Enterprise resource planning and asset management software are both used in improving business productivity and optimizing daily operations. They both focus on growing business by integrating data from other applications. So, we can say that there are lots of similarities between these systems. In this blog, we will learn what Enterprise resource planning & Asset management software is, and its benefits. Most importantly we will know what features of Asset Infinity’s Asset Management Software overshadow ERP Systems.
What is Asset Management Software?
Asset Management Software provides a systematic approach to maintaining, tracking, & monitoring asset health in real-time. It eliminates manual, pen & paper asset tracking. It is helpful in managing the asset life cycle in all stages. It provides data such as asset location, asset user, status, and purchasing information. It assists in streamlining daily operations, maintaining compliance, and ensures asset maintenance. It increases return on investment (ROI) & boosts asset productivity as well.
What are the benefits of Asset Management Software?
The benefits of Asset Management Software are discussed below:
Spreadsheet utilization is one of the oldest & manual asset tracking methods. Lots of people access spreadsheets and as a result the chances of inaccuracy increase. Asset management software eliminates the utilization of spreadsheets.
Reduce human error
Asset management software automates the process and reduces human intervention, resulting in minimized errors. It increases the efficiency of the employees.
Extending asset life
Since asset management software keeps track of assets from their procurement till their disposal. It provides data that can be useful in extending asset life as you can reduce sudden equipment failure chances and boost asset performance.
Proper asset maintenance
Asset maintenance becomes hectic when there are lots of assets. Our software ensures that all assets get maintenance proactively. It schedules maintenance so that maintenance expenses can be decreased, and the total cost of ownership can be improved.
Improving asset performance
With asset management software you can regularly monitor your assets and their condition as well. Regular monitoring of assets decreases the chances of asset failure and improves asset performance temperature.
Minimize ghost asset existence
When assets are not physically available for utilization but are mentioned in the asset list. Asset management software minimizes the existence of ghost assets with asset tracking. It keeps every asset secure from theft and misplacement.
Detailed & accurate reports
Reports are crucial for the organization in order to grow the business. With asset reports, prediction and forecasting can be done related to asset performance. With these analytics, you can improve overall equipment efficiency.
What is ERP System?
ERP means enterprise resource planning. It enables organizations to manage their day-to-day business operations efficiently. Since ERP focuses on growing business and using data to improve business outcomes, most ERP comes with the feature of integration. Enterprise resource planning system is used in accounting, purchase order management, supply chain management, etc.
ERP binds together a myriad of business processes and allows them to use data from other applications. ERP apps integrate a vast number of business processes and empower the progression of information between them. By gathering an association's common conditional information from various sources, ERP ensures that no duplicate data occurs and furnish information respectability with full accuracy.
ERP software can be crucial in financial analytics through data as it can be useful in planning budgets & you can get reports that can be helpful in predicting financial results.
These days when we are so dependent on technology lots of businesses heavily rely on the ERP system. That is why its market is growing at a terrific rate. According to Fortune Business Insights, “The global Enterprise Resource Planning (ERP) software market is projected to grow from $49.28 billion in 2022 to $90.63 billion by 2029, at a CAGR (Compound Annual Growth Rate) of 9.1%.”
What are the features of Asset Infinity’s Asset Management Software that overshadows the ERP System?
Features of Asset Infinity’s Asset Management Software that overshadow the ERP System are given below:
An asset register is an asset list in which all the assets that belong to an organization are mentioned. In the asset register, crucial information is included such as when the asset was purchased, and when the last maintenance was given. It helps in making strategic business decisions. It is one of the most prominent features of Asset Infinity’s Asset Management Software & it is not available in the ERP system.
Asset tagging & tracking
Asset tagging is one important activity which is important as it is helpful in asset tracking. If an organization wants to perform asset tracking, then asset tagging is the initial step. However, ERP systems are not equipped with asset tracking and tagging. Asset tracking is one of the most required features. In order to use asset tracking feature integration with asset management software is required. Moreover, asset movement history is also there that helps in asset tracking.
Most ERP systems come with maintenance management; however, they are not equipped with inventory tracking. But inventory is important in maintenance, repair, and operations (MRO). For instance, if inventory is unavailable then the maintenance team will have to perform maintenance again. On the other hand, asset management software comes with maintenance management and inventory tracking can be done as well.
Asset audit & physical verification
Physical asset verification is one of the significant activities that must be done at the end of the fiscal year. However, an asset audit can be a long and hectic process as you must bring all your assets together in one place in order to physically verify them. The ERP system lacks this feature whereas in Asset Infinity's Asset Management Software you can easily perform asset auditing and verify assets as well.
Both applications have their own importance. As we know, asset management software specializes in asset tracking and asset life cycle management. Whereas Enterprise asset management software specializes in data management, PO management, and account & finance management. However, PO management & data management can be done with Asset Infinity’s asset management software.
Moreover, there are lots of features that give an extra edge to the asset management software. Furthermore, this software is useful to all sizes of organizations and to all industries. As every organization of every sector has assets. Whereas EAM can only be useful when you are a generous size organization and have a specific type of requirements. Asset management software fits in all organizations. It can be fruitful to all organizations as it can boost the efficiency of assets and organizations.
Frequently asked questions (FAQs)
What are the benefits of cloud-based asset management software?
Some of the major benefits are given below:
- Increased productivity
- Accessibility & Flexibility
- Better security
- Easy integration
- Minimal maintenance cost
What are the benefits of an ERP System?
The benefits of the ERP System are discussed below:
- Data redundancy
- Better customer satisfaction
- Better data management
- On-time delivery with PO management