Choosing Asset Management Tools for Your Business
Monitoring, tracking, and analyzing the assets in your organization can be time-consuming work, particularly if your business has either a high volume of fixed assets, or they are spread across a variety of different types or areas. In this article, we will explore how using carefully targeted asset management tools can help your business to succeed in better managing its assets.
What is the purpose of asset management tools?
An asset management tool is any intervention that supports your business to deal with the administration, discovery, tracking, and strategic financial aspects of its fixed assets. However, it is increasingly the case that software is being used as a robust way of carrying out this function.
The purpose of asset management software is to make it quicker, easier, more accurate, and more streamlined to deal with the assets of an organization. This reduces the amount of human manual intervention required and decreases errors and time spent accordingly.
Types of asset management tools
While the software has undeniably replaced manual ways of asset management such as databases and spreadsheets, there are a variety of types of asset management tools offered within the software to support different parts of the process.
For example, a management tool that supports asset discovery will help your business define and analyze both the active and inactive assets (usually IT-based) in your business network and review how they are being used.
Using an asset management tracking tool is a useful way to gain insight into the full life cycle of your assets so that you can gauge condition, depreciation, and value for money to make informed decisions relating to future purchases.
An equipment tracking tool can also help you evaluate the cost of equipment that is lost, obsolete, or not being used to its full potential and identify ways to make cost savings in this regard.
Features to look for in an asset management tool
Your requirements for the asset management process will be directly related to the unique circumstances of your organization such as its size, industry, and volume, as well as the type of assets it owns. However, there are some key features you should focus on when comparing options on the market to ensure that you are getting good value for money.
First, you should be looking for software that can offer sophisticated asset data audits and tracking capabilities within one, easy-to-access space. The tool should also offer the functionality of tracking assets throughout their life cycle, for strategic analysis purposes. In addition, with the aim of ultimate simplicity and ease of use, a single web-based interface is often preferable, with a range of different user options.
Benefits of using asset management tools
Purchasing an asset management tool is an investment. Therefore, you need to be confident of the advantages that it can bring to the asset management activities of your organization.
One key advantage is the cost savings that it can offer your business, since information on assets can be consolidated and managed in one place. With many tasks now being automated, the process is less reliant on human intervention.
By proactively monitoring and analyzing assets continuously through their lifecycle, you can make well-informed, timely decisions about their use and value, potentially saving money.
Top 5 asset management tools
Below are our top picks of asset management software:
1. Infor EAM
A robust and highly configurable solution, Infor EAM has comprehensive features and personalization across different industries.
With the ability to be hosted via the cloud or as software depending on your business needs, Oracle has core features and maintenance management solutions to extend the life of your assets.
3. IBM Maximo
A great choice for organizations with a high volume of assets, IBM Maximo offers a wide range of features.
4. SAP EAM
One of the better-known asset management systems, SAP EAM has high-level functionalities and holistic and strategic analysis of asset lifecycle management.
Perfect for medium-sized or start-up organizations, Avantis is a good choice for providing comprehensive features along with good customization options.
Discover the benefits of asset management tools for your organization
Maybe you are still relying on outdated manual processes or complicated, formula-driven spreadsheets to manage the assets of your business.
If this is the case, there is certainly a more effective way to simplify the process, cut your costs and inaccuracies, and derive information-rich data by using an asset management tool.
Consider performing a robust needs analysis of your business prior to investing to ensure that you choose an asset management tool that suits the needs of your organization.