Asset Management Software

Hospitals rely on assets to run operations smoothly, and for this reason, an Asset Management software is a must for their facilities. Every year, organizations and institutions spend millions on buying new assets and maintaining or disposing of the existing ones. There is a constant exponential rise in investable assets. It is expected to reach $102 trillion by 2020, from $64 trillion in 2018. With more assets, the already difficult task of managing assets becomes even more tedious. Poorly managed assets can financially break many organizations. These complexities in managing assets call for the use of Asset Management Software within the healthcare industry.

Asset Management Tracking

An asset Management Software keeps a record of the assets used in an organization. It helps manage the inventory of assets and track them throughout their lifecycle, from procurement until final disposal. You can check the current state of the asset, current user of the asset, and other details like its location and expiration date. This software maintains an Asset Management Database which stores complete information related to every asset. .

Benefits of Asset Management

Some of the benefits of an Asset Management Software are listed below:

  • Reduces expenditure on assets through cost transparency, which means, helping you analyze the cost of other similar assets and the actual current cost of the asset
  • Maximum utilization of the assets through continuous tracking and monitoring of its use and status
  • Covers all license compliance procedures related to the asset
  • Streamlines an organization's procurement process
  • Regularly audits and provides analysis to track vendor and supplier performance
  • Results in optimum allocation of assets leading to a greater return on investment
  • Provides other services like compliance management, depreciation management, and maintenance management
  • It helps in the better discovery of assets through inventory and consequently more efficient deployment
  • Easy upgrading of the asset as a result of complete visibility
  • Provides the management of intangible assets like documents, patents, contracts and leases, copyright, intellectual property, etc.

Need For Asset Management

Moreover, Asset Management has recorded unprecedented growth over the last few years. Asset management solutions within hospitals has increased by 12% in 2017, amounting to a $79.2 trillion industry. Now is the time for healthcare facilities to invest in an asset management solution for the benefit of their assets and organization.