What is Asset Management Software and How Does It Help
Asset management is about identifying and tracking your assets such as equipment and infrastructure, ensuring their effectiveness, and prolonging their useful life. Asset management software helps manage all of your assets by capturing all of the asset-related details such as location, issue history, configuration, warranty information, service manuals, repair history, site info, cost, vendor, and more in one intuitive solution.
good asset management software helps you in the following ways...
- easily captures and stores highly detailed info on each asset: Asset management software makes it easy to capture and update info on each asset. Data fields are synced throughout the system which streamlines the entry process, eliminating the need to enter data into multiple spreadsheets or locations and reducing manual errors. Users can also upload files like photos, maps, manuals, contracts and other documents to the asset record. Barcode technology can be used to quickly scan information into the system. As a result, asset records are robust, reliable and informative.
- finds information quickly: When it’s easy to store such a wide range of information, your asset records become comprehensive, which means you can find most any information related to a given asset quickly and easily. Not sure what record the information is stored in? Powerful search functions help you easily find data placed in any record or file.
- tracks what changes were made when and by whom: Having a complete change history in the record is helpful in many ways. If you need more information about a detail that was added, you know who to ask. If there are errors in the data, you know who to address. For configuration management, if you’re not sure when the configuration of an item or network was changed, not only can you find that out easily, you can also see who changed it what it was previously. If the new configuration isn’t working, it’s easy to revert or adjust based on the historic record.
- automates workflows and alerts: Users can receive alerts when changes are made so they’re kept informed of asset activities and events. Other automated alerts include maintenance reminders, warranty deadlines, and repair projects. All of this means less items “falling through the cracks” resulting in a more reliable network of assets with longer lifecycles.
- provides industry-specific efficiencies: Asset management software can have specially formulated functions tailored to certain industries. For example, Mcmtech’s Commasset and Commshop include data fields uniquely designed to manage communications sites, ID assignments, and other mission-critical radio-centric functions. Fleet-focused solutions capture details relevant to vehicle management such as oil changes, tire rotations, and mileage.
- generates visual data for easier analysis: Asset management software provides dashboards, visual charts, and graphs to help users to see trends such as equipment models with high turnover rates, teams that are most proactive about maintenance vs. those who tend to lapse, locations that need the most asset support, etc. These visual aids also help with reports.
Not all of these features are in all asset management solutions. Do your research and ask your peers what they use to see what solution may best meet your needs.
benefits of using asset management software include:
improved accountability – ensure that everyone in the organization is treating assets responsibly
longer useful life and optimized utilization of assets – get the most of your equipment and infrastructure while avoiding disruptive down time
asset network reliability – feel secure that your equipment is where it’s supposed to be and that it will work when needed
cost savings for your organization – reduce unexpected high-cost service and time offline; reduce redundancies and waste
time-savings for your team – streamline processes and automate workflows so your team can focus on other attention-demanding areas
data-supported decisions – plan your budget better and get support for procurement or other services based on actual historic data
successful audits and other regulatory compliance – fulfill audit requirements with ease and follow industry-regulatory criteria to avoid legal repercussion
when to get asset management software
Perhaps yesterday.... it’s never a bad time. As your organization grows, your network of assets becomes increasingly more complex. Manually keeping track of these assets becomes nearly impossible, and mismanagement can lead to significant losses and risks. If you’re in a mission-critical field or a growth industry, it’s not a matter of if, but when you start using tools built for the task.
Asset management software helps you track, manage, and maintain to make the most of your assets, improving your operations and your bottom line.
learn more about Mcmtech’s asset management solutions
Updated September 29, 2023, 3:28 pm