Keeping track of assets running into thousands on a spreadsheet can be cumbersome and a nightmare for any organization. The chances of the master spreadsheet getting corrupted can be high and lead to monetary losses.
A better way to handle the assets is to use product information management solutions. They use software that allows storing all assets on the system and gives real-time information on each asset of the organization. The solution provides a centralized system that allows one to control and decrease administrative costs, gives better asset visibility utilization on the dashboard, improves services, and standardizes procurement and maintenance costs. The system checks maintenance records and reduces operations downtime with preventive maintenance.
Functions of Asset Management Software
Asset details
Each asset’s details are stored in the system. If they are under a lease agreement, the following records are kept:
- Details of the lease agreement
- Lease terms and conditions
- Lease Start and end date
- Lessee and owner of asset details
- Monthly lease rental amount
- The residual value of the asset
- Useful life span of the asset
The documents, including invoices and photos of each asset, are stored in the system. Hence, these documents are retrieved in seconds without searching for a folder on the desktop or physical file cabinets.
- Easy tracking of asset location
Tracking an asset is imperative. It can be frustrating if details of assets are not available when needed. The software allows one to search for the asset by using any criteria such as
- Location of the asset
- Asset type
- Lessee or owner
- Purchase date
- Installation date
- Warranty date
- Prioritize service tickets
A facility management department of a large organization with thousands of assets receives dozens of requests every day. At times, it gets complicated to decide which service call is to be addressed first.
If integrated with the facility management software, the asset management system will help prioritize. For example, the software will look into the asset details, contracts, service history, warranty expiry date, and according push the servicing, which is more crucial. If the asset is of critical nature, as revealed by the details seen on the system, which might affect operations, the decision becomes easier.
- Know the total cost of ownership of assets
It is good to prioritize the asset servicing as and when they happen, but one should keep in mind the cost-benefit of the assets. If the costs of servicing give a negative return on the asset, then the question comes whether the asset is to be retained or replaced by a new one that will be more efficient and financially viable. The asset management software will provide the complete picture of the asset, which will help to make a prudent decision.
Conclusion
Managing the assets efficiently in a business makes an impact on profitability. For example, suppose a car rental company has certain vehicles that have become old and fuel guzzlers. In that case, they affect the overall performance of the vehicle fleet of the company. It is sensible to weed out the loss-making assets and replace them with more efficient and productive assets. Asset management can be a hassle when an organization uses manual systems and outdated processes.
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