Making sure your assets are well-managed is like tending to a garden – it’s essential for your organization’s growth and prosperity. Whether you’re juggling tangible assets like machinery or digital gems like software licenses and intellectual property, how you nurture and care for them can truly make or break your bottom line.
That’s where automation comes into play, revolutionizing the way organizations handle asset management. In this blog post, we’ll delve into ways that The Bot Platform can support asset management and explore the numerous benefits it can offer, including even $2.3 Million in savings!
According to Zapier, 2 out of 3 knowledge workers swear by automation as their secret productivity weapon at work. This makes automation an invaluable tool when it comes to optimizing asset management processes.
Now, why is automation such a game-changer, you ask? Well, imagine the traditional way of tracking and managing assets—tedious, time-consuming, and riddled with potential errors. You’ve got data entry, keeping tabs on things, and generating reports eating up your precious time. Automation, however, eliminates the need for constant human intervention. Giving you more time to focus on exciting decision-making and conquering those core business tasks!
Mistakes are an unavoidable part of manual asset management. These blunders, ranging from data entry mishaps and oversight, can lead to some hefty consequences.
According to research from Smartsheet, employees estimate that a quarter of their weekly work hours go into the black hole of data entry tasks. To make matters even more interesting, 66% of those surveyed pointed out that eliminating human errors is the ultimate challenge that automation can conquer. Automation tirelessly and flawlessly records, tracks, and reports on assets, lowering the odds of unexpected downtime or compliance headaches.
As reported by Camunda, a significant 67% of companies use business process automation solutions that improve end-to-end visibility across different systems.
Automation equips you with the remarkable ability to witness your assets in action in real-time. This insight helps you to identify assets that may be underutilized or surplus. Armed with this information, you can strategically optimize asset allocation and trim unnecessary expenses.
Automating asset management into onboarding processes can also be valuable for new employees. Imagine a seamless onboarding process where new starters have all the equipment they need waiting for them on their very first day. Automation ensures that laptops, phones, access cards, and any other essential tools are readily available, assigned, and in optimal working condition.
This not only boosts productivity from day one, but also sends a clear message to new employees that their needs are a top priority. It sets a positive tone for their entire onboarding experience, enhancing satisfaction and engagement from the get-go. Moreover, it frees up valuable time for HR and IT teams, allowing them to focus on more strategic aspects of onboarding and employee integration.
According to Deloitte, smart automation has been proven to cut business process costs by anywhere from 25% to 40% on average. By reducing the need for manual work and getting rid of errors, organizations can save big on labour costs and avoid financial losses caused by asset mishandling. Plus, automation helps fine-tune how assets are used, which can lead to spending less on buying new assets and maintaining the ones you already have.
Compliance and Reporting
In a recent study by Ropes & Gray, it was found that 57% of top-level executives consider “risk and compliance” to be one of the top two risk areas they feel the least prepared to handle. Interestingly, despite this concern, 62% of organizations have faced critical risk events in the past three years.
Automation ensures that everyone in the company can easily access security and compliance information and materials whenever they need them, making sure everyone is on the same page. It also plays a crucial role in compliance, ensuring assets consistently follow the rules and regulations. This significantly reduces the risk of audits and fines. Moreover, it simplifies the creation of accurate reports, which massively helps with decision-making, audits, and future planning.
As organizations experience growth, their inventory of assets naturally expands. The manual management of assets, however, becomes increasingly overwhelming and inefficient as this inventory grows. Thankfully, automation comes to the rescue and effortlessly scales up to accommodate this growth.
This scalability ensures that your asset management processes remain consistent and effective, even as your business expands. Consequently, your teams can avoid additional stressors associated with adapting to larger inventories, all thanks to the flexibility that automation brings to the table. In essence, automation ensures that your asset management remains efficient and robust, supporting your organization’s growth seamlessly.
Saving Millions of Dollars Using The Bot Platform for Asset Management
Discover how a technology giant with 70,000 employees harnessed The Bot Platform to save millions, optimize assets, whilst saving 100s of hours of time…
🚀 A Digital Transformation: An American multinational technology conglomerate with a colossal workforce of over 70,000 employees yearned for a more efficient way to audit their unused hardware and software assets.
🤖 Enter The Bot Platform: They utilized the Bot Platform to automatically reach out to employees with underused assets, gently nudging them into action. Wherever possible, unnecessary assets were promptly reclaimed or powered down.
💰 Astounding Savings: In the first half of 2023, the bot saved an astounding $2.3 million and gracefully handled over 3.8K support tickets.
⏳ Time-Saving Wonder: This bot also conserves 100 hours of time for every 3,000 people contacted, giving employees more time for meaningful work.
💌 Engagement Extraordinaire: And the best part? With an impressive 66% response rate, it’s clear that employees embraced this digital ally.
Effective asset management is crucial for success, and automation is the game-changer; enabling organizations to simplify asset management, minimize mistakes, save money, and stay compliant with regulations. It also offers real-time insights and the flexibility to grow wisely.
By embracing automation in asset management, businesses can pave the way for sustained success in our ever-changing world.
Would you like to explore using The Bot Platform to support Asset Management at your company? Then get in touch today to see if you qualify for a free trial!