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Three Business Benefits of Asset Cost Transparency

Posted by Henry Cheang | November 26, 2014 7:00 AM

Enterprise Digital Footprint (Enterprise Asset Management 2.0) and asset cost transparency

Not too long ago, we unveiled Enterprise Employee Footprint (Enterprise Asset Management 2.0) (EAM 2.0). This was a ground-breaking new framework for managing not just IT and telecom assets, but for all technology assets in a company! Of course, frameworks are theoretical. How do we go about making good use of it in the real world?

The answer is simple, really. Because we’ve put everything into a single virtual data warehouse, we can then start making all assets and costs as transparent as possible. We push for asset cost transparency, wherever and whenever possible. This, of course, raises a question.

What is asset cost transparency?

Telecom Cost ControlThere are three basic tenets. These are:

1.      Have actual, concrete rules that everyone knows.

First, there have to be rules about keeping IT and telecom asset usage transparent within a company, and everyone needs to know them. This sounds simple enough, but it’s simply startling the number of firms who don’t realize this.  Each employee should be given an understanding of the company’s IT costs, IT policies, and the benefits of keeping the IT inventory tidy. They should also be informed that with just a little bit of effort on their part, the total accuracy of asset management improves greatly.

Without this common knowledge in place, you’re left with the basic problem of having too few IT staff to manage too many IT assets. By contrast, having everyone know about the value of making assets and their cost transparent means that you now have an army of staff who are primed to strengthen the IT department’s efforts.

2.      Have everyone track everything assigned to them.

Once you’ve educated your staff, the next step is to actually track all the assets with everyone’s help. Each employee should be both required and enabled to help track and optimize costs and usage. After all, without concrete action being taken, nothing changes!

3.      Reward good behavior!

Finally, the third step is to reward good behavior. Even with good staff in place, a general rule of human nature is that people won’t do things without incentive. And so, for transparency to be maintained, employee efforts have to be consistently rewarded. Without rewards, there won’t be progress or follow-through! **You don’t have to do this manually either! Smart tools can help!

What are the benefits?

1.      More employee engagement

Here’s something that many of us forget. If an employee is working for you, the odds are good that s/he’s there in good faith. You see, most of your employees do want to help the company. Letting them know just how much they’re spending (and wasting) will be a massive boost to your attempts at cutting extra costs. All this adds an extra layer of direct stakes for employees. It increases company cohesion. And that can only be a good thing.

2.      Faster reaction times

I’d like to call your attention to oxygen for a moment. We all need it, but when we aren’t reminded about air, we forget just how important it is. But we feel it the second we’re deprived of that sweet oxygen.

Now, to bring it back to asset management, there’s also a simple truth that we tend to forget: The sooner you know there’s a problem, the sooner you can fix things. Problems with managing IT assets and costs can quickly spiral out of control; all the more so if we’re not aware of problems. By hewing to transparency as a principle, we can keep small problems from becoming crises.

3.      A powerful company culture

Because this won’t work without executive buy-in, once you’ve achieved it, you will have created a powerful company culture that thrives on in-house transparency. Not only will your task of managing IT assets and expenses become much simpler, other efficiencies will emerge. Basically, what begins in IT will make the whole company more efficient.

Asset cost transparency is more than an action – it’s a vision of industry as it needs to be

I hope I’ve made clear the power of making assets and costs transparent. Industries must be able see and track their ever greater volumes of complex assets. That said, aiming for high levels of transparency is only the first part of a vision on how to adapt to the future! There’s more!

To find out where business is headed, and how to deal with the changes that are fast approaching, I invite you all to attend Cimpl’s Vision Webinar. It’s hosted by Cimpl's President Christopher Thierry – the man who has created a new vision of how to adapt businesses for the coming decade. If you thought that asset cost transparency is an ingenious way to improve your company’s fortunes, then you will want to learn about the other ground-breaking visions for profiting from trends on the horizon! Telecom expense management is worth considering in your journey towards cost transparency.

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Topics: Company Culture, Cost Transparency, Enterprise Asset Management 2.0, Enterprise Digital Footprint (EDF), Tips and Tricks, Benefits and Advantages

Written by Henry Cheang

Henry is a dedicated technical writer, focused on conducting market research, contributing to product design, and writing clear and concise documentation for the company. He is an enthusiastic team member and is passionate about science and technology, who plays a key role in Cimpl’s product messaging. His dedication to writing is reflected in his experience in authoring academic papers, documentation, user guides, and in contributing to Cimpl’s marketing efforts.

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