Importance of Asset Management Software for Small Businesses

It does not matter if there are 40-50 employees in your organization or thousands of employees, asset management software tool is important for all. If you are having problems managing assets manually then it is time to utilize asset management software.

What Is Asset Management Software?

Asset management software is important for all-size organizations. It allows you to track and manage your assets. You can know asset location anytime. How assets are performing!

How performance can be increased of assets and how employee productivity can be boosted! You can also do Asset lifecycle management with this software.

With the help of this software, you can maintain assets easily and efficiently. Most importantly this software eliminates the manual process and makes it automated.

Maintenance tracking is one of the hectic parts when it comes to maintenance. It keeps track of maintenance and schedules maintenance and alerts the maintenance team for the upcoming maintenance tasks.

Asset management is used in all industries. For instance, if we speak about the hospital industry, they have lots of assets such as vehicles including ambulances that need to be in good condition always, several facilities that need to be maintained, costly equipment that need to be tracked.

Also Read: What Are the Best Practice and Process to Organize Work Orders?

They have lots of inventories such as masks, sanitizers, medicines, etc. Managing all this is not possible not manually, the hospital industry needs asset management!

According to Markets and Markets,  “The healthcare asset management market is expected to reach USD 35.19 billion by 2023 from USD 6.89 billion in 2017, at a CAGR of 31.4%. The base year considered for the study is 2017 and the forecast period is from 2018 to 2023.”

What Are the Benefits of Asset Management Tools for Small-Size Organizations?

The benefits of asset management tools for small size organizations are discussed below:

1. Eliminating Manual Approaches

Manual approaches such as pen and paper method or spreadsheet utilization are mainly used by small size organizations. Pen and paper are prone to error as they can be inaccurate mainly because of human error.

The spreadsheet can be accessed by anybody, and data can be changed by anybody intentionally or unintentionally. There is no tracking also. These methods work fine if you have fewer assets to maintain.

When the number of assets to maintain starts increasing these methods become inefficient. Furthermore, you can rely only on data that is accurate.

Asset management software ensures that data is accurate and reliable. It eliminates the manual approaches and makes the process automated.

2. Centralized Information

Asset management software creates a platform for every employee to retrieve information. It saves time and you do not have to visit the department.

Moreover, it provides you to control your assets and manage inventory information from this platform. A centralized system allows you to get a quick view of the complete asset list.

This system also alerts the maintenance team and team members for the upcoming scheduled maintenance work order.

Also Read: What Are the Various Tools Used in Predictive Maintenance?

3. Increasing Asset Life

For small size organizations, money is a sensitive subject and they have limited resources. So, getting more by spending less is one of the main objectives.

Increasing asset life is similar to that, it helps organizations in maximizing asset life from the acquisition to disposal of the asset. This asset management tool not only helps by improving asset performance but also assists in strategic planning.

For instance, if you know how much it will cost in maintenance or replacing asset can save money. It can impact the organization's bottom line as well.

4. Effective Asset Maintenance

Maintenance is important for all-size businesses. However, it is more important for small businesses because assets help in production if production work halts small businesses can lose customers, and nobody wants that.

Asset maintenance keeps assets maintained & in good shape. When assets are maintained, they perform better, and it saves from sudden asset failure. Maintenance plays a crucial role in prolonging asset life.

For maintenance this software allows you to schedule maintenance as per the requirements. Since this software schedules maintenance proactively it saves a lot of maintenance expenses.

5. Accurate Information

One of the biggest benefits of an asset management tool is you get accurate reports and analytics.

Reports help get the view of the complete picture with these reports you can conclude where you need to invest more resources, where you can decrease expenses and you can set a goal where you want to reach in the next few years.

Reports provide a path to save money, set future goals, and grow your organization.

Asset management software tool gives you accurate information because if data is wrong, you will make the wrong decisions.

With this software, you can get any information within minutes it is a time-saving process as you don't have to find a file book and look for certain asset papers.

Conclusion

Asset management tools can be beneficial for all-size organizations. Asset management software also helps in the audit process, ensuring regulatory compliance is followed by organizations.

Since asset management software is cloud-based technology that means you can access it from anywhere from your smartphone.

With cloud technology assistance you are not bounded to your office you can make changes in work from anywhere as per the requirement. These are only a few of the benefits that we have mentioned there are a lot more benefits you can get from this asset management software tool.

Also Read: Which Is the Main Tool for Effective Maintenance Management?

Frequently Question Asked (FAQs)

1. Does the asset management tool provide asset security?‍

Yes, it takes care of assets! For asset security, there is asset tracking. It lets you know the asset location all the time. It saves assets from theft and misplacement.

Asset theft and misplacement of assets are one of the main reasons for decreased productivity because either asset is missing or stolen due to which employees must look for assets and waste time.

2. Can asset management software tools help in auditing?‍

With the help of asset tracking, you can simplify the process of audit. This software helps in physical verification of asset but also enable you to store documents related to each asset.

This tool speeds up the process and alerts you in advance for upcoming audits so that you can be always prepared for external audits. With an audit, you can minimize the chance of ghost assets, zombie assets, phantom inventories' existence, etc.

3. Can this software be used for inventory tracking?‍

Inventory tracking is important particularly when inventory is a critical part of your business. For instance, the maintenance team needs spare parts when they perform maintenance these spare parts can be counted as inventory.

If an inventory is not available in stock while performing maintenance, then maintenance will be not effective as it should be meaning maintenance activity will be performed again.