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Asset management software is a program particularly designed to assist businesses in managing their physical and digital assets including machinery, equipment, and inventory. The ERP software allows users to track assets, monitor their performance, and accurately record changes in asset values.
With the right asset management software, businesses can easily track the values of their assets with time, making sure that they are precisely maintained and updated as per the requirements. This software also enables businesses to optimize their asset investments, ensuring that they get the most out of their assets and maximize their return on investment.
Asset management is the process of managing physical and financial assets in order to achieve a desired return or objective. It involves analyzing risk, forecasting future returns, and allocating resources to ensure that investments are made in ways that meet the organization’s goals.The business management software is widely used to enhance efficiency and reduce costs and also to make sure that resources are used appropriately to uplift returns. Also, asset management is a vital part of any financial plan which involves careful consideration of the risks as well as rewards connected with each investment.
According to Research and Markets, the digital asset management market was valued at USD 2,962.2 million in 2020 and is expected to reach USD 8,158.6 million by 2026, with a CAGR of 18.46% from 2021 to 2026.
Asset lifecycle management is the process of managing the lifecycle of an asset from conception to disposal. It ensures that assets are utilized efficiently and cost-effectively and are kept in peak condition throughout their entire lifecycle. It is a pivotal part of an organization’s asset management strategy since it helps to maximize the lifespan and utilization of assets while also reducing the connected costs.
The asset lifecycle process includes major elements
Planning- It includes deciding the asset needs, goals, and acquisition. Here, companies should think of competitive options like the total cost of ownership.
Acquisition- To procure assets there are a few ways like licensing, building, purchasing, and more.
Operation- Depending on the asset types, the operations would need technical support for integration and installation.
Maintenance- This factor revolves around scheduling preventive maintenance to increase asset usage and improve their life spans.
Disposal- This stage involves discarding or disposing of an asset once its maintenance gets costly and the value decreases. It indicates that the asset has reached its maximum lifespan.
These elements ensure that assets like fixed assets are used efficiently and that their lifespan is extended.
Asset management software plays a key role in helping businesses keep track of their assets and aids in reducing costs, enhancing efficiency, and making asset management easier and more accurate.
There are many different types of asset management software available that serve different purposes.
Let’s see which are these key types-
1 – CMMS (Computerized Maintenance Management System)
The software helps businesses manage and track their maintenance operations, including scheduled maintenance of their assets and their repairing activities.
2 – ITAM (IT Asset Management) Software
This type of AMS is specifically designed for managing IT-related assets like printers, licenses, servers, etc.
3 – DAM (Digital Asset Management) Software
The asset tracking systems help manage digital assets like audio files, multimedia content, etc., and also offer asset optimization and storage, asset distribution, and more.
4 – Industry-focused Asset Management Software
Though most asset management systems offer quite similar features, there exist some particular industries that require customized software to meet their needs.
1 – RFID & Barcode Tracking-Locating and managing assets becomes easy when the assets are tracked using RFID & barcode technology. It also proves to be a powerful feature to manage large numbers of assets.
2 – Forecasting & Budget Tracking-Sage 300 ERP, the best asset management software, helps keep track of purchase costs along with monitors predictable future costs. This makes sure that the financial condition of the company remains healthy.
3 – Geolocation Tracking-When assets like a vehicle or any precious equipment, are in a moving state, the geolocation tracking feature can help companies prevent theft or any asset losses. This feature of Sage X3 ERP helps in managing the fleet more effectively with increased ROI.
4 – Periodic Scanning of Assets-This feature of Sage 300 asset management software ensures that only authorized devices are connected to the network. It scans the business networks periodically to track and fetch hardware & software details while also monitoring any change in the network.
5 – Real-time Inventory Alerts-With the Sage 300 ERP, companies can set real-time alerts and notifications for when software is installed or removed, when software is getting used post-expiry, or when the disk space on a computer crosses a specific percentage, and more.
6 – Maintenance Management-With this feature of ERP software, companies can accurately track when assets are pending for maintenance. The maintenance management software also records all maintenance activities in a centralized log file.
➦ Reduced CostThe asset management system helps reduce costs through proactive maintenance of assets that would otherwise need additional capital in the future. The software can also track and monitor the location of assets to automatically detect ghost assets, removing them and thus preventing overpayment of taxes.
➦ Better Visibility An IT asset management software offers all team members and senior executives the required visibility to increase productivity. The ERP system also helps to manage, locate, and monitor assets, and equipment across the world. This visibility ensures reduced downtime as well as reduced wastage of resources.
➦ Streamlined Inventory The asset tracking systems help companies to automatically count inventory and to automate the procurement of products whenever a low stock level is called. The inventory management software eventually cuts down manual inventory counts that are quite expensive, and time-consuming, and open the doors to improper data.
➦ Improved Data Accuracy The data gathered and analyzed with the asset management software can assist senior executives to make quick informed decisions. The asset tracking systems also help in determining the opportunities as well as inefficiencies in business processes with accessible and accurate data.
➦ Precise Asset Registers Sage X3 asset management software helps in maintaining a meticulous list of business assets which involves relevant asset information like the current condition of assets, their location, owner, etc.
The cost of an asset management system depends on the number as well as the types of assets to be managed. The actual ERP cost will depend on many factors, such as the size of the company size, the number of users, the level of customization, and the need of ERP modules.There are some asset management solution providers which offer customized quotations as per the business needs. This makes sure that the asset tracking systems can easily uplift with the changing organizational requirements.
When you are looking for asset management solution, there are a few key things to keep in mind. Here are some important steps to think of when purchasing asset management software-
➦ Compatibility with Existing Systems-It is important to check that all the necessary functions will be integrated with existing systems and applications. Also, look for scalability and make sure that the software can grow with the business.
➦ Security Features-Next, consider the security features. Asset management solution should provide secure access to data which will protect the company from data breaches and other potential security threats.
➦ Mobility Functions-Determine the mobility features of the asset management software. It should allow for asset tracking across any device, so users can access the data from anywhere and at any time.
➦ Cost of the Software-Cost is a key factor when purchasing asset management software. Look for a asset management solution that fits your budget and can provide the features you need. Various companies offer a range of pricing plans, so find one that matches your organization’s needs.
➦ Customization-While choosing an asset management software, see if there are any customization options available. As per your business needs, customization is necessary to make the business scalable. Also check if the software allows IoT integration.
➦ Reporting-The software must have powerful reporting features including pre-built reports to customized report settings. Accurate reporting can help businesses manage inventory while creating an asset register. Also, some software offer customized reporting features that helps scale the business.
If these steps are followed correctly, companies can easily purchase the best asset management software and can track their assets accurately.
If managing assets is your prime aim then deploying Sage Asset management software would be the best choice. Sage X3 asset management software is best suited for various industries including Manufacturing, Pharma, Alcohol, Distillery, Food & Beverage, and more.
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