Asset Management for Schools and How to Manage It in 2022

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

Most schools keep some sort of inventory, but doing it on paper or an Excel spreadsheet is time-consuming and tedious. Isn’t it possible that this time is better used for something else? What if there’s a fire and you lose all your inventory?

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

Soft and hard assets

Asset management involves tracking two types of assets for schools: tangible and intangible. Any tangible item owned or maintained by the school, such as keys, laptops, books and the school minibus, is considered durable property.

On the other hand, important documentation or procedures should be managed and maintained as intangible assets. Documents such as inspection reports, fire procedures and financial records may be included. Most companies focus on managing their tangible assets, but they often neglect their intangible assets. However, if they are not backed up or maintained regularly, your institution could be in serious trouble, with serious consequences.

What is asset management software capable of?

You can manually monitor and manage all software and hardware assets, but this is time-consuming and often results in erroneous and incomplete asset lists. Asset management software lets you 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 fulfill these vital responsibilities, the school can be subject to significant fines. It is also crucial to understand the life cycle of any item you own. When will these new iPads need to be replaced? How long has this Windows been used? Knowing the answers to these questions is essential, otherwise your technology could unexpectedly fail you.

Additionally, teachers will not be able to perform their duties 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 can help you both plan for the future and document the past and present.

It’s quite 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 tricky. If you don’t know who’s borrowing what, you risk losing track of a lot of the assets you’ve lent, a costly mistake. All of this is simplified with asset management software; you can even document the date you expect the item to be returned and track down anyone who missed their due date.

Main reasons to use it

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

Accidents or unpleasant events

Any school that has experienced a burglary or fire knows that the time it takes to return to normal is primarily determined by the length of the insurance claim process. In other words, if you don’t have an itemized list of all the things you’ve lost and their value, your insurance claim will take a long time to process.

List items

With so many assets, keeping track of how much of each item you own and where it is can be difficult. Unfortunately, this can lead to buying duplicate stuff, and we all know schools don’t have a lot of cash on hand. Asset management software can help you avoid this by letting you see exactly what you have right away. You can even use the software to move items that aren’t used in one place but might be useful elsewhere.

After all, why would you want to pour extra money into programs that don’t work? Asset management software can also help you determine the value of your software investment, allowing you to make more informed decisions instead of guesswork.

The bottom line

No matter what your school district is currently doing to track and control assets, it won’t hurt to review your current system with future needs in mind. After all, education technology is on the rise, so you’ll want to make sure you take this increase in services into account when making future decisions about your asset management software.

Featured image: Inside Creative House, iStock.

Norma A. Roth