The business-to-business (B2B) model is the type where one business trades with another business, such as a wholesaler or retailer. Usually, this pattern is characterized by a massive flow of assets, stocks and finances. The huge amount of transactions that take place in the B2B marketplace could be very complicated to manage. Without proper asset tracking and management, inventory could go to waste and, in turn, lead to financial losses.
As a result, managers and marketers need to have an appropriate management system for their business. While it can work manually, it has several drawbacks that could affect the business. However, get the right tools could dramatically improve the way marketers manage business assets.
How to track and manage assets
For B2B, asset management for marketers primarily focuses on inventory and other investments used in business transactions. On the other hand, asset tracking helps to understand how those assets are deployed or used in production.
For example, suppose the business purchases a computer; in this case, asset management would focus on the purchase amount, repairs and other operational costs. Tracking would focus on how often you repair or buy new computers â asset tracking helps reduce waste in the business.
When these two characteristics are combined in the business, the chances of success are high. Here are some tips to help you manage and track assets.
- Create an asset catalog
In a B2B business, the most important way to ensure successful asset management is to create a list of all assets. The directory should indicate the type of asset, the amount and where it is stored. Having a catalog would then serve as a reference for all other management procedures. You risk having false data if you don’t have an up-to-date list of all your business assets.
By creating a catalog, you become aware of the active assets used in the business and become responsible for them, for example with tax payments. Plus, you would eliminate stolen, lost or impaired assets that no longer add value to the business. It would help streamline the operation while you are working with what you have, and you could track them properly.
- Determine the lifecycle of assets
Once you have purchased assets for the business, you need to determine how long they will be used before they need to be replaced. For example, if you have purchased computers, you need to know the average length of time they were used in the business. This is important because it would make the employees more responsible when managing the assets as they would be aware of the lifespan of the assets.
In addition, you would be more aware of what is to come and you could prepare in advance. If you need to make new purchases, you can redirect funds to the purchase. In this way, you could save the business by ensuring the smooth running of operations by getting all the necessary assets on time.
- Track assets frequently
It is important to make sure that you regularly and frequently monitor your assets so that you know each stage of the economic cycle in which they find themselves. Tracking can help improve mobility and efficiency in your business operations. This is important in cases of payment of taxes, permits and insurance. When you keep track of business assets, you can remove depreciated ones so you don’t have to pay taxes for them.
Also, since large orders from other companies characterize B2B, you can therefore determine whether you are meeting customer demands. By tracking assets, you will know what is available for sale and when the new inventory will arrive. That way, you could ask customers to place orders based on when the assets would be available for delivery.
- Use digital asset management tools
If you decide to manually track and manage business assets, you may be delaying many tasks that need to be completed because it will slow you down. In addition, there is a high risk of having mistakes in your work, which in the end could be costly.
To reduce these inconveniences, you can use digital management and monitoring tools. The digital system would automate the management process, such as generating sales reports, tracking asset depreciation, and performing market and cost analyzes. The automated process would save you a lot of time and allow you to minimize errors. You would also be aware of each stage the assets are in.
- Hire a responsible team to manage assets
The size of the business may not allow you to handle everything. Therefore, you may need to delegate some tasks to a team. You could hire a trusted team that would manage and track the assets of the business. This team must be responsible and well trained in management to ensure the smooth running of the business.
By having a team, you could divide management tasks among them. Each one could work on a minor task, so that they could pay more attention to it and achieve good results. As a result, your B2B business activity would become more manageable and more tasks would be completed, which would mean more business.
Another great way to track and manage business assets is to segment your customers. If you deal with many clients, you can customize each client according to their needs. Then you can start by storing the products according to these categories. Product shipping should also be segment driven.
For example, one of the ways to segment your customers would be based on their regions. So, when storing the products, all the products that are to be sent to customers in region A would be stored and shipped together. The same is true for region B. This would speed up the delivery process and save the company high operational costs by reducing inconveniences such as poor delivery.
Tracking and managing assets is important in the B2B model, just like in any other business. Therefore, even the smallest details need to be corrected. Remember that the way you manage the assets of the business will determine the success of the business. This would help reduce asset and financial losses and ensure that your relationship with customers is always positive.
The tips discussed above can still be helpful for the business. If you follow them, along with other useful resources, you may be able to manage and track company assets well.