When ‘cloud’ was not a thing, spreadsheets and on-premises accounting software were the tools for task management in businesses. So, due to the absence of advanced technology, these tools were not capable like today’s ultimate asset management software. Therefore, the lack of automation required professionals to manually perform various tasks such as error handling and updating information, etc.
Now, this era has revolutionized the world so much that nothing is impossible. So, asset management software today saves us from a lot of manual hassles. Plus, comparatively, it has proved to be an overall cost-effective solution for asset management for businesses.
This article is all about what is asset management software? And what are its necessary attributes? Let’s jump into the details one by one.
What is Asset Management?
Asset Management refers to a systematic and strategic approach to establish, operate, maintain, upgrade and dispose of assets. To sustain the cost-effectiveness, this phenomenon is carried out keeping into consideration all the costs, risks, and performance traits.
Asset Management Software is a centralized application that allows organizations to record and track assets. The software performs these operations throughout the asset life cycle, from procurement to their disposal, in real-time.
The asset management software is an advantageous product of technology that is growing smarter and better. However, there are many common features of the software but there are a few features that make the advanced software exceptional.
Thus, the purpose of the software is to decrease man effort and perform automated management of assets with the help of modern technologies.
Following are the necessary qualities of good asset management software.
1. Centralized Management
The advanced asset management software is cloud-based. Thus, a vital feature of the software is cloud hosting. The trait of centralization allows the information to be available for every end-user of the system.
Also, you can access the centralized software from any device, any place, any time. This means that, no matter:
- Which part of the globe you are accessing the software from.
- Which browser you’re using.
- Which device you are logged in from to manage the assets digitally.
- What time you are accessing the information.
You can ALWAYS access the software. Moreover, a centralized solution provides up-to-date information in real-time. Also, it eliminates the need for manually updating bulk fields. Hence, it saves a lot of human power and time.
As the name suggests, preventive maintenance incorporates all the operations that help organizations in preventing assets from serious damages/loss. To accomplish this target, the software is efficiently designed to perform operational checks and services. These operations are automated and help the organizations to track and identify assets for repairing, replacing, or disposing of.
Whereas, the assets can be of any type such as devices, equipment, and machinery. They also include infrastructure installations in industrial, commercial, governmental, and residential areas.
Preventive Maintenance fulfills the following purposes:
- Increase overall equipment life.
- Limit production damages due to equipment malfunction/failure.
- Smarter asset maintenance with the help of notifications/alerts, according to their due date and time.
- Minimize hazardous equipment breakdown.
Besides that, we face many mishaps when we forget to fix the asset on/before time. Such scenarios have ripple effects and result in dangerous financial losses as well. Therefore, taking preventive measures is one of the most ideal approaches to avoid future equipment failure.
Smarter asset management refers to the dynamic set of processes to deal with assets and equipment. Consequently, it helps the organization to enhance the assets’ life and usage before hitting their expiry date and time.
For example, the assets that do not get proper heed on daily basis get breakdown unnoticeably. This is one such case where smarter management is required for automatic alerts. Hence; notification alerts, especially based on the dynamic route of processes, are an example of a smarter feature.
The ultimate software for asset management helps organizations to utilize the maximum potential of the assets.
Managing a couple of assets is acceptable and relatively simpler. But what if assets are huge in number? In this case, their tracking and maintenance are not easy. Whereas, even if the assets are a few in quantity, it is possible that a human mind may forget to manage them on time. Therefore, in both cases, chances of damage occurrence are there.
So, it is always necessary to have an automated software solution to track and manage assets regularly in order to maximize their usage and potential.
The series of stages of an asset management life cycle are:
Planning -> Acquisition -> Operation and Maintenance -> Disposal
The purpose of asset lifecycle management is to identify the revenue-generating assets and optimize the profits throughout the lifecycle. In a nutshell, the software helps companies to optimize the asset performance throughout its useful life.
- Organizations can analyze the needs in a better way.
- Optimized usage of assets.
- The software helps in making smarter plans and decisions regarding purchase orders.
- Assets have longer lives when they are repaired on time.
- Consequently, the services associated with assets are improved.
- Comprehensive insights into the entire assets management provide total assets cost and their consumption details.
- Hence, cost-effective purchase of assets.
The goal of asset management software is to provide real-time data about your assets that where they are located and what their estimated lifespan is, etc. It also tells which person is using the asset and how a particular asset is contributing to the final revenue. Moreover, with these comprehensive insights, you can extract much valuable information such as employee’s performance, assets’ performance, and profitability, etc.
Thus, the need for comprehensive asset management software is significant for every business. Organizations can achieve valuable benefits once their assets are managed properly.
There are many tools available online that you can use to manage your company’s assets effectively and efficiently. So, perform detailed research for selecting the right software according to your business needs and sizes. But isn’t that an additional stress? No worries.
This article not only educates about asset management but also suggests an all-in-one software for this. So, SMACC is the ultimate solution in this regard. You don’t have to analyze your business size as it’s suitable for businesses of any size. It possesses all the above mentioned traits of good asset management software. You can explore it more on their website. Hope you found this article valuable. Stay tuned for more useful content.