Asset management is an essential element of corporate responsibility that goes far beyond the simple management of fixed assets.
In today's business world, where regulatory requirements as well as environmental and social responsibilities are becoming increasingly important, effective asset management is proving to be a key component of corporate social responsibility (CSR).
In this blog post, we look at how targeted asset management can help organisations not only comply with CSR legislation, but also deliver significant business benefits.
We will explore how strategic management of fixed assets, such as furniture, IT equipment or machinery, can help achieve CSR goals while increasing sustainability within the organisation.
Asset management in the company: A new path to corporate social responsibility
Corporate Social Responsibility (CSR) is an essential part of the modern business world. It goes far beyond mere compliance. Businesses must not only be commercially successful, but also socially responsible and sustainable. Corporate responsibility involves integrating social and environmental concerns into business operations. Effective asset management plays a central role in this by helping to optimise resources and manage fixed assets.
Whether a small start-up or a global corporation, every company has a variety of assets that need to be managed through effective asset management.
By definition, asset management is the systematic and coordinated activity of optimising the management of physical and intangible assets throughout their lifecycle. From IT equipment and machinery to furniture and tools, careful management of physical assets is essential to maximise their performance and lifespan.
As well as delivering business benefits, asset management also makes a significant contribution to corporate social responsibility (CSR).
What does corporate social responsibility mean for companies?
CSR is a term that encompasses not only compliance with environmental standards and social guidelines, but also a commitment to ethical business practices.
Companies that take CSR seriously integrate social, environmental and economic considerations into their strategies and operations in order to have a positive impact on society. Within this framework, there are a number of guidelines for companies to follow.
CSR guidelines for companies
For example, the EU Non-Financial Reporting Directive requires large companies to report transparently on their CSR activities in the areas of environmental protection, social responsibility and anti-corruption.
A CSR report, also known as a sustainability report, is one such report required of large listed companies with more than 500 employees. This directive aims to increase the transparency of large companies and enable stakeholders to assess the sustainability of business practices.
In addition, the United Nations Guiding Principles on Business and Human Rights set important standards for companies. By complying with these CSR guidelines, companies can not only meet regulatory requirements, but also enhance their public image and gain the trust of customers and investors.
How does an asset manager help with compliance?
By using an digital Asset Manager, companies can keep an eye on the entire lifecycle of their assets.
This provides a detailed overview of the condition and value of each asset, avoiding unnecessary new purchases. Reducing these purchases, directly contributes to minimising material consumption and waste, which is an essential aspect of a company's environmental responsibility for CSR.
Better investment decisions and less waste of resources
Asset Management Software also support strategic investment decisions. With accurate data on performance history and maintenance requirements, companies can invest more strategically, choosing products that are more durable and easier to repair. Such decisions not only promote economic efficiency, but also environmental sustainability in the context of CSR by minimising the waste of resources.
Advantages of asset management software for the CSR strategy
The implementation of asset management software offers many benefits that directly contribute to corporate social responsibility (CSR). By efficiently managing fixed assets, this technology not only promotes operational efficiency, but also supports sustainable business practices in a variety of ways.
In addition, the software supports corporate citizenship by helping companies to engage in social and charitable activities, for example through donations or the transfer of equipment, furniture or other items.
Improving transparency and accountability
Asset management software enables organisations to improve transparency with stakeholders and regulators through accurate tracking data. This data facilitates CSR reporting and increases the accuracy of information on the use and management of resources. This enables an organisation to demonstrate its commitments to the public and regulators in a transparent and understandable way.
Promoting safety at work
The software helps manage the maintenance history and condition of machinery and equipment, ensuring operational safety. This significantly reduces the risk of workplace accidents and protects employees, which is a key aspect of corporate social responsibility.
Supporting compliance with environmental laws and regulations
Asset management software is an important tool for monitoring and ensuring compliance with environmental standards. It documents the use of assets and helps to identify and deal with assets that are harmful to the environment.
