What Is Asset Management? Why Your Business Needs Asset Management Software

Assets are a vital part of your business. They help you run your business operations smoothly and provide financial assistance at the time of need.

Today, all small and big businesses invest in different types of assets, both tangible and intangible. Tangible assets are physical items like machinery, building, vehicles, and so on. In contrast, intangible assets are intellectual properties of the businesses like software licenses, patents, etc.

Now, the important thing here is that you have to maintain and manage your assets effectively to gain maximum ROI. For instance, if you have a printing machine in your office, you have to replace its ink and service the machine frequently for smooth functioning. Here if you don't maintain your printer, it will not work properly and impact your workflow.

It is easy to maintain one or two assets in the office. But when asset size increases in your organization, it gets very hard to monitor and maintain different types of assets.

And that's when you need to think about asset management systems!

However, if you don't know what asset management is and why your business needs asset management software, let's walk through this post to find all the answers.

What is Asset Management?

Asset management is a chronological process of procuring, maintaining, upgrading, and disposing of organizational assets. It helps to reduce wastage and lower down asset management costs.

The asset management system isn't a new concept. For ages, businesses have used log sheets and ledgers to manage their assets. However, with time, this manual asset management approach has become obsolete and error-prone.

Additionally, the asset management system requires inter-department collaboration. Here COO to equipment managers and IT specialists to engineers, everyone in the organization has to collaborate together to manage office assets. In a manual approach, it becomes impossible for different departments to collaborate and manage assets in real-time.

Why Your Business Needs Asset Management System Today

If you are wondering that your business is small and you don't need to invest in the office asset management system, have a look at these benefits that asset management software can bring your way:

Reduce asset wastage

When you have to deal with a large number of assets in the organization, monitoring and tracking them becomes a complex process. Your team members might overexploit the assets or miss handle them, which can increase your overhead costs.

Thus, having an asset management system can help you to analyze how many assets are purchased in the month and how they are used. The software can maintain a record of assets allocated to different departments. This way, you can ensure that no department is misusing the company assets.

Plan your asset funds

It is important for companies to constantly invest in the right assets to improve operational productivity. The equipment management software will allow asset managers to track assets category-wise in every department.

This way, managers can determine which department needs which assets and when. Further, the financial department can prepare the accurate asset acquisition budget in real-time.

Helps to follow compliance

Irrespective of your business size, every business today needs to maintain certain asset management compliance. There are many state and local rules that companies have to follow in lieu to avoid penalties and punishments.

Asset management software will help organizations meet all asset compliance like maintenance of equipment, testing, and proper calibration of the items. You won't have to stress about manual reporting when you use the automatic solution.

All the asset and vendor details will be accessible with a click. This way, you can follow all the national and international asset management compliance in no time.

Better asset utilisation

The equipment asset management system comes with a centralized dashboard. You can track your asset's entire transaction, movement, and repair costs with one click.

Based on the real-time asset data, you can better make plans to utilize your assets. For example, if there's a need for a new fax machine in your office. A fax machine is allocated to your sales department head for two months, which is no longer in use currently. Using this information, you can request the sales head to return the fax machine. This way, you can save on the cost of buying a new machine.

Improve customer satisfaction

Many people think that asset management systems will only help to maintain a company's internal affairs. But that's a half-truth. Effective asset management software can provide better services to your customers and improve your customer base.

When your internal operations like a warehouse, construction, and distribution channel work effectively, this helps you provide faster services to your customers. Automatically when your customers receive timely and fast services, this will boost their satisfaction level. And they won't ever leave you.

Timely equipment maintenance

For many businesses, it is legally important to repair and maintain equipment frequently. For example, construction and manufacturing companies have to make sure that all equipment is safe for workers to use. Similarly, hospitals need to ensure the functionality of their equipment as patients' health depends upon them.

Therefore, the equipment management systems have a dedicated repair panel. This allows managers to check when equipment is due for repair and the exact repair costs.

Prevent theft

Theft is a very common problem in retail businesses. Now, bad people are everywhere, and if you hire one of those bad people in your company, they can steal your stuff. In fact, employee theft costs $50 billion alone in the USA.

Here to prevent employee theft in your organization, you should use the software. Using the software, you can track and monitor your company assets in real-time. You can check the history log to see how many assets are issued to which employee. Further, asset return transactions are recorded in the centralized system to ensure that the employees return assets on time.

Easily locate assets

In a large organization, asset allocation at the right time is a big concern. Often assets are scattered across different departments and locations that it becomes extremely tough to track them in a timely fashion.

Here the software will record all your asset details in one dashboard. You simply have to click on the asset name, and you can see where the particular asset is recorded and how much it is left in the stock.

Build good relationships with vendors

The large assets mean an equally large vendor database. Thus, keeping a record of each asset's vendor, their payment rates, and other information is a tedious process like asset management.

Luckily, asset management software will let you maintain separate vendor accounts in your dashboard. You simply have to tap on a vendor's name, and you will know how many assets you have purchased from the vendor, how much payment you have already made, how much is still due, and so on.

Assets condition monitoring

Some assets and equipment need to be kept under specific conditions; otherwise, this will impact their performance. For example, hospitals need to maintain a certain temperature to store blood warmers.

All the information about assets like where it's stored, when it's repaired, and other details are recorded in the software. This will allow auditors to find relevant data to create an asset management report and meet all the compliances.

The Best Asset Management Software — TrackOlap

Along with the finest time tracking and employee efficiency solutions, TrackOlap also provides the best asset management software at highly affordable rates. We have developed a modern and integrated office asset management system for all companies, irrespective of their size.

Our software is equipped with all the latest features to help you effectively manage your valuable assets, such as:

Easy vendor management

Using our dashboard, you can record and retrieve all your vendor's information with one click. You can check delivery dates, payment status, vendors' contact details, and other details within a dashboard.

Record assets category-wise

Be it tangible and non-tangible assets or other asset categories; you can record your company assets in numerous different categories as per your requirements. This way, you can find relevant asset information quickly.

Assets cost assessment

You can record and access your asset costs in real-time. This will help you determine the exact market value of your assets, along with the repair and maintenance cost.

Asset allotment record

You can maintain proper data while issuing the assets. This will allow you to check which asset is issued to whom with one click.

Transaction history

You can track the entire life cycle of your assets with our program. From where you have bought an asset to when it is due for repair, you can track the complete transaction of an asset in one place.

Return record

When your employees have to retain the issued assets, the software will tell you. This will reduce asset managers' stress a lot.

Repair management dashboard

The software will automatically share repair reports to help you repair your assets on time. The repair reporting helps you reduce your repair and maintenance costs by keeping your assets in the ideal environment.

Department-wise allocation

From the software dashboard, you can check which department is allocated, how many assets, and how they are maintaining them.

Monthly asset budget

You can analyze your monthly cost incurred on the asset acquisition, requisition, and maintenance in real-time. This will allow you to set your monthly asset management budget and formulate strategies to reduce your asset costs.

Ready for Asset Management?

Yes. Then, all you have to do is pick up your phone or simply click on the book demo button on the top of this page. And in no time, the TrackOlap team will introduce you to the best office asset management system that can save your asset management cost and boost your business growth. Don't wait for any more; just get asset management software today!