5 Signs Why Your Organization Needs an Asset Management Software

There are lots of activities & operations are happening simultaneously & you cannot keep track of them even managers cannot. If this is happening in your organization then this is one of the signs that your organization needs help. Asset management software can help in these types of scenarios!

However, if you look for signs and pay attention to details you will find several other signs as well. What are those signs? We will discuss that in this blog, but first, let us know!

What Is Asset Management Software?

For effective work management organizations need to invest in asset management software. Asset management software can be very helpful in tracking asset lifecycle from its procurement to disposal.

It provides several essential details such as where the asset is located, when its maintenance is due, to whom it is assigned, and when it will be returned!

Moreover, it can be very beneficial to the business as it provides several advantages! Asset management software is helpful in the maintenance management of assets and pieces of equipment.

It takes care of asset maintenance as it alerts you know in advance about the upcoming maintenance of assets.

Also Read: Types of Assets Managed by Enterprise Asset Management in Different Industries

However, for effective maintenance work you need inventory as well. The best practice for asset management software is to keep track of inventory so that maintenance work does not suffer due to the unavailability of inventory.

Overall, this software increases asset life and increases productivity.

What Are the Signs That Show the Organization Needs Asset Management Software?

Signs that show organization needs asset management software are discussed below:

1. Frequent Asset Loss & Misplacement

One of the most common signs is asset loss or assets are nowhere to be found. When these types of scenarios occur that means your organization losing its assets and as a result employee and organization productivity suffers.

Productivity directly impacts the production and in this chain reaction, the bottom line takes the hit. Asset loss can also mean asset theft which means the organization will have to buy back assets again & unnecessary costs will be increased.

2. Regular Asset Breakdown

When asset and machine breakdown is regular that means your asset health is not well. It is also one of the signs that organizations need to implement a solid and effective plan for maintenance.

If asset breakdown is frequent, it will hinder daily operations and production. We know what happens when production is not done on time! Right?

Maintained assets are a good sign that that asset health is good and sudden breakdown chances are reduced. Furthermore, it adds security to employee health.

Also Read: Why Integrate an Asset Management System with Existing ERP?

3. Decreased Asset Performance

Asset performance is a vital part of any organization. Performance of asset enables you to deliver the product on time and when asset performance is not up to the level then delivery might be late and the customer will be unhappy & disappointed.

For performance, you need to take care of the asset by providing maintenance on time and you can also do calibration management for boosting the performance of each asset.

4. Irregular Compliance

Compliance is an important aspect of an organization, most importantly it impacts the brand image negatively or positively.

When an organization does not comply with the rules and regulations then it creates and negative impact. When an organization complies as per the rules and regulations then it creates a positive impact.

5. Dis-Organized Work

The teams are not organized and especially work that needs coordination. It is because there is no centralized information and all the information is not shared with all the required people.

For instance, if one team does not know when maintenance work will be performed, then the team will not be prepared & work will be not effective as it is supposed to be.

These are a few of the major signs that you can notice to understand how your organization is behaving. When you notice any of these signs or best practices, you know it's time to make some changes in the organization's operation by investing in asset management software.

Asset Management Software Is the Need of the Hour!

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. Fixed asset management software is used to streamline maintenance processes, extend the longevity of assets, and improve productivity.”

The asset management software provides an effective solution to the problem that is asset tracking. It means that the asset is always tracked and you are always informed about the asset! How?

With asset tracking technologies such as RFID (Radio-frequency identification), QR Code (Quick Response code), Barcode, GPS (Global positioning system) you will never lose any asset again.

Furthermore, this technology comes in the form of labels, a label is stickered to the asset and each label has a unique identification number that helps in tracking. A label is also helpful in maintenance management.

An asset management software keeps track of assets as well as their maintenance. It monitors asset conditions you can monitor the history of each asset with maintenance history also.

You can see all the details from its procurement to disposal when a specific asset was given last maintenance & what were the activities done in that procedure!

It also provides data and analytics that help in overcoming problems such as how improvement can be done. With data, you can know which asset is taking more maintenance or which assets are more productive! You can boost asset performance with the help of data.

Similarly, you can predict asset failure with analytics. Data helps in setting future goals and make effective & informed decisions and not just based on assumptions.

Conclusion

Signs are always there all we need to pay attention to them. It can help in understanding the need of the situation.

Once you invest in the asset management software you will start noticing that all signs or best practices mentioned above will be gone and most importantly you will notice improved balance work, productive work will be delivered.

The team will be more organized and above all the bottom line will be improved.

Also Read: 7 Asset Tracking Software Questions You Must Think Before Investing in It

Frequently Asked Questions (FAQs)

1. What are the advantages of asset management software?‍

The advantages of asset management software are as follow:
1. Accurate asset tracking
2. Inventory tracking
3. Maintenance management
4. Reports & Statistics
5. Eliminating ghost assets
6. Minimized maintenance bills & enhanced efficiency
7. Increased asset life

2. What are the benefits of Cloud-based asset management software?‍

There are several benefits of cloud-based asset management software such as you can access data from anywhere across the world, all you need is a good internet connection.

Furthermore, it provides security to data as the service provider ensures that data is secured and keeps in an encrypted way. Cloud-based service is an economical method compared to any other method for storing data.

3. How asset management software eliminates manual work?‍

When manual work is done it leads to human error & fraud it can be drastic. According to Statista,  “U.S. retailers lose 1.33 percent of sales on average to inventory shrink, i.e. a loss of inventory related to theft, shoplifting, error or fraud, costing the U.S. retail economy a total of $46.8 billion in 2017.”