycles for better performance. Updating devices regularly must be a common practice.
- Disposal. Make sure you have a proper disposal or recycling plan for the equipment. This can be achieved by turning to a certified recycler, getting involved in recycling programs, donating or reselling, and handling batteries with special care.
- Other IT systems. Integrating device management with other IT systems improves data accuracy, and automatizes work, which reduces manual data entry, enhances security, and groups performance analysis and data.
Key Takeaways
To prioritize productivity and effectiveness of your business venture or project, you must ensure you optimize your devices, understand device lifecycles and cost savings and how to use ROI and IT asset management to your advantage.
The benefits of efficient device inventory management are cost reduction, improved productivity, enhanced security and increased user satisfaction. With a step-by-step instruction to achieve proper device inventory management (assessment, categorization and tagging, tracking, lifecycle management, disposal, and inclusion of other IT systems) you are solidifying your business identity and proactivity. Essentially, you are creating an atmosphere that is pleasant and productive for both workers and customers.
If you are ready to make your business thrive, don’t wait any longer! Contact our team or schedule a consultation and join us in paving the first steps towards maximizing ROI and implementing efficient device inventory management today!