The effective practice of asset management aims to increase asset lifespan, ensure round-the-clock functioning, and save time and money. These benefits are the direct results of regular asset tracking, monitoring, and governance. It’s easier said than done.

The increasing complexity of asset management stifles day-to-day operations. The root cause is manual-intensive tools like spreadsheet software and paper-based methods. An alternate, superior solution to oversee your assets is to adopt a fixed asset management software solution.

Utilizing a dedicated software application for asset management eliminates several complexities. The caveat of relying on any other solution than an asset tracking application is the extensive manual operations. And that opens up room for errors and consumes a lot of time.

Are you looking to decrease the time it takes to manage assets and curb expenses? Then you’ve come to the right place. We dive deep into what a fixed asset management software solution is and how it maximizes productivity and returns. Let’s get started.

What is fixed asset management software?

Fixed asset management software is a powerful application designed to oversee multiple facets of assets. It is a one-stop solution to perform critical tasks ranging from tracking asset movements to controlling maintenance, transfers, and disposals. A cloud-based fixed asset management application can run on desktop devices, smartphones, and tablet devices.

Modern businesses benefit from the cutting-edge features built into fixed asset management software applications in several ways. The modules simplify asset lifecycle management, spanning from asset acquisition to decommissioning. Regardless of what industry domain your business belongs to, fixed asset management software is a must-have to thrive in today’s market.

Minimizing spend and time using fixed asset management software

Speeding up the asset management process and curbing expenses is easy when you use an asset-tracking software solution. Let’s see how.

Real-time asset tracking

Assigning personnel to visually inspect asset counts and locations is time-consuming and incurs labor costs. A fixed asset management software solution can integrate with asset tracking devices, allowing you to gain complete visibility of your assets at all times. The devices include RFID/NFC tags, barcode scanners, and barcode tags.

Preventative maintenance

Performing reactive maintenance on your assets attracts unprecedented expenses, which can take a toll on your profits. Reactive means fixing asset discrepancies after they occur. With an asset management system, you can create preventative, notification-backed schedules. They enable routine inspection and servicing of assets, helping mitigate problems before they become severe.

Calculate depreciation

Steep depreciation that goes untracked can put your operations at a financial disadvantage. On the bright side, asset management software monitors depreciation values in real time. From the time you acquire an asset, you can enter the rate of depreciation and let the software keep tabs on it.

Centralized data & controls

Spreadsheet and paper-based tools create data silos. To manage assets, you will need to check various spreadsheets or paperwork. Asset management software is a centralized solution. So all asset data pools into a single window. The dedicated application gives you a 360-degree view of your assets and the controls to execute transfers, maintenance, disposals, and more.

Reports & analytics

Asset management software pulls information from various asset activities and detects patterns and trends. It leads to the generation of reports and analytics. They reveal the assets your company frequently uses, maintenance frequencies, total asset value, and more. The insights enable you to optimize your asset management strategy for the best returns.

Summing up

Boosting business prospects relies on how efficient your asset management strategy among many other things. Cutting down the time you put into managing assets and expenses without compromising operational quality can give you the edge to expand and grow. The best solution for that is our asset management software – SmartAMS. It has industry-leading features, a user-friendly interface, and top-end security protocols. Reach out to us to learn more. Save time and money managing assets today.