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Thursday, August 9, 2012

The Role of Asset Management Software

By Darren Folkes


Because asset management software is popular you've probably heard of it, but that doesn't mean you know how it works. The number of companies that need the software is virtually limitless. For example it could be required by those who work in manufacturing, sales, or even distribution. Even if you are dealing with customer support, you still have non-physical assets to deal with. Do you want to find a way to keep track of it? If this is really the situation, then you will want to start using asset tracking software.

asset management software will keep a record of every single asset that you want to monitor. It holds a number of different items, for example maintenance records, service schedules, depreciated value, replacement schedules, etc. These are all important. A replacement schedule will help you to determine when a specific item is to be replaced. The software will signal when then item is to be replaced, and it might even make the order. Through this you will have a constant supply going out and coming in.

It is important to remember however, that with asset managment software, the data is only as good as the people entering it. Even when using some of the best asset tracking software, the human element is still a requirement. The system will not be able to when someone breaks ore removes an asset. That said, the human element must always be present.

What if you have an emergency? You will definitely need to consider this, particularly in an asset management system. What happens for instance, if you have a remote location that needs an asset? Can you redirect your assets using the software you have? Some redesign might be in on the horizon.

What about intangible assets? By what logic will they integrate into your business plan? Intangible assets are non-physical, and they are non-monetary. These have been created through different efforts, and they could be copyrights, patents, accounts receivable, and computer software.

Before you buy asset tracking software for your company you need to determine whether or not you actually need it. Remember that asset management software can be expensive, especially when it is for an entire company. You must think about the cost along with the measure of functionality you need. What about the users? Does your company employ a lot of people? Is it scalable? These are all things that you will need to ask, and providing the answers might prove to be difficult. In a larger business, asset management is important. You will reduce manpower and generally make life easier. This will be a perfect time to investigate asset management, especially if your business is growing. It may be difficult to get started, but once you have deployed the system, it will be well worth it.




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