This blog talks about how asset management software can help businesses effectively manage their assets. Benefits include accuracy, accounting, time/cost savings, utilization, maintenance management, and compliance. Popular options are AssetExplorer, Asset Panda, and GoCodes, and businesses should choose based on their specific needs.
The article discusses the importance of asset management software for businesses of all types and sizes. It defines asset management software as a tool that helps manage various categories such as IT asset management, enterprise asset management, financial asset management, and infrastructure asset management. The benefits of asset management software include improved accuracy of asset documentation, better asset accounting, time and cost savings, enhanced asset utilization, improved maintenance management, and better compliance. The article also mentions popular asset management software such as AssetExplorer, Asset Panda, and GoCodes. Lastly, the article emphasizes that choosing the right asset management software requires consideration of a business’s specific needs, budget, and the software’s features, functionality, scalability, and ease of use.
As companies continue to expand their operations, their asset inventory grows as well. In turn, it becomes increasingly challenging to manage, track, and maintain all of these assets manually. That is where asset management software comes in handy. Asset management software is a solution that helps businesses track and maintain their assets, providing a streamlined and efficient approach to asset management.
What is Asset Management Software?
Asset management software refers to a tool that helps businesses manage their assets, whether tangible or intangible. Depending on the business type and scope, it can cover various categories, such as IT asset management, enterprise asset management, financial asset management, and infrastructure asset management.
IT asset management (ITAM)
involves managing a company’s hardware and software, such as company-owned devices, licenses, subscriptions, patents, and network infrastructure components.
Enterprise asset management (EAM)
Responsible for handling physical assets throughout their lifecycle. Financial asset management is about dealing with investments, securities, loans, and other financial instruments. Infrastructure asset management is used by public organizations and large companies to manage, update, and remove physical infrastructure assets, such as roads, bridges, and utilities.
Asset management software offers many benefits to businesses, including better accuracy of asset documentation, improved asset accounting, time and cost savings, enhanced asset utilization, improved maintenance management, and better compliance with relevant laws and regulations.
By using asset management software, businesses can reduce human errors in manual document management, minimize asset theft and loss, and automate asset management workflows, allowing teams to do more in less time. Asset management software also offers better visibility and control over assets, enabling businesses to analyze asset utilization patterns, plan asset availability and maintenance, and improve their asset utilization strategies. Additionally, the preventive maintenance feature of asset management software can help achieve stable and continuous operation of assets.
In summary, asset management software is an essential tool for businesses that need to manage their assets effectively. With its many benefits, such as increased accuracy, better accounting, time and cost savings, enhanced utilization, improved maintenance, and better compliance, asset management software is a valuable investment for any business that wants to optimize its assets and reduce operational costs.
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Benefits of Asset Management Software
Improved Asset Documentation Accuracy
Manual document management can be prone to human errors like typos or accidental omissions. With asset management software, you can minimize these errors and ensure better accuracy in your asset documentation.
Better Asset Accounting
Asset management software provides a centralized system that can help you keep track of what assets are available and where they are located. It can also help you identify ghost assets and avoid asset theft and loss.
Time and Cost Savings
Automated asset management workflows can help your asset management team be more efficient, allowing them to accomplish more tasks in less time.
Enhanced Asset Utilization
Asset management software can provide better visibility and control over assets. It can help you analyze asset utilization patterns, plan asset availability and maintenance, and improve your asset utilization strategies.
Improved Maintenance Management
Asset management software can include preventive maintenance features that help achieve stable and continuous operation of assets.
Keeping track of license entitlements and regulatory compliance requirements can be a challenge. Asset management software can help you minimize legal risks and reduce non-compliance costs.
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Popular Asset Management Software
There are several popular asset management software solutions available, including:
ManageEngine AssetExplorer is a web-based ITAM tool aimed at managing IT assets and offering features for physical asset management. Its features include comprehensive inventory management throughout the asset lifecycle from procurement to disposal for all hardware and software inventory, software license management, contract and purchase order management, asset reporting, configuration management database (CMDB), and a mobile app to track and manage hardware and software assets in any location. The starting price is $995 per year for 250 IT assets.
Asset Panda is a cloud-based asset management and tracking platform that offers a range of features like barcode scanning, unlimited users, and custom reporting. Its features include asset tracking, barcode management, mobile app with built-in barcode scanning and GPS pindrop, and more. Pricing depends on the number of assets and is available upon request to AssetPanda.
GoCodes is web-based asset and inventory tracking software for companies that need to manage physical assets. Its features include patented QR code tags with unique IDs, automatic GPS tracking with a mapping feature, automated field service requests, depreciation calculation and reporting for fixed assets, auditing financial performance and operation of assets, and more. GoCodes offers five pricing plans on a monthly and annual basis, each including a different number of assets and users.
Asset Management Software has become a necessity for businesses of all sizes, types, and industries. It helps organizations to track, organize, and maintain their assets throughout their lifecycle, thereby optimizing asset utilization, improving productivity, reducing operational costs, and enhancing compliance. Asset management software automates asset management workflows, improves asset documentation accuracy, provides better asset accounting, and enables better asset utilization and maintenance management.
Choosing the right asset management software for a business requires consideration of the business’s specific needs, budget, and the software’s features, functionality, scalability, and ease of use. Businesses can choose from a range of asset management software options available in the market, from IT asset management to enterprise asset management, financial asset management, and infrastructure asset management.
Overall, investing in asset management software can be beneficial for businesses in the long run by improving asset management efficiency, reducing operational costs, and optimizing asset utilization strategies. With the right asset management software in place, businesses can be better equipped to manage their assets effectively and efficiently, leading to better business outcomes and growth.
In case you need assistance in creating a customized asset management solution that aligns with your company’s requirements or require help in selecting and modifying an existing product, we’re here to assist you. Please feel free to inform us, and we’ll ensure to provide you with the support you need. As your partner, we are dedicated to delivering solutions that perfectly fit your business needs.