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Asset management involves increasing your total wealth with time by maintaining, acquiring, and also trading investments that have the potential to grow. If you have a hard time keeping track of your assets, then you could benefit significantly from asset management software. So, what can asset management software do for you?
Asset management software allows a business to keep track of important information about every asset in real time. As a result, the administrative costs will reduce significantly while improving service and ensuring your company has greater visibility into asset costs, utilization, and maintenance.
Here’s what asset management software can do for you.
1. Monitor The Cost of Asset Ownership
As an asset depreciates, the cost of owning it usually rises. For instance, a machine will need frequent repairs after using it for many years. In some instances, replacing an asset makes more sense compared to repairing it from time to time.
It is important to have a repair history that’s accurate so that you can easily determine whether an asset needs to be replaced. If the total cost of asset ownership exceeds its economic benefits, it needs to be replaced.
2. Stores Documents and Details of Every Asset
It is important to have detailed records of all your assets. An organization needs to maintain records for lease assets with a term exceeding 12 months. Some of these records include:
• Lease terms
• Lease type and agreement
• The lessee and owner
• Start and end date
• Monthly payment
• Useful life
• Fair market value
An asset management system makes it possible to upload critical documents within a short period. You can also upload photos of every asset. Also, you can easily access them later instead of looking for them in file cabinets or desktop folders.
3. Easy Access to the Asset Data
Asset data is important when you want to monitor asset performance, understand the implications of an asset, and make repair and replacement decisions, among other major decisions.
When using an asset management system, you can easily peruse asset data fast. Also, there is the option to search the asset data using certain parameters such as asset type, location, warranty, or repair history.
4. Helps to Scrutinize Service Tickets
The facility management team might receive numerous requests on a particular day. At times, it may be hard to determine which requests to tackle first.
If the asset management system has been connected to the facility maintenance software, it is easy to prioritize. For example, if you’ve received alerts regarding issues with devices such as printers, you’ll need to budget and address one of them within a certain period. Which printer should you repair first? The asset management system can look up the service history of each printer. You can also check when each printer was purchased.
Access to such data makes the decision-making process easier. If you’re interested in asset management, you’ll be happy to try out the asset management online demo. We’ll now look into some of the benefits of asset management.
Benefits Associated with Asset Management Software
The following are the benefits of asset management software:
1. Saves Money and Time
One of the benefits of asset management is that it helps to save time and money. Asset management centralized all data needed to monitor assets and ensure compliance without the need for manual data entry. As a result, the administrative burden is reduced and your team will have more free time and the organization will save a significant sum of money.
Asset data also offers insights that can help minimize costs. Depending on the insights provided by asset management software, you can opt to sell some assets and also outsource certain tasks to save more money.
2. Efficient asset lifecycle management
An asset has a limited lifetime since it is prone to wear and tear. As a result, each asset will become inefficient at some point. Asset management can provide historical data on the lifecycle of each asset, which makes it easy to determine when some assets should be replaced.
We’ve managed to look into asset management and what it entails. Also, we’ve looked into what asset management can do for you. We’ve also listed some benefits associated with asset management. If you haven’t tried out asset management, you should do so since your business stands to gain significantly from such tools.