Asset management systems are crucial tools for businesses and organizations of all sizes, allowing them to effectively track, manage, and optimize their physical and digital assets. In today’s fast-paced and ever-evolving business environment, the need for a robust asset management system has never been greater.
This blog aims to provide you with everything you need to know about asset management systems, including their benefits, types, and features, as well as tips for choosing the right solution for your organization. Whether you are new to asset management or looking to upgrade your current system, read on for a comprehensive overview of asset management systems.
What Is an Asset Management System?
An asset is any item of value that a business or organization uses and benefits from. Asset management systems refer to any programs or platforms that enable stakeholders to track and monitor the performance, condition, and location of assets to ensure they are used efficiently throughout their lifecycles.
Asset management systems are present in businesses and organizations across a plethora of different industries. Asset management systems involve a combination of tools, techniques, and software to accomplish specific asset management objectives and initiatives. Effective asset management helps businesses maximize the return on their investments and minimize losses.
What Is Asset Management Software?
“Asset management software” is an umbrella term for applications that are dedicated to tracking and recording assets throughout their lifecycles– all the way from purchase to disposal. Asset management software provides healthcare facilities, businesses, and other organizations with details concerning their valuable assets.
This software can keep track of information, including location, who is using the asset, how the asset is being used, and when maintenance should be scheduled and performed, among other details. The purpose of asset management software is to consolidate all the vital tasks associated with asset tracking into a single user-friendly program.
In many scenarios, asset management software applications have web and mobile apps for users’ convenience. Asset management software types include enterprise, infrastructure, and IT/digital tracking programs. In summary, asset management software streamlines all aspects of asset management to make it less challenging and more efficient.
How Do Asset Management Systems Work?
An asset management system involves assigning an individual or team to develop a comprehensive process for monitoring and maintaining all assets within a business. The process will usually include inventory, equipment, and personnel management.
The individual or team responsible for creating asset management processes and best practices will design a system to effectively manage the disposition of the organization’s assets while keeping its costs low. To achieve this goal, asset management systems must take a holistic approach that tracks different aspects of each asset’s lifecycle.
This approach includes leveraging software and tools like RFID tags to track an asset throughout different phases of its lifecycle, including procurement, assignment to users, routine maintenance, and finally disposal.
Stakeholders can simplify this entire process and ensure that their assets are properly cared for throughout their lifecycles by utilizing an effective asset management system.
Asset Management System Benefits
Asset management systems offer numerous benefits to businesses and organizations, from improved efficiency and productivity to reduced costs and better decision-making capabilities. By effectively managing and optimizing their assets, organizations can ensure they are using their resources to their fullest potential while reducing the risk of asset loss or damage. Read on to learn more about the many benefits of asset management systems in greater detail below.
Identify and Remove Wasting Assets
Asset management systems help minimize losses by easily identifying wasting assets across the supply chain and promptly removing them.
Wasting assets are items that decline in value and performance over time and are close to the end of their lifespan. Examples of wasting assets include equipment or machinery vital to daily business operations reaching the end of their usefulness.
Optimize Asset Utilization
Asset management systems help organizations determine what state or condition their valuable equipment is currently in. These insights help inform business decisions that will improve the utilization and allocation of resources across an organization. With proper asset optimization, a business can help further extend the lifespans of its valuable equipment and speed up processes.
Increase Return on Investment
Effective asset management ultimately results in a better return on investment for companies and helps improve their bottom line. By streamlining the asset management process and ensuring that valuable equipment is properly taken care of, businesses can save on expenses they would normally allocate toward repairs or buying new assets. In short, asset management is the key to getting the most out of valuable equipment.
How to Find the Right Asset Management System
Not every asset management system offers the same benefits. Free asset management software exists, and while it may be appealing at first, it could present unwanted issues for a business or organization.
Free asset management systems are typically outdated versions of asset management software. Using outdated software could compromise an organization’s security and offer limited feature capabilities.
Pycube’s aktivu™ Asset Management application is a modern, scalable, cloud-based, application. aktivu™ provides users with in-depth analytics, dashboards, and reporting to transform data into powerful actionable information. It also helps organizations track and locate their assets, and improves asset utilization and staff productivity, all at a reduced lower cost, compared to other legacy CMMS or Asset Management Systems with advanced functionality.
With Pycube’s solutions, you can track the movement of vital equipment and use the data to improve inventory management processes. Contact us to learn more about our solutions and how we can help your facility. Get started today and experience the benefits of RFID asset tracking.