An organization is equipped with a lot of assets and inventories, and they are essential for running day-to-day operations. If an essential asset is not found or it suddenly stops working, then it impacts other business operations as well. These types of scenarios are common when asset maintenance work is done manually. What’s the solution? It’s fixed asset management software. This software simplifies daily work and gives stability to work. In this blog, we will learn about the fixed asset management software features that can be helpful to businesses!
What Is Fixed Asset Management Software?
Fixed asset management software is useful to all organizations that have costly assets. It not only helps in keeping track of them but also monitors each asset’s health & maintenance.
You can schedule asset maintenance easily for each asset. This software ensures that every asset gets maintenance on time so that sudden asset failure does not occur. As a result, downtime decreases, and uptime increases.
For asset maintenance, you can create a maintenance work order and set the priority of each work order so that the maintenance team can deliver more efficient work.
Overall, you can save equipment safe from theft and misplacement. Moreover, you can monitor asset performance and improve it and avoid sudden asset breakdown as well.
It minimizes maintenance expenses and optimizes asset life and increases return on investment (ROI), which is why its market size is growing frequently.
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According to Markets & Markets, “The fixed asset management software market size is expected to grow from USD 3.0 billion in 2019 to USD 5.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period.”
What Are the Fixed Asset Management Software Features Useful for Businesses?
Useful Features of Fixed Asset Management Software for businesses are given below:
1. Alerts & Notifications
One of the most efficient and most effective features is alert & notification. It is helpful to everyone in the organization.
For instance, the maintenance team will know in advance of upcoming maintenance work, and in the purchase & requisition process whenever a new purchase request is raised, or any update occurs in PR an alert is sent to all employees in the loop.
Whenever any asset leaves the premises, it notifies the person responsible. If the inventory is low alert will be sent to the person responsible.
2. Asset Tracking
Asset tracking is the need of all organizations because all organizations have costly assets, they need to be kept secure.
Moreover, every asset has important work to do if that asset is not available or misplacement then work operation delays and the business can suffer from loss.
With the asset tracking feature, you get a complete view of your assets and get more visibility of everything asset.
3. Create a Checklist
For every maintenance work order that is created, you can create a checklist that can be extremely helpful to the maintenance team. As they will know what are the maintenance activities that need to be performed on which asset.
It will save their time as they will not have to find issues. Moreover, they will not forget any maintenance activity. This feature of asset management software makes the maintenance team more productive and efficient.
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4. Set Reorder Level
When you have a lot of inventory in stock it becomes hectic to keep track of every inventory. At that time stock issues such as out-of-stock can occur. The out-of-stock issue can lead to business loss as customers will not be able to get products and the profit ratio will be decreased.
However, with this software you can set reorder level therefore whenever inventory is below the defined level it will alert the responsible person and the inventory refilling process will be initiated.
5. Check-In & Check-Out
Check-in & Check-out is one of the most important fixed asset management software features. It provides accurate location of asset & to whom it is assigned and when it will be returned.
It makes employees responsible for asset returning after utilization and it decreases asset theft & misplacement occurrence.
6. Reports & Analytics
In order to grow business reports and analytics has a crucial part to play. Reports have all the information about assets, how they are performing, and which asset is consuming more maintenance.
Reports are helpful to know whether you have sufficient assets or not. For instance, if an asset is always pre-occupied it means that you need to have more of that kind of asset.
For inventory management purposes, you can easily avoid stock-related issues. Reports provide data and they help in making informed decisions. you can set future goals based on analytics.
There is no doubt that Fixed asset management software features will make you more productive. For instance, with this software, you can know where the asset is located and who is using it when it will be back in stock.
This software has several key performance indicators that help in understanding asset performance, and you can know when the last maintenance was given.
When it will require the next maintenance so that if maintenance is due, you can schedule it easily, but this software sends an alert when maintenance is due.
Frequently Asked Questions (FAQs)
Q.1 - Does Fixed Asset Management Software Come with Cloud Technology?
Yes, this software comes with cloud technology.
Q.2 - What Are the Inventory Management Issues That This Software Helps to Overcome?
Inventory management issues are several such as overstocking and out-of-stock issues.
Q.3 - What Are the Benefits of Cloud-Based Asset Management?
Below we have given the benefits of cloud-based asset management:
Data Security - Keep data secured from hackers as data is kept in encrypted form.
Flexibility - Flexible to work whenever you want.
Accessibility - You have accessibility to data and change work priority as per the requirement.
Saving Expenses - No need to purchase a heavy system.