Optimise the use of resources
By improving the management and utilisation of assets, the software helps to reduce waste and unnecessary new purchases. By managing resources in a targeted way, companies can increase their efficiency while protecting the environment.
Encouraging sustainability
The software helps extend the lifecycle of assets and promotes sustainable usage patterns. This significantly reduces environmental impact and supports compliance with ESG guidelines (Environmental, Social, Governance).
Compliance with CSR guidelines
Accurate recording and ongoing management of assets enables companies to easily track their CSR objectives and meet legal and regulatory requirements. This not only ensures compliance, but also builds stakeholder trust.
Financial and reputational benefits
Optimising the use of resources can significantly reduce costs and improve financial performance. In addition, actively promoting CSR can enhance a company's reputation and increase the confidence of customers, investors and employees.
With such a wide range of features and benefits, asset management software can play a key role in helping companies meet their social and environmental responsibilities while achieving their business goals. It provides a comprehensive solution that not only increases operational efficiency, but also contributes to the achievement of sustainable corporate governance.
Practical approaches to CSR communication in companies
Transparent communication of CSR goals and achievements is an essential part of a successful CSR strategy. Companies can demonstrate their CSR commitment and progress through regular reports and data from their asset managers.
Involving stakeholders in CSR activities is also crucial. Through dialogue and collaboration, this practice builds stakeholder trust and support for the company. Such an inclusive approach fosters greater engagement and understanding of CSR efforts.
Transparent documentation of asset use and management is also essential to underline the seriousness and credibility of CSR efforts. This open communication strategy helps to promote a positive image and build long-term relationships with all stakeholders.
seventhings: Your solution for sustainable asset management
seventhings is specifically designed to meet the needs of today's businesses and help them achieve their Corporate Social Responsibility (CSR) goals. By integrating sustainability and compliance into asset management, seventhings enables efficient management of furniture, IT equipment, machinery, tools and more.
360° asset platform
seventhings provides a 360° view of all assets in a company. With our sustainable asset manager, companies can seamlessly inventory and manage their assets and closely monitor the condition and lifecycle of each item. You always know what items are available, where they are, who is using them and what condition they are in.
Mobile asset management with the seventhings app
Asset management has never been easier, thanks to our mobile app for Android and iOS. With just a few clicks, you can record and manage items directly from the camera on your smartphone or tablet.
The intuitive dashboard and customised reports provide quick insight into asset accounting changes, enabling timely adjustments to asset management processes.
With simple maintenance scheduling and our PDF feature, maintenance reports, logs and other documents can be easily created and stored directly on the asset. As part of CSR, Asset Manager helps to improve health and safety, for example by enabling the uploading of work instructions and safety logs.
Promoting circularity and corporate social responsibility
A special feature of our Asset Manager is our Circularity Hub, which helps businesses make the transition to a circular economy. This innovative approach promotes the resource-efficient use of assets by passing on items that are no longer needed to refurbishers, employees or organisations to give them a second life.
Discover how our Circularity Hub can optimise your asset management practices and help you implement CSR and take the step towards 'circular' inventory management. Find out exactly what this means in our blog post: Circular asset tracking - the future of asset management.
A look into the future: asset management and CSR
Integrating asset management into corporate social responsibility strategies is critical to sustainable business. State-of-the-art asset management software enables companies to manage their resources efficiently and meet their CSR obligations. Our asset managers provide a detailed view of the entire lifecycle of the asset, which not only helps to optimise the use of resources, but also ensures that environmental standards and corporate social responsibility are embedded in the core business.
At a time when profitability and sustainability must go hand in hand, seventhings is helping companies from all sectors to achieve their CSR goals. The Circularity Hub facilitates the transition to a circular economy by enabling assets to be resold or donated at the end of their lifecycle. This not only encourages the reuse of resources, but also helps to reduce waste and conserve natural resources.
Our asset management solution ensures that organisations can comply with required Corporate Social Responsibility (CSR) policies by promoting transparency in management and sustainable practices. This not only protects the environment, but also enhances corporate image and builds stakeholder trust.
