The most important task of business management should be keeping track of assets. Asset management is the task of maximizing a company’s assets to provide the best returns to stakeholders. Moreover, successful asset management can save companies time and money.
What Is Asset Management Software?
As crucial as asset management is, it still takes a great deal of time to implement and track if done manually. If you want to save time, you’d have to hire an asset manager, costing your business money. The only viable option then is to put software in place that can manage your assets for you.
What Can Asset Management Software Do?
It’s easy to recommend software that manages your business assets for you, but what does that mean? There are, after all, so many aspects to professional asset management. So which of these aspects can you automate by implementing asset management software? The short answer is all of them.
The right asset management software can be used to track your business’s inventories. Hardware, software, stationary, company transportation, and electronic devices are all assets you need to keep an eye on. Because all of these assets cost money, especially with bulk purchases, it’s essential to know where they are and how they are being used. Asset management software enables you to track your assets at all stages, from purchase to disposal.
An asset’s depreciation can also be tracked by asset management software. Most businesses still follow asset depreciation using spreadsheets, but this is far less efficient than using the software. Apart from being specifically designed to track depreciation, specialized software is much less error-prone, resulting in a more accurate valuation of assets.
Simply knowing where your assets are and how they’re being used is not always enough. There is a lot of other information involved with both digital and physical assets that software can manage. For instance, if any assets need to be repaired, you need to maintain a record of technical details. This would be everything from license entitlements to serial numbers. Asset management software can also keep records of an asset’s maintenance history. FSI UK is an industry leader in all things business optimization. For assistance in identifying and rectifying inefficiencies in your asset management, check out FSI’s website for a comprehensive breakdown of the tech available to build a smarter world.
Documents can be tracked by asset management software as well. Even though documents don’t count as a company asset, it’s still integral to track them. Documents have a life cycle of their own, from when they’re created to when they are uploaded to the cloud. Company policies, legal proceedings, purchase orders, and correspondence are sensitive information that must be kept track of to support company security.
Even while documents are in use in an office environment, it’s essential to track who has permission to access them and by whom they are being accessed and shared.
Whether you want to keep track of document usage permissions and storage or manage asset maintenance more easily, asset management software should be your primary port of call. Besides streamlining the asset management process, the right software can save your business time and money.