Saving Money with Efficient Device Inventory Management

With our world of limited resources, it’s important to save what you can and be willing to reduce, reuse, and recycle where you can, both at the office and at home. However, when it comes to corporations and the heightened risk for overproduction and waste, it’s important to have effective inventory management to save the company money and help the environment as a bonus. Here are some benefits of adding enhanced device inventory management to your IT support system and how it can save you money:

Benefits of Device Inventory Management Practices

• Ultimately, implementing proper and efficient device inventory management will help your company do its part to reduce e-waste and manage resources. It helps with situations in which excess inventory may be found and overstocking issues can be remedied, which saves money on products the company doesn’t need.
• By evaluating the technical needs and specifications every employee in every department requires to do their job efficiently, proper inventory management can lead to underutilized tech being reassigned to departments that could better utilize them based on their own needs. 
• When an employee is experiencing delays due to their current terminal needing to be worked on, a well-updated inventory management system can find another unused terminal in the stock that can be brought out for temporary use. This can ideally make it so that no work disruptions will have to be endured due to waiting for the IT ticket to be fulfilled.
• Through the device inventory management system, it can be easier than ever to discover when a certain system or series of systems needs to be updated or have its hardware upgraded. Depending on how the system works and if it can be done remotely, updates can be automated even when the system is decommissioned for active use.
• With efficient device inventory management systems, a company can go into the data analytics of the program and see what equipment can be retired to make way for more modern equipment, when necessary.
• By ensuring that all equipment works per cyber security compliance services by allowing for regular security updates and patches, the company will be doing its part in making sure all equipment and devices are accounted for and up to date, allowing for security protocols to flow more smoothly through the system.

Risk Mitigation and Boosting ROI

When it comes to risk mitigation and enhancing profit margins, as well as ensuring that a company can hold its own and manage itself inside and out, it’s important to have a device inventory management system that allows for transparency and streamlined ease of access. 

Here are some more ways to boost your ROI (return on investment) percentage through enhanced device inventory management systems:

1. Centralizing your company’s data management makes it much easier and streamlined to allow for remote IT work, reducing the need for on-site intervention and visits that could eventually add to the company’s overall expenditure.
2. By tracking underutilized devices through observed data analytics, critical decisions about recalling certain devices can be made to offload unnecessary tech and further maximize ROI percentage.
3. Implementing lifelong management strategies for work devices by tracking the entire lifecycle of active commissioned devices can help to optimize conditions for the heightened life expectancy of devices and reduce total cost of ownership (TCO.) This can help the bottom line by allowing for longer periods of time to elapse between buying new tech and retiring or permanently decommissioning old tech.
4. Through increased security features and enhancements regarding more sensitive information, devices can be remotely wiped in case of theft or loss through other means. This ensures compliance with industry privacy standards and helps to minimize potential financial risks associated with the potential for data breaches and ransomware attacks.
5. Through regular updating and software patches, device longevity is more likely to be achieved with everything working correctly and smoothly as it should with reduced risk to cyber threats. This helps to prevent needing to buy new systems when the old systems work just as well.
6. By using data analytics from device inventory management, more informed decisions can be made for optimizing workflow and identifying crucial opportunities for cutting costs and improving overall productivity.

Using Device Inventory Management to Boost ROI

Through leveraging the vast capabilities of device management technologies thoroughly and effectively, companies can discover notable improvements in overall efficiency and efficacy, mitigation of risk, and user productivity on the side of management in addition to the employees and clients.

Some important things to consider when looking to enhance device inventory management systems as a method to boost ROI:

1. Device management strategies must be able to accommodate growth through organizational means and should be scalable as the company grows.
2. Don’t make the system too difficult for laymen employees to find it difficult to navigate. The device inventory system must be streamlined, user-friendly and be able to have a foolproof ease of access that extends to even the most technology-blind employee.
3. By identifying the cost-benefit analysis before investing in your company’s device management systems, you will be able to more accurately choose the program or service that works best for your organization.
4. Regular performance evaluation will have to be done to ensure that the system is working as it should be, with maximized output and well-updated devices in departments where they will work best in and with little to no decommissioned or otherwise underutilized devices or systems.

In summary, when it comes to using device management systems to boost and maximize your ROI, it’s important to make sure that the system works for what you and your company need in terms of scale and price point, and that it is effective for what your employees and IT team need on their end. If the system doesn’t work on the front end or back end, it won’t work at all, so it is important to choose the right service for your company’s specific purposes. An important concept to keep in mind that it is worth it to spend more on a service that works in a failsafe way, than it is to risk losing your client’s most valuable business.