What to look for in an Asset Management software

Managing assets can be an overwhelming task but unquestionably it is an important task. So, to manage assets efficiently, asset management software can help your organization. Asset management software consists of several modules, and we have created an asset management checklist that can assist you when you consider investing in it.

Therefore, in this blog, we will go through each & every important part of asset management. We have created an asset management checklist for your assistance.

Here Is the Asset Management Checklist for Your Assistance

Also Read: Asset Maintenance: Types with Benefits and Drawbacks [Infographic]

1. Asset Life Cycle Management

Every asset has a life; this software lets you know that a particular asset is in which phase and how much value it is providing to your organization.

In their life cycle, assets go through many stages and generate a lot of data from their maintenance, repairing, operations.

These types of information are crucial for a business in the long run. With this software, you can monitor asset conditions as well.

• Activity tracking
• Asset monitoring & tracking
• Asset accounting
• Service history tracking
• Disposal management
• Procurement management

Also Read: Basics of Cloud-Based Asset Management [Infographic]

2. Inventory Management

It incorporates the management of raw materials, finished products. Inventory is crucial for effective business management. A shortage of inventory will affect business, especially in peak season.

Therefore, in business, it is crucial to maintain the right level of stock at the required place.

However, inventory management is not only important in terms of maintaining the right stock, but it also saves your business from overstock. It allows you to set alerts and notifications.

In simple words, whenever inventory level goes below the set par it will notify the person responsible and then he can start the process of refilling inventory.

• Complete inventory list
• Alert & notification
• Set reorder level
• Detail inventory reports
• Mobile access
• Inventory tracking

3. Work Order Management

On a single dashboard, you get all the details related to the work order such as what is the status of which work order, which technician is working on it, how many tasks are completed, and how many are left. How much time is it taking to complete a work order!

• Purchase requisition
• Alert & notification
• Work order status
• Work order priority
• Cost management

4. Audit Management

An audit is one of the pain points for all industries because assets are moved from one place to another. So, asset loss chances are increased but with this software, assets are tagged with asset tracking technology that will provide you with accurate and real-time location of assets. It decreases the chances of asset loss.

• Assets Physical verification
• Audit trail
• Depreciation management
• Document management
• Audit reports
• Compliance management
• Contract/License management

5. Maintenance Management

This software allows you to maintain the asset in top condition and keep the asset optimized which reduces the asset breakdown failure chances. It also keeps your asset productive & optimized.

You can get reports and analytics about maintenance. Moreover, you can know maintenance history too, through which you can identify if an asset is acquiring more maintenance, which will assist you in making a better business decision.

In maintenance, how many expenses are done, and expenses history can be seen in cost tracking. Asset management checklist cannot be completed without maintenance management.

• Create/manage maintenance schedules/activities
• Preventive maintenance
• Calibration management
• Maintenance reports
• Service history tracking

6. Utility Management

This module records the consumption of a utility such as electricity and water. Also, alerts & warns you when consumption jumps the decided parameter value.

By monitoring consumption, this software can help in taking control and reducing your utility bills. Preventing over usage and wastage of utilities.

• Utility monitoring
• Utility consumption tracking
• Alert & warning for consumption
• Utility reports

7. Incident Management

The procedure of handling an unexpected disruption is known as incident management. For example, while working on something in your office your laptop hangs, that is disruption and then the process for solving the problem is called incident management.

• Ticket management
• Priority of Ticket
• Ticket status
• Pending ticket
• Ticket reports and analytics

8. Purchase and Requisition

A purchase requisition is initiated from the employee's end then the manager checks and approves it as per the budget and after that management checks it and approved it.

And finally, a purchase order is created, and the goods received note confirms that products have been received as per the purchase order. Meanwhile, you can monitor and track the purchase order as well.

• Purchase requisition
• Purchase history
• Track purchase order
• Supplier management
• Procurement management

Conclusion

Asset management software can be very helpful in managing assets efficiently & an asset management checklist can help you decide is it what you want or not.

Without any question, asset management software is a powerful tool that can play a crucial role in growing your business.

According to the markets and markets, The Asset Management System Market is projected to grow from USD 16.8 billion in 2020 to USD 27.4 billion by 2025; it is expected to grow at a CAGR of 10.3% from 2020 to 2025.

It's important to keep up with technology otherwise you will be left behind. If you want to take your business to another level, we will be happy to help you out. You can contact us, or we can schedule a demo for you. We are just a few clicks away.

Also Read: A Definitive Guide About Predictive Maintenance Software

Frequently Asked Questions (FAQs)

1. What are the main types of assets?‍

Mainly there are two types of assets:
A. Tangible assets such as vehicles, furniture, etc.
B. Intangible assets such as contracts, goodwill, etc.

2. What is a purchase requisition?‍

An employee uses a purchase requisition (official & formal document) form to inform management that he requires one or many products (as per the requirement) for official use on the organization's behalf.

After that, the manager looks at it and checks how important it is and how much quantity is required! Then, the manager approves the purchase requested product.

3. What is a purchase order?‍

When purchase requisition (PR) is approved then purchase order (PO) is issued. After that, the employee is provided with the required product(s). Finally, the goods received note (GRN) is sent to the supplier.