The Benefits of Asset Management in Schools and Education

All educational institutions, and especially schools, have huge amounts of records to maintain and manage. As a result, if a school wants to ensure that vital assets are constantly available to teachers, students, and other members of staff, it needs to have an effective asset management strategy in place. 

By choosing school asset management software, schools can make the most of assets that are critical to their operations on a day-to-day basis. Asset management in schools allows school asset managers, teachers, and administrators to guarantee that assets are available to each staff member and student.

Here are 6 benefits of asset management in schools and education. 

Reduce Manually Performed Asset Audits

A real-time asset listing allows school staff to know the location and amount of equipment available to them at all times. This eliminates the need for ongoing manual asset audits, which consume a significant amount of time and money.

Improve Record-Keeping Accuracy

It's easy to become overwhelmed by the volume of paperwork needed to track records, documents, and equipment around school grounds. Luckily, the right asset management platform can give you the tools you need to create a single, centralized data location for all of your important assets.

This is particularly important for securing and storing data in the event of a fire or other disaster, which can wipe out a paper-based system and cause issues when submitting insurance claims.

More Effective Planning

Asset management requires forward planning, and by properly monitoring a school's assets, staff can be aware of when it's time to replace assets or schedule repairs. In a field like education, knowing the lifecycle of an asset is critical. Knowing when a projector needs to be serviced, for example, can save a lot of money in terms of downtime and replacement expenses. This form of planning is critical in sectors where money must be used wisely.

Reduce Money Spent on School Assets

With an efficient school asset management system in place, the education industry can experience an improvement in both spending and time management. This includes lost employee time spent looking for equipment as well as cost savings from bulk purchases. 

Schools can track and monitor each department's spending requests by using the correct technologies. This may be a request from the school cafeteria for cutlery and trays, or from library workers for more workstations or books. For example, a teacher might need more seats to be added to their classroom. By accessing the available data, they can easily observe that a lot of chairs aren't being utilized in another department, so rather than buying more seats, they can simply move them from one department to another. 

Whatever school departments need, these requests must be in line with the Department of Education's or the local district's budget, and school asset management software is the best way to ensure compliance. 

Better Budget Reporting

A school asset management software's goal is to gather data and analyze trends in asset expenses. Finance managers can also meet duties, such as demonstrating prudent use of public funds, thanks to the level of control provided by these systems. It's also easier to establish accurate records for estimates, valuations, and depreciation when you have a good asset management system in place.

Decrease the Risk of Theft

It's simple for things to go missing in a crowded school atmosphere. Luckily, the amount of stolen or lost goods can be greatly decreased with an effective asset management system in place. This allows you to track important educational assets in real-time. If assets are moved out of a specific zone, asset management software can provide real-time alarms. Security is especially important during periods when educational institutions are closed, such as the Christmas holidays, to prevent assets from going missing.