What Is An Asset Management System: The Ultimate Guide

industrial machine with advanced IoT tracking system

Asset management system software is vital to today’s businesses. You need it to be powerful, but simple to use, and customizable. No two companies are the same. Your asset management software shouldn’t be either.

Are you managing your equipment and inventory using a manual process that includes spreadsheets that take hours to maintain? Believe it or not, there are still companies out there that are doing exactly that. An outdated asset management system can cost you and your organization a lot of time and money. In today’s fast-paced business world, you need a good system in place.

Think about all the proverbial fires that are put out in the office every day. When using an outdated system, you run the risk of reports being updated with inaccurate data. Human error, forgotten items, broken and lost equipment, non-compliant reporting, and customer dissatisfaction are just a few problems that arise.

An asset management system helps your company monitor and manage your assets using a systemized approach. You can improve your productivity and efficiency in addition to seeing a return on your investment. Plus, your organization becomes more effective and better at serving the customer.

Asset management system software is vital to today’s businesses. The best solution should be powerful but simple to use and customizable. No two companies are the same. Your asset management software shouldn’t be either.

What is an Asset Management System?

An asset management system is a process a company uses to manage all of its assets across the business. These assets can be tangible or intangible. They can include personnel, buildings, software and hardware, inventory, monetary assets, and anything vital to the business’s day-to-day running. How these assets are managed, differ from company to company.

For a system to be effective, the company has to control all aspects of its business assets.  It doesn’t matter if the company is big or small. There are many moving parts to controlling assets. To stay in control, an accurate and real-time asset tracking system needs to be in place. Otherwise, you risk losing time and money.

How Does Asset Management Work?

It starts with assigning an asset manager to monitor and maintain everything within the business considered an asset. Remember, this can be a laundry list of things from equipment to inventory to personnel. The asset manager develops an effective plan to manage the assets. Once the plan is in place, they can develop, operate, maintain, and control the disposition of the company’s assets cost-effectively. The asset manager knows all the operational and strategic processes of the company.

The company’s asset management needs to be a holistic approach that looks at the entire lifecycle of the asset. A good asset management system example is the lifecycle of a laptop. It is procured, assigned to a user, updated until it is no longer sustainable, and then disposed of.

Why is Asset Management Important?

Imagine having to control your asset management system by hand for every laptop or computer in your company. Or even every piece of inventory in your warehouse. Assets will fall through the cracks. This is why a good system is important to your business.

A good asset management system software package can help you do this more efficiently. It can help you by:

* Allowing you to track and monitor every asset in your company in one central location
* Letting you manage your assets from any location, especially if the package has a mobile component
* Identifying and managing any risk to your assets so that you can minimize them immediately
* Providing information on an asset’s lifecycle
* Helping identify ghost assets that can be removed from the system
* Planning maintenance schedules for each asset so that there are no disruptions of service
* Giving you accurate, in-depth reports and audits that do not take hours to compile
Why Use an Asset Management System?

Asset management software is designed to help your company minimize its spending on obtaining, maintaining, and operating assets. You want to run a peak performance which means you have to contain your costs, keep your production quality at an acceptable level or higher, and maximize the returns.

Your asset management system should be able to track your assets using GPS and RFID. Don’t forget the vehicles your company owns and uses daily and the equipment inside of it, which are also assets that need tracking. So is IT equipment and software in addition to your office furniture. If your software cannot track all of these items, you will not be able to control every aspect of your assets.

Why do you want to track all of these items? It helps to ensure that assets are being used properly and efficiently, and it lets managers track each asset’s overall performance. It lets you prevent any additional costs that may be unnecessary because of unscheduled downtime.

What Does Asset Management Software Do?

The right asset management software will help you collect and analyze data on your assets to make informed decisions. Let’s take the laptop example from earlier. Your company purchases two laptops with the same capabilities, but they are two different brands. They are updated and maintained at the same time. Brand A, however, stops working properly after 6 months while Brand B continues working until it becomes obsolete. By tracking every detail of these laptops in your asset management system, you can review the cost benefits of buying the different brands from procurement to disposal.

You also want to ensure that your asset management system can be utilized across the company in different departments, locations, and facilities. Everyone uses the same program with access to the same real-time data. This can help reduce your

Overall, an asset management system is an important tool for any organization that relies on physical assets and inventory to carry out its operations. It can help improve efficiency, reduce costs, and ensure compliance with regulations, capital and operating expenditures.


Why Use an Asset Management Software?

Why should your company use an asset management system?

* To see a faster return on your asset investment.
* Provide measurable improvement to your operating efficiency to stakeholders
* Lower your costs by analyzing what assets are good and what assets are bad
* Reduce the administrative burden of producing complex reports
* Provide a higher level of compliance
* Manage your risk better

At Apptricity, we know asset management.

Apptricity’s Enterprise Asset Management Software application gives you a single, unified view of your Asset and Inventory Management procedures. It also provides you with a cloud-based system, along with mobile applications that feature IoT integrations. This means it provides real-time updates of the end-to-end asset management process. Plus, each application can be used separately or in conjunction with the others to scale with your needs.

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