What is Asset Management?
Asset Management is the process of operating, upgrading, maintaining, selling, and developing assets of the organization in a cost-effective means which includes all the risks, costs, and performance attributes. The assets or investments can be either intangible assets such as financial assets and intellectual property or tangible assets such as equipment and buildings.
What is Asset Management Software?
Asset management software allows your organization to record and trace important information of each asset immediately. Its systemized approach to management and monitoring of each asset will greatly improve the efficiency and productivity of the organization. In addition to that, it will also track the performance of each of the assets, making sure that they are reviewed properly and utilized efficiently. Some of the great benefits of using asset management software include:
- decrease of cost and maintenance
- minimize administrative cost
- improves the organization’s services
- allows significant visibility into the utilization of the organization’s asset
- increase the organization’s return on investment
- prevent additional cost incurred during unscheduled downtime or other incidents
- promotes economic growth and stability of the organization
- enhance time management
- allows the opportunity to plan against the operational, legal, and financial risk
What does Asset Management Software do?
1.) Stores documents and details for each asset
It is important to keep detailed records and documents of your assets. Records of least assets with more than 12 months terms must be maintained by the organizations. These include the records of:
- Lease terms
- The lessee and owner
- Useful life
- Start and end date
- Monthly payment
- Lease type and agreement
- Fair value market
These essential documents can be uploaded and kept easily with the use of asset management software. This will also allow fast access to each asset compared to storing and searching the records in folders or file cabinets.
2.) Helps you prioritize or easily sort out service tickets
It is difficult to tackle or sort out a huge amount of request that is received by the facility management daily. To help you prioritize the context, you can connect your facility maintenance software to your asset management software. This will allow you to quickly lookup the service history and contracts to help you decide which one you need to tackle first.
3.) Enables you to know the total cost of ownership
Aside from prioritizing the service requests, it is also important to determine the cost of your asset from a long-term perspective. Tracking the asset cost over time is easy with the use of asset tracking software. Moreover, this will help you identify the profitable retirement time and forecast future costs.
4.) Easily locate any asset
Searching for an asset is easy with the use of asset management software since assets can be categorized in different criteria. Those criteria include:
- Asset type
- Install date
- Warranty date
- Purchase date
In conclusion, the troublesome manual process of asset management by the use of spreadsheets can be avoided by using asset management software. Data and records of each asset can be updated and uploaded continuously without requiring an accurate and high disciplined employee. It also alleviates human errors since the processes and methods are computerized and precise.