In this world when technology is influencing every individual industry must also utilize it to solve issues. Technology such as asset management software can play a crucial role in improving the daily operation of the business.
Asset management software has been very useful to organizations as it helps improve operations and increase productivity. However, as technology is improving with that asset management software is also improving.
According to Statista, “The global market for fixed asset management software is forecast to grow from 3 billion U.S. dollars in 2019 to 5.2 billion U.S. dollars in 2024.” As the market for asset management software is booming, here are asset management trends.
Asset Management Trends For Organizations
Also Read: Importance and Best Practices for Physical Asset Management
1. Focusing on Maintenance
Maintenance is one important aspect that cannot be ignored. Several organizations utilize this software in order to improve maintenance activities.
Maintenance is done for several purposes such as longevity of assets, decreasing maintenance expenses, minimizing asset failure chances.
This software focuses on preventive maintenance which means that assets are scheduled for maintenance before they fail.
2. Tracking and Monitoring Assets
Organizations have a plethora of assets and inventories, that is why they need to be properly tracked and monitored. Tracking and monitoring assets are done to avoid asset theft and misplacement.
Warehouses are huge, sometimes a lot of time is wasted as employees are unable to find the required inventories.
Asset tracking and monitoring software are helpful in providing crucial information such as where the asset is located what is the status of the asset.
3. Performance Reports & Tracking
Improvement and optimization are a few of the important reasons for the implementation of asset management software.
As asset management software provides detailed reports and reports are helpful in tracking the performance of assets and employees. Reports are helpful in discovering pitfalls and provide solutions to eliminate those issues.
With reports and analysis, it becomes simple to analyze the overall organization's performance and you can get a complete picture of organization asset performance.
4. Ensuring Compliance
If an organization is not in compliance with the rules and regulations then it can end up paying a huge penalty obviously no organization would like to pay penalties.
For example, if during an audit it is found that an organization is using expired software then you will be penalized.
Another example is when assets are not maintained then they can lead to catastrophic asset failure, that is why an auditor checks that assets are maintained regularly or not.
Also Read: What Are the Next Trends for Asset Tracking System to Consider?
This software will alert you when software is about to expire, or asset maintenance is required. This alert feature comes in handy to different managers in diverse ways.
You can also keep a record of bills in the software that will be helpful in ensuring compliance.
5. Centralized Information
In this era when the whole world is struggling with the pandemic and most of the employees are working from their homes. It is important that they have all the information so that work does not hamper due to miss-collaboration.
This software ensures that information is centralized everyone is kept in the loop. Asset Tracking software also allows you to do customization as we know different organizations have different types of requirements so you can do customization as well.
6. Vendor Management
Lots of organizations do not keep track of purchases and requisitions. In these organizations' fraud, there are more chances because they do not keep track of purchaser orders.
But when you are equipped with this software you can keep track of purchase orders and you can know vendor performance.
This software also allows you to disable a specific vendor after which no employee can order from this specific vendor.
Moreover, whenever any update occurs in a purchase order the system notifies the same to employees that are kept in the loop.
In today's competitive business world it is very important that you utilize technology because one small mistake or delay in product delivery can lead to customer loss.
Technology overcomes several problems and asset management software eliminates the manual process and automates it.
These are the main trends for which asset management software is utilized and for the next few years, it will remain the same. If we speak about asset management software this software has a lot of potentials to grow business. It has been proven fruitful to businesses.
There are several other benefits of this software such as it provides real-time information, accurate asset tracking, eliminating ghost assets, quick and effective asset auditing.
Overall, this software assists in increasing asset life expectancy, improving business productivity and you get a better return on investment. Therefore, investing in asset management software is essential in order to grow your business.
Also Read: What Are the Benefits of the Enterprise Asset Management System?
Frequently Asked Questions (FAQs)
1. What are the various asset tracking techniques?
Various asset tracking techniques are Barcode, QR Code (Quick Response Code), RFID (Radio-frequency identification), etc. These technologies provide more accurate and real-time information.
These technologies come in the form of tags or labels, and you can attach a tag to the asset that you need to track. Whenever this tag is scanned it will automatically scan the code and retrieve information.
2. What are ghost assets?
Ghost assets are those assets that do not physically exist in the organization, but these assets are mentioned in the accounts. The impact of ghost assets is you pay taxes for those assets which you are not using.
Moreover, if ghost assets are found during an audit, then fraud and other penalties can be made. Ghost assets are either stolen or missing.
3. What is the difference between asset management software and a computerized maintenance management system?
The main difference between asset management software and computerized maintenance management system (CMMS) is that CMMS is focused on maintenance whereas asset management software is focused on asset lifecycle management along with asset maintenance.
Asset management software has all the features that CMMS has. In simple words, asset management software is more advanced than computerized maintenance management systems.