Asset Management System Benefits

Keeping track of business assets is important for every organisation

Asset management systems nowadays allow organisations to simplify day-to-day operations. By keeping asset information such as maintenance work orders, verification audits, location tracking and usage, to optimise your assets. When this information is held in a central database you can view all sorts of trends as a big picture.

At the core of every asset management process is the improvement of assets and equipment returns. Various stages of asset management, such as deployment, purchases, maintenance, upgrading, and disposal is tracked to maximise outcomes from the assets.

Keeping track of your assets isn’t just bean-counter busywork. It’s an essential enterprise task that facilitates hardware and software management, license compliance, regulatory compliance, and security. Indeed, a successful asset management solution can save companies time, money, and lots of management headaches.

Strategic asset management

Major Reasons Why Asset Management is Vital

1. Tracking Assets: well-established asset management processes will allow an organisation to better manage their assets. Reporting on the real-time location, status, and changes to assets.

2. Cost-Effectiveness: managing assets well will save you money on maintenance. As it eliminates possibilities of under-maintenance and over-maintenance.

3. Better Operation: Asset management allows an organisation to understand the possibilities and capabilities of their assets in a more detailed manner.

4. Optimisation: Asset management systems will optimise your asset life- cycle to get the maximum results possible.

A record of your business assets is required for regulatory compliance and tax purposes. Moreover, accurate records of physical assets also help in effective resource planning. Gone are the days when organisations can just use a spreadsheet.

Asset register software advantages over spreadsheets

Asset management systems include a set of interrelated modules and these interacting components function to establish a complete asset management system. Taking your tracking and management to the next level.

Asset Management System Benefits – Modules

Asset management system features are dedicated to making sure you are getting the best ROI out of each asset in your organisation.

Comprehensive asset management systems contain a set of modules that integrate to assure the delivery of all asset management activities. Asset software can measure asset operating costs and productivity for example. It may also track an assets’ location within a building, report individual asset usage, and alert to scheduled maintenance and software upgrades.

Asset management software features below should be incorporated into your asset management and tracking solution to make sure you are getting the best ROI out of your assets:

• Asset management the central hub of your system, containing all data required to be known about assets as well as tools and equipment.

• Mobile asset tracking for fast and accurate barcode and RFID asset tagging and asset tracking technologies, for any type of asset.

• Maintenance management for control of your asset maintenance and incident management.

• Procurement and purchasing control of your asset acquisitions and procurement process.

• Asset depreciation see the full and accurate picture of your asset depreciation

• Stock management inventory control to track consumables, control purchasing and locate stored items quickly.

• Help desk to simplify your service desk with the ability to escalate problems and calculate the downtime for performance statistics on assets, asset types and suppliers.

• Physical asset auditing so you can compare the “official list” of assets (normally contained within an asset management system) to the actual assets physically located within your facilities. 

Asset Management System Benefits – Reporting

By looking at asset management reports, management will know whether their existing assets will meet the current needs of the organisation or not. The effective management and planning of assets through different stages of an asset lifecycle will ensure that the assets are properly maintained.

Also, it will help in monitoring the practical sufficiency of the current assets. Effective planning of assets will help in delivering value for the organisation. Apart from planning, an asset management system also allows the efficient acquisition of assets and allows management to report on:

• Excess assets
• Outdated assets that require replacement
• Estimate the options for the provision of assets
• Visibility; take a holistic view of all assets
• Analysis and reporting; an in-depth analysis of consumption and utilisation patterns
• Standardise the deployment, configuration, and management of assets
• Monitor and manage assets at all stages from purchase to disposal
• Create workflows and actions to streamline business processes
• Pre-built and customisable reports to know about overdue checkouts, warranties, scheduled maintenance and more
• Track documents and associate with respective assets
• Asset lifecycle management
• Contract data such as license entitlements, version number, vendor SKU, service levels, and other critical information about assets
• Ownership, service details, and other insightful information
• Stock items with level alerts so you are always fully stocked
• Valuation of assets
• Accurately calculate the value of assets including the depreciated cost

Asset Management System Benefits – Conclusion

An asset management system is needed because it helps organisations to monitor and manage their assets using an organised approach.

Hardcat’s asset management and tracking software modules will assist you to work in a synchronised form to efficiently manage all information about your key assets and equipment. With unlimited custom fields, QR/Barcode/RFID asset tagging and tracking, audits, excel imports and export, GPS tracking, maintenance, APIs, reports, analytics, and inventory management.

When asset management is managed efficiently, you will benefit in productivity and efficiency, to place your business in a better position and increase your asset return on investment.

The economic and financial developments of recent years alert that what we have been doing in the past will not be satisfactory to deal with challenges in the future. Realistic, advanced methods for value-based asset management of physical assets have been increased and sophisticated over the past several years.

Create clear business value