Asset Management is a systematic way to develop, operate, maintain, upgrade, and dispose of assets in the most cost-effective manner including all costs, risks, and performance attributes.
Asset Management can be used on tangible assets like buildings or equipment to intangible assets like human capital, intellectual property, or financial assets.
Asset Management Software is an application tool used for recording and tracking an asset throughout its life cycle, from procurement to its disposal.
Important factors of an Asset Management Software
- Asset Management Software tool helps an organization to gather information regarding their assets like where certain assets are located, who is using them, how are they being utilized, and details about the asset. The software can be used for the management of both the software as well as hardware assets.
- The software is helpful in tracking every aspect of an asset and by providing some additional functions, except tracking assets it's more useful to the organizations as measuring vendor performance, optimization of supplier portfolio, vendor audit and policy compliance, optimization of costs for licensing and streamlining of procurement processes.
- Regardless this Asset Management Software has its own benefits like maximizing utilization and value of assets, enable informed decision making through cost transparency, proactive software license compliance, manage services as well as assets, track vendor and supplier performance through transparent metrics, and optimized allocations of assets for greater return on assets.
- Asset Management Software intends to be the part and necessity of the organization's IT business strategy to reduce IT costs and limit business to further reduce the legal risk related to the ownership and use of software, developing it as maximizing IT responsiveness and user-end productivity.
- Asset Management software has become a necessity as it helps the organization to monitor and manage their assets using a systemized approach. Effective management includes improvement of productivity and efficiency which helps a business to acquire a better position to increase their return on investment.
- A correctly implemented Asset Management Software can keep a track of all assets; manage assets from different locations; provide an opportunity to plan against financial, operational, and legal risk; define the service levels; organize the asset portfolio; create a more efficient operation with the ability to track performance; improve time management; measure and monitor life cycle costs; promote the economic stability and growth of the company.
Enterprise Asset Management Software is the part of Asset Management as it is used by the big organizations to manage their entire life cycle of an asset from its creation to disposal. These organizations include a large number of users across multiple sites which include capabilities like life cycle planning.
EAM System provides the management of the maintenance of the physical assets of an organization throughout each asset's life cycle. EAM system helps in planning, optimizing, executing, and tracking the maintenance activities linked with priorities, skills, materials, tools, and information.
EAM system takes charge of the design, construction, commissioning, operation, maintenance, and decommissioning of equipment and facilities. It manages the assets of an enterprise across departments, facilities, business units, and geographical locations.
EAM Software application provides features like asset life cycle management, preventive maintenance scheduling, warranty management, integrated mobile wireless handheld options, and portal-based software interface.
EAM software optimizes and extends asset life cycles and reduces the total cost of ownership, maximizing overall asset productivity, and increasing return on assets.
EAM software results in a maximized return on asset (ROA), reduced costs and risks, improved asset decision making, compliance with required regulations, increased asset service responses and enhanced efficiency, and lowered total cost of ownership (TCO).
EAM system can be categorized as various managements as physical asset and infrastructure management, IT service management, digital asset management (electronic media and content), fixed asset management and accounting, emerging asset management.
EAM system should be part of existing Enterprise Resource Planning (ERP) through an EAM application. EAM software helps you improve predictability and help you avoid costly breakdowns. One can handle the duplicity issues or mishandled information when the numbers are input into two separate systems.
EAM software enables organizations to reduce the burden of paper handling. It also increases the space o visibility of all company assets through effective reporting and allowing a company to recognize areas of improvement and excellent performance.