Modern Asset Management Systems: Functions and Benefits

Workplace automation is a recurring theme among modern businesses. Thanks to automation, repetitive and time-consuming tasks are taken care of, so employees have time to handle more work and create better output. 

One area of workplace automation is asset management. Asset management system frees employees from the taxing work of looking at spreadsheets or whiteboards to monitor and control different company equipment. Now, the workforce can access all asset information easily on their computers or smartphones. 

Keep reading to learn more about today’s asset management systems and how your company can take advantage.

What Is an Asset Management System? 

Asset management is the process of monitoring all resources and their information within the business. These assets are typically tools and materials needed to keep the company and its services running smoothly. However, before, it was all manual.

It’s only recently that different companies are embracing the help of modern technology. Today’s asset management system uses equipment management software that helps companies organize resources for easy access and control. These systems also provide companies with helpful information, such as serial numbers, warranties, and service histories. 

Asset Management vs. Asset Tracking

While asset management helps companies oversee and command their resources, asset tracking helps with the physical movement of equipment from Point A to Point B. An asset tracking system uses tools like RFID to easily track resources so companies can determine where the asset is heading or where it’s been. 

Benefits of Asset Management System 

Automation systems help businesses in so many ways. For instance, it helps save time by eliminating unnecessary tasks so employees can focus more on doing their work. 

In addition, these are some of the critical benefits of an asset management system:

Monitor All Assets

Growing businesses also need to deal with increasing assets, which can be time-consuming and error-prone when done manually. Companies can easily access resources and information like location, purchase price, and condition in real-time by automating asset management. 

It also allows companies to craft a proper maintenance schedule to keep assets in their optimal condition. Plus, duplicate assets are eliminated from the system since the data is simplified.

Finally, one of the most significant benefits of incorporating an asset management system is how it eases auditing by making all the information accessible and organized.  

Team Access Anytime

Using a cloud-based system helps employees access asset information at any time and location. There’s no need for field officers and other similar employees to make side trips to the office to check a few pages in a spreadsheet. 

What’s great about modern management systems is that they allow employees to access, update, or register an asset on any device, whether desktop, laptop, tablet, or smartphone. 

Increase Customer Satisfaction

An automation tool like an asset management system helps reduce business delays. No delays mean improved customer experience, especially in the service and maintenance industry, where a simple delay dictates customer retention. Regardless of the industry, when delays are reduced, businesses run smoothly, and ultimately, customers are satisfied. 

Avoid Human Error

One of the sole focuses of automation is to eliminate human error. Asset management is not a stranger to human error, especially when the manual systems before relied on spreadsheets, whiteboards, and reliable handwriting in some cases.  

Today’s management software deals with mistake-prone tasks, such as documenting asset information, which avoids the minor mistakes that cost businesses tremendously. 

Forecast Budget Control

By knowing the history and condition of an asset, businesses can have a solid figure for acquiring new equipment. Financial statements and reports will also become more accurate with a detailed record of all assets and their information. 

Features of a Helpful Management System

An asset management system is one of automation’s helpful tools to maintain an organized business. But what makes an excellent management system? These are some of the key features to help you narrow down your choices: 

• Equipment records
• Service history
• Maintenance schedule
• File attachments 
• Import and export files
• Create custom fields

Be More Organized With an Asset Management System 

Modern technology continues to reshape different business processes with automation. One of these helpful automation tools is an asset management system. Employees can now monitor and control company assets minus the headache of dealing with many administrative tasks and paperwork. By embracing such modern systems, you enable your business to become more efficient, organized, and competitive.