Enterprise has assets in abundance & when asset management is the main concern, you cannot rely on manual process. You will end up with no inventory in stock, assets misplacement, assets failure, and so on.
To avoid these issues, asset management software can be a very effective solution. In the next few years, lots of organizations will be using asset management software for the effective handling of assets.
According to the Grand View Research, “The global asset management market size was valued at USD 216.98 billion in 2019. It is expected to expand at a compound annual growth rate (CAGR) of 25.9% from 2020 to 2027.”
Also Read: Powerful Asset Management Features Provided by Asset Infinity
How Does Asset Infinity Help?
Asset Infinity is one of the leading organizations that provides asset management solutions to enterprises. Here are the main reasons how Asset Infinity helps any enterprise businesses.
1. Asset Tracking and Lifecycle Management
Organizations have a lot of assets that need to be tracked properly. Especially enterprises that are asset intensive. They have lots of critical assets to keep track of! With the software, you can easily know the location of each asset. Asset tracking is an essential tool for industries.
For industries such as healthcare, staff must know exactly where each piece of equipment is kept because in case of emergency time is crucial. Thanks to the software you will not have to look anywhere, you can find required assets quickly. One can also know what is the status of each asset & track assets with a simple check-in check-out process! This software allows uploading all assets details in bulk.
Furthermore, organizations can manage asset lifecycle by being able to track assets according to an application-defined asset life cycle management. The software keeps track of assets from its procurement to disposal.
2. Inventory Management
For all industries, inventory is as important as an asset. Therefore, they should be managed and tracked properly. For example, inventory can be a spare part in the manufacturing industry or medicines in the healthcare industry. In both cases inventory is different but they are important. Effective work cannot be delivered without inventory.
Lots of organizations have too much stock or too little stock, both of these cases are not good for business. Because if purchased stock is not sold then it will be no good for business and if you are out of stock then the potential business loss will occur.
So, what is the solution?
The solution is simple! The automated software keeps track of inventory that helps in getting accurate numbers left in the stock. Furthermore, this software allows to set a re-order point whenever the number goes below that level it alerts the team and the team starts the refilling process.
3. Maintenance Management
Maintenance management includes an easy and simple plan that is a maintenance schedule for assets and equipment. Whenever the maintenance is scheduled, a work order is created and assigned to the technician at the same time alert is sent to the technicians on phone, email about the same. This software allows you to define the frequency of maintenance such as daily, weekly, or monthly depending on the usage of the asset.
With the help of software, you can check pending activities as well. This software also keeps track of labor and inventory expenses for each work order.
When you are in the automotive industry, maintenance becomes more important because when a breakdown occurs operation slows, and productivity decreases. Whenever a sign of asset failure is noticed information, no time is wasted, maintenance is scheduled so that breakdown can be avoided.
This software emphasizes proactive maintenance such as preventive and predictive maintenance. When you utilize proactive maintenance the chances of breakdown decreases, asset performance increases, and maintenance cost decrease as well.
4. Incident Management
Incident management is very important for the organization. As we know the incident is an issue that interrupts operations & sometimes it can lead to a huge loss. That is why it is important to resolve the incident as quickly as possible. Some people also refer to it as a ticket management system.
With this ticket system configured as per the customer requirement to breakdown maintenance. This software can assist and has the ability to enter, track with real-time status, and report on the repair work order for assets and equipment.
Time is crucial in incident management that is why knowing the priority of assets is important. Thanks to the software it lets you know the priority of assets and equipment. Furthermore, the incident is resolved as per the SLA agreement.
5. Purchase and Requisition Management
Purchasing management is important for organizations so that fraud or theft does not occur. Employees take advantage when there is no proper documentation is done.
For instance, organizations utilize a spreadsheet for managing and keeping records of purchases and requisitions. However, the spreadsheet is not a reliable way to keep records because the spreadsheet is accessed by multiple people and people can make changes unknowingly.
Also Read: How to Get a Better Hold on Your Asset Management Process
But with this software, you can make a proper process for everything. You can track each purchase order, if any update is made, you can manage work orders easily. The data cannot be changed unknowingly. You can strict every employee as per their level.
With the software assistance, you can know each vendor's detail and performance for example quality of product delivered, time is taken in completing the whole process, and so on.
6. Audit & Physical Verification
Asset physical verification is a very important part of the audit process. This software helps in automated removing manual processes that is how it helps save time for auditors and organizations.
Auditing is an enviable process that is conducted every year. It is done to ensure that organization has clear records of assets and financials. The audit is helpful for investors so that they can know how much debt the company has!
It makes a clear picture of the organization and investors can decide either to invest in it or not! Overall, it helps in calculating the net worth value of assets and organizations.
When the audit is done manually it becomes a long and exhausting place but with the help of software, it is done quickly. As this software keep track of asset in real-time that helps in preparing for the audit.
Furthermore, for that asset tracking, barcode, QR Code, RFID, etc. type of technology is used. These technologies are used in the form of labels & asset tags. You can know exactly where each asset is located.
In this software, you can store each asset's information which can be useful for auditors. Asset purchase & asset maintenance-related documents etc. You can also do a physical count and verify with a complete asset list within the software.
7. Contract and Lease Management
Documents can be related to maintenance, contract papers with other companies, or lease papers. They need to be taken care of properly.
We know managing document is not an easy job because they are papers and they can be lost easily. Moisture can decrease the quality of papers & with time papers can be torn.
Furthermore, lots of time is consumed by employees because they do not find the required document or too much time is spent. However, with this software, you can find any document within minutes. You can take care of all your documents easily.
For critical documents such as lease papers, you can put all the data into the system and set an alert so that system will remind you about the lease.
Asset management is an important activity and it cannot be ignored it has the potential to save a lot of money. If you are a growing company then asset management software can be really helpful to your business. As it provides crucial data that helps in making an informed decision.
For example, asset history, you can know which asset has taken how much maintenance and you can calculate when it will need next maintenance. It does not matter in which sector your business is, if you have assets then you can use asset management software. This software has the potential to take your business to another level.
You can try a 14-day free trial of Asset Infinity's cloud-based software. Since it is cloud-based you do not have to worry about data security as well. As it will be the responsibility of the service provider.
Also Read: 7 Aspects You Must Look While Choosing Asset Management Software
Frequently Asked Questions (FAQs)
1. What are the advantages of asset management software?
The advantages of asset management software are as follow:
1. Automated Process.
2. Increased Productivity.
3. Better Utilization of resources.
4. Increased asset life.
5. Minimized maintenance expenses.
6. Accurate asset tracking.
7. Eliminating Spreadsheet.
8. Preventing asset theft misplacement.
9. Avoiding Fraud.
2. What are the benefits cloud-based software?
It can be accessed from anywhere, saving software expenses, it is helpful in tracking monitoring, managing your products. It automatically updates and most importantly keeps data secured. These are a few of the benefits of cloud-based software.
3. Who can use asset management software?
Several people can use asset management software such as asset managers, inventory managers, maintenance teams, technicians, facility supervisors, top-level members (CEO, CFO), etc.