5 Reasons Why Asset Management Software Will Enhance Your Business This Year

Asset management involves how your company accesses, controls, and reports all of your assets, both internally and with your suppliers, partners, and customers. For companies that have physical assets, a robust asset management system is essential for both maintaining and managing the assets within the portfolio to produce a more efficient operation.

With the right asset management software, all of your Companies’ tangible and intangible assets can be effectively managed from one central point. If you are still unsure about whether or not you need to implement (or update) your system, read on to learn the five reasons why asset management software will enhance your business this year.

1. It will help you to manage and keep track of all assets.

At its core, asset management software was developed to help firms like yours manage and keep track of all assets – no matter where they are located. Within your software, you will be able to store critical documents for each asset (such as lease terms, monthly payment, and market value). Additionally, you can add photos of each asset, so there is never any confusion over the item in question.

The best asset management software will aid your employees in quickly finding an asset. As such, within the system, they will be able to search for an asset using different criteria such as location, install date, and owner.

Furthermore, if you opt for an asset management system that offers a mobile app, you will find that employees are able to manage assets even more efficiently. With the accessibility of an app, workers can access necessary information from wherever they are and whenever they need to. This flexibility is priceless for companies with assets that are spread out between different locations or offices.

2. It will improve time management.

When incorporated smartly, asset management software can significantly boost your firm’s productivity. One of the ways it accomplishes this is by making collaboration between teams easier. Within most firms, various departments work with an assortment of data and files and, without one central system in place, it is challenging for departments to share and retrieve necessary files efficiently. Asset management software removes this issue and replaces it with fewer delays and quicker turnaround, translating to higher productivity.

As all work orders and other asset-related tasks will be digitally registered, it allows management to keep a record of who worked on what project, how long it took, and the end result. This detailed record helps to hold everyone accountable while also producing explicit performance trackers.

What’s more, the best asset management software is equipped to automate repetitive tasks, allowing employees to redirect their time and attention to more productive matters. The more your workers are able to focus on income-making tasks, the more profitable your company will be.

3. It will streamline maintenance operations.

Even in 2020, the vast majority of businesses don’t have a streamlined maintenance process in place. Luckily, the introduction of asset management software can change this as one of the most significant benefits is that it can help you to manage your asset maintenance operations.

The first way it can do this is by setting up recurring service orders to ensure that you are regularly checking on machinery. By automatically generating work orders at specified intervals, this software can dramatically increase your maintenance capabilities while reducing the human resources necessary to stay on top of it. Moreover, recurring work orders are one of the most essential parts of an effective preventative maintenance strategy.

Smart businesses know that having a CMMS designed for multiple functions and tasks is key to averting reactive maintenance and reducing asset downtime. The best CMMS system will help you conduct maintenance tasks in a timely and reliable manner while also satisfying your work regulations and practices.

4. It will assist in prioritizing work orders.

No matter how much preventative maintenance you do, you are still inevitably going to run into occasional issues with assets. One of the biggest problems for many businesses comes in the form of work orders. On any given day, there is a good chance that your employees make and receive several work order requests, making it hard to ascertain which ones need to be prioritized.   The requester of the work order often forgets they have requested the service with a CMMS system; they can be notified of the status of their order through a dashboard, through every stage.

With the help of asset management software, your employees will be able to gather more context about each of the assets. For example, if they receive work orders regarding two different computers and only have the time to address one of them, they can instantly pull up the service history of each. After a quick scan through the asset records, they may quickly learn that one was a recent company purchase, while the other one is several years old and not using the current operating system.

Then, it will be clear which asset needs to be prioritized.

5. It will promote the economic stability of your company.

Many companies are surprised to hear that by investing in high-quality asset management software, they are actually able to reduce costs in various areas of the business.

As mentioned above, as this software enables you to conduct preventative maintenance effectively, it is helping you to avoid costly issues related to asset breakdown in the future. The introduction of asset management software to your organization means that you are better equipped to monitor your investments and identify potential issues before they develop into an expensive predicament.

As asset management software helps you to maintain your assets, it also increases the lifetime of your assets. Thus, this software ensures that you can get the most value from your machinery or systems by avoiding premature damage or failure.

Additionally, you can analyze the data that the software collects so that the right decisions about the management of assets can be made. The results of these decisions can be observed so that accurate cost-benefit analyses can be conducted.

Is your company currently utilizing asset management software? Why or why not? If so, have you noticed a difference? If not, what are you waiting for? Let us know your thoughts and any additional insights in the comments below!

AUTHOR BIO

Andrew Piechowiak is the General Manager – Asset Management Business at SGE Group International, a multidisciplinary group of companies with core business interests in Asset Lifecycle Management, Land Development and Software. Aladdin is SGE’s proprietary Asset Lifecycle Management software, designed to empower FM, Maintenance and Asset teams across multiple industry sectors.