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How Asset Management Software Can Help Educators Save Time and Money

The Cost of Lost and Damaged School Assets

With technology playing an increasing role in school curriculums, and laptops and other high-tech devices becoming more prevalent in the classroom, it's getting tougher to keep tabs on and manage these assets as they move throughout a school or campus. Lost or damaged assets cost the average school system nearly a quarter of a million dollars a year, including nearly $80,000 a year in technology equipment alone, according to a recent study by the market research firm Quality Education Data (QED). Large districts lose even more, the study says -- some as much as $1.4 million in assets per year.1

The study found that educational technology assets, primarily computer and AV equipment, can be most at risk because they're highly valuable and desirable. This problem continues to mount as districts struggle to find the time, money, people and tools to keep track of assets in an efficient and accurate manner. For now, many school administrators are relegated to tracking assets with antiquated spreadsheets that merely list serial numbers. However, these documents lack necessary detail and they're often neglected because schools are short on manpower to track each asset as its status changes and update the spreadsheets accordingly. And because these systems are so accessible and easily changeable, data integrity can be lost along with the assets themselves.

When it comes to asset loss, the pain goes beyond the dollar value of the missing hardware, it also extends to the people, time and energy needed to replace the school assets. Students feel this loss as well when they are deprived of the equipment that has been lost, misplaced or sits hidden in a closet somewhere. Most of those involved in school systems would also agree that efficient asset management is imperative for effectively managing and reporting on budgets.