Key Features to Look While Choosing Asset Management Software

It's the technological age we are living in, where proper Asset Management is necessary as an addition to any organization.

As the business expands simultaneously the need for assets increases. With the increase in the number of assets and equipment, it becomes difficult for managers to monitor and control their inventory flows quickly and efficiently.

An effective asset management software, it is meant to deliver significant benefits through cost management, increased agility, and reduced risk.

Asset management software is used to track the inventories, hardware devices, and software with their respective life-cycles management as asset lifecycle management.

The software is used to track the assets at all their stages from their purchase to their disposal.

The software is designed to assist an organization in inefficient tracking and maintenance of resources and property, they own and creates its data on value, physical location, and user history.

A few years back, businesses used Excel sheets and accounting software for their tasks but, these programs were not designed for asset management therefore, lack because of manual errors, outdated information, etc.

Whereas, asset management software nowadays is not only cost-effective but peace to mind.

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Also Read: Why Asset Infinity for Fixed Asset Management Software?

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Here are some key features, you must look for while considering asset management software:

1. App for every platform:

The availability of apps for every platform that is for iOS, Android and Windows devices, makes it easy for offsite and after-hours users to access the asset's information whenever they need it.

2. Asset Audits:

Asset audits are necessary to verify the assets an organization owns and where they are located. Asset management software lets you schedule your own audit timeframe, to receive status updates on the process, to make changes of missing and unrecorded assets.

3. Asset Tagging:

Asset tagging is important for your business to get your assets and equipment tracked and maintained at the same time. It improves the quality, and shelf-life of the asset and helps them recover at the time of the audit.

4. Check-in/ Check-out:

Check-in/ check-out is an important feature to look for in asset management and tracking software as it improves accuracy and reduces the time spent on passing out assets and receiving them.

5. Cloud-based:

Cloud hosting is an important feature you should look for in an asset management software, as it gives you information about your asset anywhere, anytime.

When the software is cloud-based, it gets easy to access the application form any browser around the world with any device mobile, tablet, computer, etc.

Moreover, you can receive the software updates for free along with their access unlike waiting for a new version of software to be released, then purchased and downloaded.

6. Asset Recovery:

An asset management software should allow you asset recovery.

Asset recovery is the process of maximizing the value of unused or end-of-life assets through effective reuse.

Asset recovery is done as the task when an asset has been wrongfully stolen, fraudulently misappropriated, or disposed of to remove them from their useful owner.

7. Customization Available:

Asset management software comes with pre-built features and fields that might not fit with your business workflow. So, if you want to make changes in the data fields, keep in mind that it takes huge time and money (extra charges), so, look for the software which is open for customization.

Also Read: Major Advantages & Importance of Fixed Asset Tracking Software

8. User Restrictions:

User restriction is very important and necessary to carry accurate data information. The access to multiple users would lead to many hands to maintain the data in one file which will arise confusion on the asset and who has updated the information.

The user-restricted software will update the data and generate accurate information and it will be cross-checked by others to allow employees and admins as well.

9.  Asset Tracking:

The most important feature i.e. asset tracking, the software should let you know the exact details on a real-time basis. It should also assist in scheduling the maintenance of the asset. It plays an important role in increasing the lifespan of an asset.

Also, it should let you manage multi-quantity items with one asset number or ID.

10. Notifications:

A good asset management software should be able to communicate with its users. The software should send automated e-mails or in-app notifications for specific events to the designated people.

As it can be very harmful if designated people are notified about matters like past actions, asset use violations, fund limitations, audit checklists, and many more.

11. Reporting:

Asset management software should offer designed reports for assets information like assets by their location, asset by type, etc. It should also allow you to create customized reports without any extra charges or looking for any extra software.

Moreover, the software should also schedule your reports and should set up their receiving.

12. Security:

Choose the software which allows you to restrict the users to access various asset categories. As you won't allow the access of the software to everyone because it is not acceptable to access rights to everyone. Rather, restrict access to a few administrators for asset site location they can view and edit, set up data, reports, and modules.

13. Support:

Asset management software should be user-friendly. It is always nice to get access to good technical support whenever a question arises. You should look forward to the software that would give instant replies to your queries via phone or chat rather than an old and frustrating e-mail method.

14. Training:

Training of the software is a must. The software vendors should provide you the proper training about the working of the software that too, easy and quick. Software training via product guides and on-demand videos can be really very helpful and easy to understand. But, the best way of software training is through live training i.e., via an on-site visit.

Also Read: How Cloud-Based Asset Management is beneficial for the business?

EndNote:

Asset management software is an important aspect and necessary features for your business. Your business is very much valuable, and you have better knowledge about where it is and how it is doing.

The asset management software is meant to efficiently track and maintain the assets, equipment, and inventories, of your organization.

Your organization's assets are the most important factors for the overall growth of your business. Therefore, you must look for the software very wisely.

Asset Infinity also provides Asset Management and Tracking Software. You can go for a Free 14-day trial.