Asset Management Software – Optimising Businesses

Asset Management Software – Optimizing Businesses

Asset Management System

Businesses these days are entering into complex realms and have mammoth of data to analyse and process. Businesses, with different life-cycles and vast dynamics, need to be checked time after time if there are any discrepancies in any branch of the chain or in the overall performance aspects of the business. To cater to that, Asset Management Software takes an effective input of all the data that is being kept and then helps users strategise the usage of all the assets (both hardware and software) in an effective way, cut costs and ensure streamlined functioning. Hence, once all of the factors contributing to the running of the business are manipulated, we get an optimum business solution. It allows you to have access to a number of features.

Improved Asset Management and Utilisation:

Asset Management Software Systems allow you to know the exact number of assets you have, their exact locations even if they’re being transported or moved around, and their statuses whatever they may be, all of this important and variable information and can all be tracked and traced. This helps you keep an updated database of your assets, and you would only need to buy equipment that you’d be in need of by checking it against the available items. The hardware items are accounted for from their receipt time to the time they leave the warehouse, but aside from that, the software items are kept in check too as it analyses the software usage pattern and decides about its renewal, upgrades or purchase of additional licenses. The physical verification, as well as tagging of assets, prevents loss through theft, saving money on replacement costs. It increases efficiency with automated processes for adding, inspecting, and modifying asset records. The automation process also involves using barcode scanners to read information about an asset. This helps in real-time processing of the current data, so it remains updated all the time.

In summary, a typical Asset Management Software System will tell you:

  • What your items are
  • What their locations are
  • Who has them
  • When they were taken
  • When they should be back
  • Create maintenance schedules and receive alerts
  • Receive alerts on what is passed due
    Create your own barcodes and stickers
  • Print your own barcodes
  • Use barcode PDA mobile devices to track your items away from PC and in mobile mode
  • Run Asset Management Software App on your iPhone, iPad or Android phone to track your assets anywhere / anytime
  • And more…
Document Sorting:

You begin with entering the details of your assets into the system, and linking documents including the warranties, manuals and receipts of any sort can be saved with the list. You also have the option to group your assets into categories and in a way that it becomes easier for you to understand the context of their placement and usage in their movement. The Asset Management Software offers you two kinds of sorting: one kind of grouping is the static grouping; in which you can add resources by choosing them as you wish. Dynamic grouping, the other kind, lets you create a criterion for adding resources to this group. In the latter, whenever a new resource having the same nature as the criterion is added to your network, that resource will be automatically placed in its respective group.

Contracts and Data protection:

The Asset Management Software helps you keep a good check in the contracts that were made with the vendors. The software keeps a good check on the expiry dates of the contracts, reminds you of the renewal of a contract and before you renew, it also recommends you any amendments that in the contract by making a detailed report of what the company was able to achieve with the current contract and the projected achievements through the one that has been suggested. Data is kept updated, safe in what they call a back-end centralised database.

Also, backup copies are regularly made to make sure that the data doesn’t get lost in case of any mishap. The Asset Management Software saves your time for manual inspection of all your equipment by doing that on a mobile device and then sending the data back to the main database. This enables you to take effective maintenance measures on all the assets that demand it.

Ensure Regulatory Compliance:

You can also ensure regulatory compliance through the Asset Management Software by collecting standard reports and then generating custom reports as per your needs. You can estimate the net worth of your assets by checking against the database about the number of items that you have and their purchased and depreciated values. The total value of your assets helps you make better decisions, as you can know the right choice of decision backed by statistics. So, they hold great importance for GASB, GAAP, or PSAB compliance.

Purchasing System:

Some Asset Management Software Systems also come with a feature of a purchasing module that helps you control the purchase orders (POs) with approvals. It forms as the basis for the definition of the GL code and the cost centre information for the assets. The mobility of the assets and their financial statuses allow you to make a PO flow diagram which can aid you in understanding the purchase order cycle. You can then create future POs with required items, get it approved or amended if need be, and then send it to the vendor to ensure shipment to the right address. Once the assets ordered are received, the purchase order invoice details are stored, and then their status is updated. The details can then be included within the purchase order, saved for future purposes, and then be closed.

System Speed and Security:

Apart from that user download and install unauthorised software onto their machines, leading to security risks and getting the system plagued by computer viruses which can potentially destroy tremendous amounts of data. Some Asset Management Software can also detect illegal and unlicensed software, and send an alert message to the technician at once. It is also able to group software into certain categories such as prohibited and shareware, also avoid the use of unauthorised software, thereby diminishing the use of software-related IT work.

The obsolete methods of collecting and recording data using paper and pen is fatiguing, and the Asset Management Software deals with these tedious problems very effectively. Gathering data on paper adds hours and hours of manual effort and prone to costly errors from tracking, to inspecting, to making reports, only to be filled with mistakes and transcription problem, which then require more effort in double-checking. A digital solution solves these pains associated with conventional methods, improves day to day operations by saving time and cutting down costs.

Asset Management Software is rapidly taking over the old systems because of how they’ve proved to be in a wide variety of areas. Large corporations have been using these modern technologies to become bigger and ruggedise their methods of data collection and storage. This has helped them take effective decisions to recover from setbacks produced by anomalies and even expand the expertise of their businesses. Asset Management Software Systems are comprehensive, safe, efficient, extremely essential and saves a lot of money in long term business plans.