Asset Management For Schools And How To Run It In 2022

By Victoria Berman
May 17, 2022

We’re not simply talking about stocks and shares when we say that every organization has critical assets that need to be monitored, maintained, and appropriately managed. In fact, schools have hundreds of items, both virtual and physical, that must be maintained in some way, from desks and chairs to books and laptops.

Most schools will record some sort of inventory, but doing so on paper or an excel spreadsheet takes time and is dull. Isn’t it possible that that time could be better spent on something else? What if there’s a fire and you lose all of your inventory?

For that reason, implementing software for asset management for schools helps you keep track of everything your school owns and is responsible for. Nonetheless, let’s go on and find out what exactly is asset management for schools, and why employing asset management software for schools is essential in 2022.

Soft And Hard Assets

Asset management entails keeping track of two sorts of assets for schools: hard and soft. Any tangible thing held or maintained by the school, such as keys, laptops, books, and the school minibus, is referred to as a hard asset.

On the other hand, important documentation or procedures must be managed and maintained as soft assets. Documents like inspection reports, fire procedures, and financial records may be included. Most businesses focus on managing their hard assets, but they frequently overlook their soft assets. However, if these aren’t backed up or maintained regularly, your institution could find itself in serious difficulties, with serious consequences.

What Is Asset Management Software Capable Of?

You could manually monitor and manage all soft and hard assets, but this is a time-consuming operation that frequently results in erroneous and incomplete asset lists. Asset management software allows you to keep track of every key item, including where it is, how much it costs, and when it needs to be updated or replaced. Your program will notify you when specific tasks, such as asbestos inspections or risk assessments, are required.

If you fail to complete these vital responsibilities, the school may be subject to significant fines. It’s also crucial to understand the lifecycle of any item you own. When will those new iPads need to be replaced? How long has this Windows been used? Knowing the answers to these questions is critical, or else, your technology may fail you unexpectedly.

Furthermore, teachers will be unable to accomplish their tasks adequately due to a lack of resources, and old assets will not be replaced immediately if the school does not set aside sufficient funds. Asset management may assist you in both planning for the future and documenting the past and present.

It’s pretty common for teachers or even students to borrow school property, such as books or iPads, but keeping track of who has what and when can be challenging. If you don’t keep track of who’s borrowing what, you’re likely to lose track of a lot of the assets you’ve loaned out—a costly mistake. All of this is made simple with asset management software; you can even document when you expect the item to be returned and track down anyone who has missed their due date.

Top Reasons To Utilize It

Nobody wants to believe the worst will happen to them, yet it does happen. Even if you take the necessary precautions, fire and theft can occur at any time, and often when you least expect it. Here’s why you need proper asset management software in your practice.

Accidents Or Unpleasant Events

Any school that has experienced a break-in or a fire knows that the amount of time it takes to return to normal is mainly determined by the duration of the insurance claim procedure. In other words, if you don’t have a detailed list of all the things you’ve lost and how much they’re worth, your insurance claim will take a long time to process.

Enumerating Items

With so many assets, keeping track of how much of each item you have and where it is located might be challenging. Unfortunately, this can lead to the purchase of duplicate things, and we all know that schools don’t have a lot of cash on hand. Asset management software can help you avoid this by allowing you to see exactly what you have right away. You can even use the software to move objects that aren’t being used in one place but could be helpful elsewhere.

After all, why would you want to pour additional money into programs that aren’t working? Asset management software can also help you in determining the worth of your software investment, allowing you to make more educated decisions instead of second-guessing.

The bottom line

No matter what your school district may currently be doing to track and control assets, it won’t hurt to review your current system with an eye toward future needs. After all, education technology is on the rise, so you will want to be sure that you’re accounting for this uptick in services when making future decisions about your asset management software.

Featured image: Inside Creative House, iStock.