Every business has to track and manage a considerable number of assets beginning from its procurement until its disposal. In the past, companies had to rely on manual tools or simple spreadsheets to accomplish this task. These days, however, you can streamline the process with the help of software – specifically asset management software.

In simple terms, this software provides visibility on the location of the asset, who is responsible for using and maintaining it, and all other details related to the resource. Asset management does not distinguish between hardware and software as the platform can function for both.

What are the essential functions of asset management software?

To better understand the value this software provides for your organisation, here is a closer look at some of its standard functions:

  • Records pertinent documentation related to each asset. In managing physical assets, it is essential to keep a detailed history of relevant details such as lease terms, owner information, payment terms, expected lifecycle, and market value. Using an asset management software allows you to upload paperwork, photos, and other useful data.
  • Efficient location and tracking. Your asset management software is a database that allows you to search using keywords and criteria. If you cannot find a particular asset, you can effortlessly search using the software to determine its current location.
  • Easily prioritise a service ticket. Facility management teams likely receive dozens of requests daily. Without a system in place, it can be challenging to determine which cases need to be given priority. By integrating asset management and facility management, there is more useful information on which tickets need immediate resolution.
  • Determine the cost of ownership of each asset throughout its lifetime. Another function of asset management software is to provide a better perspective on how much it costs to acquire and maintain a particular resource. Eventually, there will come a time when you need to decide whether it costs more to keep an asset than to buy a replacement. Moreover, Asset management software can help with budgetary forecasting requirements for your company. By doing away with manual records and processes, you can simplify and automate most of the tedious tasks associated with managing physical and IT assets.

In conclusion, having this software in place makes the job easier for your asset managers.

Overcoming challenges with asset management software implementation

Now that we have outlined the functions and benefits of using asset management software, it is also vital to understand that its application can pose additional challenges for the company. A common misconception when deploying any business software is that it will automatically adapt to the existing IT infrastructure of the business.

In preventing issues before and during deployment, you need to strategise and develop a plan. Together with the software, an asset management plan helps your organisation visualise targets and specific objectives.

Another critical consideration is the unique needs of your company. Not all software is created equal. As such, ensuring that the software meets your organisational needs guarantees that you get the most value out of your investment.

 

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