It’s all too easy to get stuck in a rut and to continue with the same processes year after year, even if they’re not efficient. Many schools and academies have no asset management software in place and so encounter the same problems every year: they fail to make necessary financial cutbacks, lose valuable assets and receive fines for missing risk assessment deadlines.
An asset management system could rectify all these problems and more. Don’t believe such a system could benefit your school or academy? Here are five signs your institute needs asset management software.
1) You have no accurate record of the quantity or location of your school’s assets
If your only way of tracking your school or academy’s assets is a messy online spreadsheet or a physical written document, the chances are your records are going to be inaccurate. How do you know when the document was last updated and who by? You may have a list of assets and their quantity, but do you know where they are located?
Being able to see which assets are where is incredibly important. If you run an academy trust and plan to move assets from one school to another, you don’t want to suddenly discover you don’t have the equipment you need, or you can’t locate where it’s being stored. It’s an extremely inefficient way of working.
Most importantly, what would happen if you had a fire, theft, flood or other unexpected disaster? You cannot make an accurate, legal claim on your insurance if you do not have a clear knowledge of what assets have been stolen or damaged. This could leave the school seriously out of pocket.
An accurate, up to date inventory should also tell you how old each asset is, so you know when it should be updated. This will ensure the school’s IT team isn’t suddenly hit with loads of technical faults because so many outdated computers have broken down at once.
2) Assets keep going missing
It’s only natural that both students and teachers alike will want to borrow assets like laptops, tablets and text books, to help them complete certain tasks at home. While it is perfectly acceptable to loan this equipment out, if there’s no monitoring system in place, you’ll probably find that some assets will start to go missing.
Asset management software will allow you to make a record of who has borrowed what and when it is due to be returned. This makes it far harder for the school to lose valuable assets, as you can be alerted when an item is overdue, so you know to chase it up and ensure the school gets it back.
3) Audits and risk assessments are forgotten about
Every year there are several checks, assessments and audits that must take place, such as asbestos tests, fire risk assessments, gas boiler check-ups and more. Putting the due date in a diary and forgetting about it for a whole year is all too easy. You need to be prepared for these audits, as a failure to comply can resort in serious fines and, in extreme cases, imprisonment.
Asset management software can issue alerts to remind you of these checks, allowing you to prepare. It’s a valuable service that could save the school a lot of money.
4) Your school needs to make serious cutbacks
Financially, all businesses and government resources are under pressure right now, and that situation is unlikely to change anytime soon. Fortunately, there are lots of ways asset management software can boost your school’s budget.
First and foremost, proper inventory management means the school will no longer pay for assets it doesn’t need, existing or new. You can end payments for licences to software which is now redundant and see which assets you have spare, preventing you from accidentally buying new resources the school does not need. If you’re an academy trust/group, an asset management system makes it simple to share assets between academies, so your trust is even more cost-effective.
You’ll also have more accurate procurement forecasts, which will afford your school better buying power. Having an up-to-date inventory is vital if you want to reduce your school’s insurance premiums too. Parago managed to save Birchfield Community Academy in Warrington £6,000 per annum by providing it with an accurate overview of what assets the school actually owned.
5) You spend too much time conducting annual audits
Annual audits are a time-consuming process – one of the many admin tasks that could easily be optimised with the help of asset management software. By implementing such a system, annual audits will become a thing of the past, freeing up your staffs’ time to complete more pressing tasks.
If any of the above statements seem familiar to you, it’s time to get in touch with Parago to learn more about our asset management system. In the meantime, why not read one of our case studies or testimonials to see how we’ve positively impacted schools and academies around the world?
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