Keeping track of accurate asset register is a major task for all the companies of the industry. It is important for a business to manage its assets efficiently to get the maximum possible returns. Asset management software provides significant information like Assets count, current status, location and the asset owner. But spreadsheets can also provide the same. It can categorize the assets, generate simple reports and also help track purchase and depreciation costs. However, asset management software has its own benefits than spreadsheets. Below are the top ten Asset management software benefits in your business.
Benefits of asset management software
Asset Management Software acts as a central database of the company. It can store necessary information such as purchase details, copies of invoices, descriptions, images, documents, manuals, attachments, contract agreements, project-wise assigned assets and materials for each asset. Apart from this, it keeps track of service history, maintenance, warranty details. This will let you know which assets have to replace and it’s time of preventative maintenance and inspections which reduces human error.
Asset Management software allows the company to track the assets from different locations and shows where the assets are currently located, last location history, how they are used, and when changes were made to them. So that you can easily identify the assets which were not reported or checked in by the user. It tracks the asset from purchase to disposal includes Supplier selection, Depreciation calculation, Sold information in order to maximize efficiency and minimize the loss.
Advanced Check in/Check out
Advanced check-in and check out functionalities of the software greatly increase the accuracy of the asset register and reduce the time spent over assigning the assets. The software allows assigning single/bulk assets at a time. While receiving the asset also, single/bulk check in is possible.
You can host asset management software according to the requirement in cloud or on-premise. The cloud-based software extends the benefits in cost and time-saving. No need to wait for the series of installation processes, updates in the cloud-based software of asset management. Since you don’t have to worry about issues with computer crashes or conflicts with other programs. additionally, new features will be published as soon as the development finished. Easy setup makes the project looks a lot friendlier.
Asset management software comes with both predefined data fields and custom fields. Predefined fields may or may not apply to your business or sometimes you may require to manage Non-IT assets. To help in this situation, asset management software allows creating asset register with new fields of your own according to the requirement.
Real Time Notifications
Asset Management Software will automatically send real-time notifications for all the major actions which performed over the assets. The notifications will send to the users as well as to the management. Additionally, the threshold feature of the asset management software allows managing the stock of assets on your own.
IT Asset management provides a robust reporting feature to make insightful business decisions. Predefined reports of the reporting software will give the primary report. But each department and teams of the organization may need a different type of reports for various purposes. Custom Report feature of reporting software allows creating the own reports according to the different requirement. Asset management software can streamline the complete requirements of your organization.
Compliance Management is one of the biggest challenge faced by most of the organizations today. Observing regulatory compliance and audit policies are necessary for every organization. The asset management software monitors the license compliance and manage warranties on hardware assets and meet the guidelines of regulatory requirements for the asset register. Hence you can avoid severe penalties.
The auditing procedures ensure the existence of assets in a company. Some common procedures were used to test the existence of different category assets while auditing. Asset management software follows the same auditing procedure. The audit team of the asset management software will perform internal audits in a regular interval and provide the audit report. So that, you can better identify inefficient procedures and then eliminate them.
Asset management software increases the performance with automated processes for adding, modifying asset records. The software has the bar-code facility which makes the physical asset verification process easier. The collaborative working of the software helps a business to reduce both the overall capital expenditure and operating expenditure related to the assets.
The benefits of asset management software will begin from the asset register creation and extend up to managing your employees, projects, suppliers, tasks and so on. Managing assets manually takes a lot of time and costs without getting the equivalent results like spreadsheets. To optimize your asset management system, consider using an automated asset management solution. IT Asset Management Software automates your asset management processes, such as asset value and depreciation tracking, asset maintenance, contract management, cost analysis, project management, and in-depth report generation. By automating complex asset management tasks, you will be able to improve the efficiency, effectiveness and productivity of your business. The same can provide the opportunity to plan against financial, operational and legal risk.
Also read, Fixed Asset Auditing Procedures