Think about manually keeping track of your firm's hardware and software assets. It sounds like a logistical nightmare, right? Especially when it involves large industrial enterprises. Thankfully, asset management software is available, which segregates configuration items and assets, monitors, oversees and maximises the company's assets. 

  

Asset Management Software aims to give businesses a centralised database and user interface that they may use to manage their physical and digital assets from acquisition to disposal. Read this blog further to understand why organisations must manage their assets.

 

Why does a Company need to Manage Their Assets?

 

Managing assets is an essential aspect of running a successful business. Now, let us understand this through some fundamental reasons listed below.

 

Reasons:

 

  • Controls cost: Effective asset management can assist businesses in maintaining cost control. It reduces overspending and helps make the most use of already available resources. 

 

  • Increases productivity: When assets are appropriately managed, they are kept in good operating order and are always available. This avoids delays and downtime and helps businesses to increase production and profitability. 

 

 

  • Improves decision-making: Asset management software provides the most recent data regarding the performance and state of the asset. Businesses use this data to decide maintenance, repair, and replacement choices, ensuring that resources are spent effectively and efficiently. 

 

  • Assist in better financial management: Effective asset management can assist businesses in keeping track of the value of their assets and helping them decide when to invest in new machinery or technology. Businesses can enhance their operations and achieve long-term success by implementing intelligent asset management techniques.

5 Things to Consider Before Choosing Asset Management Software

 

 

1. Accessibility

 

Accessibility in the context of asset management software refers to the idea that the software should be created and developed to make it usable by all types of individuals.

 

Areas to consider 

 

  • User interface: The software must allow keyboard navigation and have an interface that is simple to understand, with the right colour and contrast combinations.
  • Compatibility: The software should be compatible with assistive technologies such as screen readers, magnifiers, and voice recognition.
  • Documentation and support: The product must include online tutorials, customer support options, and clear and understandable documentation.

Read More: ServiceNow Software Asset Management: A Statistical Analysis of ROI

2. Features

Depending on your company's unique requirements, asset management software can provide a wide range of features and functionalities.

Areas to consider

  • Asset tracking: The software must eliminate manual tracking of assets contracts, provisioning, allocation and retirements. It must allow you to track the asset's location, maintenance history, and usage data. 
  • Maintenance management: It must offer tools like scheduling and tracking maintenance activities. 
  • Inventory management: Software should have inventory management features such as inventory tracking, stock level monitoring, and automatic reordering.
  • Reporting and analytics: It must allow you to generate reports and analyse data on asset usage, maintenance costs, and inventory levels.
  • Mobile access: It must also give the facility of mobile access so you can manage your assets from anywhere, anytime.
Also, consider software that enables your company to monitor entitlements, licencing overlap, and over and underutilised assets.
 

3. Scalability

 
Scalability is the capacity of asset management software to develop and change over time in response to shifting business requirements.
 
Areas to consider
 
  • Size of the asset database: Software should be able to manage an increasing number of assets. 
  • The number of users: It should accommodate more users without slowing the operation. 
  • Customization and configuration: It must let you adjust its settings to suit your changing business requirements.

Read More: What is Software Assurance? Why Maintaining it is Important

 

4. Pricing

 

Cost is a crucial factor to consider when you select asset management software for the organisation. Depending on the specific features and functionalities included, the size of your company, and the number of users, the cost of asset management software can vary significantly.

 

Areas to consider

 

  • Subscription or one-time purchase: While some asset management software can be purchased once, others must be subscribed. Consider which pricing model makes the most sense for your business.
  • Cost per user: Some asset management software has flat-rate pricing, but some have user-based fees. Prefer the pricing model, which is more cost-effective for your business.
  • Support and maintenance costs: Some asset management software could need more support and repair. Consider whether these expenses will be billed individually, or whether the pricing covers them.

5. Support

The software's support should be considered when comparing asset management software.

Areas to consider

  • Types of support offered: Consider software which provides support such as phone, email, chat, and self-help resources.
  • Availability of support: Prefer software which provides availability of support, such as 24/7 availability, during business hours, or on a limited schedule.
  • Response time: Consider how quickly support requests are responded to, whether it takes minutes, hours, or days.

Conclusion

 

Today, the scope of asset management software goes beyond basic IT tasks, application administration, expansion, maintenance, and management. Additionally, it emphasises providing continued business optimisation, innovation, and value, producing distinctive end-user experiences, and enabling you to conduct meaningful business transactions.  

In addition to the features mentioned above, it's crucial to select asset management software that integrates with your existing systems and workflows to increase efficiency. With inMorphis, you can achieve seamless integration and streamline your asset management processes.

Learn more about the impact of choosing the right asset management software for your organization.