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What is an asset management system?

What is an asset management system, and how does it work? It’s any procedure a company or organisation employs to keep track of the equipment and inventory that are critical to the day-to-day functioning of their business in the simplest, most clear terms.

What is an asset management system’s purpose?

These days, a large majority of businesses are doing more with less, forcing employees to take on additional work without increasing headcount.

The pressing issues and many fires that arise throughout the course of a day or week drive asset management lower down the priority list. An asset management system, also known as an asset system, is used to track fixed assets such as IT equipment, industrial or manufacturing resources, construction equipment, healthcare equipment, cars, and other items that are important to a company’s capacity to operate operations and make profit. Imagine what operations would be like without an asset management system. That is perhaps the most compelling justification for one.

When objects are lost or stolen, a firm has limited recourse unless it has an accurate, real-time, coordinated system for tracking assets. Tracking preventative maintenance on equipment is significantly more difficult – assuming the employer is even scheduling such repair at all. Depreciation estimates might contain inaccuracies, which can result in hefty fines or other penalties when it comes time to file your taxes.

Identifying the location of an asset, which should be a straightforward process, necessitates phone calls or combing through documents. Records are frequently lost or strewn across the office. Budgets are stretched, and managers are forced to make educated guesses about their asset requirements. An asset management system successfully removes guessing and allows businesses to account for all of their fixed assets at any time and from any location.

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What is asset management software?

Predictive Analytics Today defined an asset management software as “Fixed Assets management software is a system that automates the financial tracking of assets in different stages of the asset lifecycle. The software helps in the management of the assets, improves efficiency, and helps in financial arrangements of by avoiding unnecessary equipment purchases. Fixed assets management software provides important details such as check-in and checks-outs, a location of the assets, depreciation, audit, maintenance schedule, date of return of the assets among other details.”

Asset management software combines all of the important duties involved with asset monitoring into a single platform that can be accessed via both online and mobile apps in many circumstances. Fixed, enterprise, infrastructure, public, IT, and digital asset management are only few of the asset management kinds that the programme can handle. Asset management software simplifies what may otherwise be a time-consuming operation.

The programme gives enterprises with peace of mind and minimises irritation because to its extensive functionality and accuracy. Software for asset management systems is an essential tool for today’s enterprises. The programme should be robust but also user-friendly and adaptable. After all, no two companies are the same. Not the other way around, your asset management software should be able to respond to your demands.

Here are some benefits to having an asset management software:

  • Centralise Data With Equipment Tracking Software
  • Asset usage statistics can help you add value to your assets.
  • Enhance asset lifetime management.
  • The capacity to track and manage the whole lifespan of an asset.
  • The capacity to extend asset lifecycles in order to avoid early replacements.

Routine audits, which offer an accurate and real-time image of the fixed assets in their respective inventories, are significantly easier to arrange and adhere to with an asset management system. Purchase date, serial number, manufacturer, model, lifetime cost, including maintenance and repair, current value, quantity of each type of fixed asset, locations, and expected lifespans may all be included in a standard fixed asset audit.

If you want to test run an asset management software get in touch today and we can book a demo for you.