How COVID-19 Is Effecting Asset Management

COVID-19 changed daily property, asset and surplus operations nearly overnight. Across state and local government, universities, K-12, defense and government contracting, asset managers and their teams have responded and adapted how they work.

Sharing information and learning from one another is now more important than ever. To facilitate, AssetWorks conducted a brief poll to get a quick pulse on the asset. surplus and property management world as it’s being affected by COVID-19.

With much unknown, this poll provides professionals in the industry with data on which to compare and learn from.

Check out our infographic below for all the highlights, or scroll below for a breakdown of our key findings.

Infographic: COVID-19 Asset Industry Effects Poll Results

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Key Findings:
  • 48% of of Property Departments of Property Departments have a mix of remote and on-site staff. 42% are now all remote, 9% are currently working in-person and 2.5% are not working.
  • 66% of of operations have slowed down. 30% of Property Department operations are about the same and 4% report operations sped up.
  • 37% of of inventory management policies or procedures have stayed the same. 33% of asset managers say its too soon to tell whether policies will change and 30% report policies have changed. 
Major Challenges:

Asset Managers report experiencing the following challenges as a result of COVID-19:

  • Remote collaboration (75%)
  • Tracking work-from-home equipment (68%)
  • Limiting or eliminating on-site inventories (50%)
  • Supply chaing disruptions (29%)
Quotes from the Field:
  • On next steps: “We plan a physical inventory for July and August. We hope we can do that while maintaining a proper social distance.”
  • On work-from-home challenges: “Employees have never had to work from home and we are developing procedures as we go.”
  • On work loads: “I am not able to perform physical inventories, touch tools or label tools by working remotely. This has added to the workload for my coworker who is working on-site.”
  • On adapting: “We set things outside for the customer to pick up or load with the forklift and the customer ties it down.”
  • A message to fellow asset managers: “Stay well and I hope we all get back to normal soon.”

Thank you to all the asset managers who took our poll! We appreciate you sharing your experiences. We also hope this can help you and your teams benchmark your organization’s response.

Would you like to participate in our next poll? Please join our email list for more!

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