Proper management of your company’s assets is arguably one of the most important parts of running a successful business. By managing you company’s assets in a more efficient manner, money and time can be saved immensely. Within any industry, assets can be either physical, such as aircraft repair instruments, calibration tools and computers, or abstract, such as calibration schedules and financial information. Trying to keep track of either type can be extremely rigorous and time consuming, therefore, utilizing an asset management software can be very beneficial (and is highly recommended). In this whitepaper, we will cover the benefits of using asset management software, how to select the right fit for you, why you should choose a cloud-based application and why you should be investing in software – as opposed to using a free option.
By using an asset management system that is available anytime and anywhere, unnecessary downtime is reduced. Many new programs include mobile compatibility, which means you can access your asset records at the scan of your thumb. This cancels out old management techniques such as, Microsoft Excel spreadsheets and other spreadsheet programs.
Access to asset management is simplified in new programs. As previous mentioned, the asset management system can be accessed on your phone. This feature is open to everyone associated with your company’s inventory. Old techniques that only allowed certain individual’s access to assets lead to many oversights and discrepancies. The new programs are designed to improve these obstacles.
When using an asset management system, your routine maintenance and calibration will always be on time. New programs include custom alerts that remind you when calibration and repairs are due. This feature is extremely beneficial because you no longer have to count on looking through a planner or old paperwork to know when an asset is due for inspection.
Trying to find an asset management software for your business can be a stressful and time-consuming task. Today, the market offers a large array of software options, which make it hard to evaluate what software system is exactly right for you. There are 5 major concepts that should be taken into consideration when searching for an asset management software to ensure it will be the right fit for your needs.
Choosing a software system that is user friendly is vital. It’s important to remember that not all employees at your company are going to have precise technical skills, therefore, a simple and easy system is the best way to go. When a software system is easier to use the cost of training employees is minimal and the likelihood of the software actually being utilized is high.
In today’s day and age mobility is a necessity. For this reason, having an asset management software that can retrieve and update information quickly and on the go is essential. Technology is continuing to push towards mobile device access so why not be ahead of the game?
The right features and configurations are extremely important in an asset management system. Before you even begin your search you should ask yourself, “what features are a must?” If the management software does not offer all the features you want or need, then you do have the option of asking if it will be available sometime in the future. A solid asset management system should be able to have alerts and reminders for maintenance and inventory check ins and outs.
Having support for your asset management software is crucial, therefore, choosing a system that offers support is in your best interest. If problems were to ever occur, a proper support system is needed to fix the issue in a timely manner. Although purchasing a software with support included can be pricier, in the long run it will save you money if something were to go wrong.
Paying close attention to prices is a must. Although purchasing the cheaper option may see like the best idea, it may not always be in your benefit. The price you pay for your software should match your use case. Usually the better asset management systems will offer pricing based on the number of assets, the number of users, the features included or the number of events the software is used for.
When choosing an asset management software for all your company’s asset needs, it’s important to weigh out the pros and cons of each type of software available. Currently, cloud-based asset management software is taking over the role that manual asset software use to play. This is due to the following reasons:
The risk of data loss when using a manually installed asset management system is high. This is because all data can only be accessed within a certain computer or network of computers. In the event of a natural disaster, all data within those computers can be lost if there is damage to the equipment. Although some data can be recovered after such events, many times recovery is not possible. Companies also lose data by lack of redundancy. For example, updated systems require frequent data backups. If these are not performed regularly chances of data loss are likely. A way to cancel out data loss altogether is to use a cloud-based system. Cloud-based asset management software cannot be damaged by natural disasters and all data is backed up within the system as soon as it is entered.
Companies that use manual asset tracking systems can negatively impact their businesses bottom line. This is due to the manual software’s incapability of tracking missing or lost assets. Cloud-based management systems are capable of checking assets in and out. For example, if you work at a calibration lab with hundreds of instruments, a cloud-based system would be able to check in and out instrument’s being used by technicians. This feature allows the assets to be tracked on when they were last used and who was the last to use them. This saves companies money because they will not have to worry about paying out of pocket for assets that have been lost or misplaced. Manual asset tracking also loses money for companies due to the amount of downtime needed to browse through the software for information on a certain asset. When using a cloud-based system all asset information is available at the tap of a finger.
The biggest issue associated with manual asset management systems is the inability to access data anytime or anywhere. Manual systems are limited to specific locations, therefore if you are out of the office you will not be able to access any of the information you may need. The benefit of a cloud-based system is that it is mobile friendly and is readily accessible anytime and anywhere. This features aids in avoiding downtime or halts in business operations.
If you’re browsing the internet for an asset management system and stumble upon a “free” software, it is highly advised to keep searching. Although free asset management software may seem appealing, it is strongly suggested to invest in a quality asset management software. The standard features of free management software will not likely have everything your company wants or needs. It is important to invest in a software program that is personalized to match exactly what your company is looking for. By investing, you will actually save your company money and time in the long run.
Here are three important things to remember when looking at free asset management software online:
Although a program itself may not require your company to spend any money, the consequences of using a free program that is not personalized could cost you big time. This is because most free programs are subject to errors. When there are errors within the software, free programs usually do not have an IT company to help solve the software’s mistakes. The consequences of having data errors could be costly, therefore, it is highly recommended to invest in an asset management system known for its accuracy and its support.
Many people mistake free asset management software as being more user-friendly. This is a myth. Although the software itself may seem easier to use or say it is easier to use, this isn’t necessarily true. As previously mentioned, free programs are very standard, therefore, when trying to morph them around your company’s wants and needs things can get complicated. Investing in a management software that is appropriate for your company and industry is the simplest solution to asset management problems.
Just because free asset management software is easy to obtain it does not always mean it is good enough for your company. Many free programs lack the features needed to successful track and manage your assets. When investing in a software, you company will be able to have access to a handful of features that will decrease downtime and benefit your company’s bottom-line.