What is asset management software?

What is asset management software

Asset management software is a business application that enables organisations to keep track of the items used for various jobs. These items may include equipment used for manufacturing, tools related to facility maintenance, and service vehicles for field technicians. The core function of asset management software is to categorise these physical assets and monitor them at all times. Such capabilities are critical for Australian businesses that must ensure their assets are fully accounted for and are in good condition. 

What are the benefits of asset management software?

Incorporating asset management software into your company’s workflow offers a host of benefits. 

Gain full visibility of asset conditions 

Asset management software lets you monitor an asset’s service history and health based on information recorded by field technicians. This is particularly useful for knowing when certain assets are due for maintenance. For example, if an HVAC unit has not been serviced for a year, you can immediately create a maintenance work order to prevent equipment defects. Asset management software can even record which components are defective, so field technicians know which parts need to be repaired or replaced. The visibility that asset management software affords enables you to save time on identifying necessary maintenance work before serious issues arise. 

Track asset movement in real-time

Certain assets can move to various locations and be used by different technicians on any given day. For instance, equipment like service vehicles and smart tablets are not always in the company’s warehouse or with the same technician. If you lose track of these assets, planning jobs and provisioning equipment can be a logistical nightmare.

Knowing the exact locations of each of your assets is therefore crucial to increasing efficiency. With asset management software, you can register and tag assets with a barcode. This allows technicians to check equipment in and out of inventory by scanning the barcode using their mobile asset management app. Asset managers can then see when equipment has been used and by whom, making it easy to trace the movement of assets. 

What’s more, many leading asset management solutions offer geolocation tracking. When enabled on company-issued devices and vehicles, you’ll be able to see where your assets are in real-time. 

Produce more accurate records 

Asset management software serves as a centralised database where you can create accurate asset registries. The software captures service histories, serial numbers, warranty information, purchase dates, vendor details, and asset locations. Having access to all this information allows you to generate much more detailed reports for tracking and auditing purposes. You can even analyse capital and maintenance costs to produce financial reports, helping you make smarter purchasing and management decisions. 

Simplify tax and insurance payments

Asset management software provides all the information you need to pay asset tax and insurance. For one, it lets you narrow down a list of items that you can claim for deductions as well as calculate asset depreciation. The software also records which assets are covered by certain insurance premiums, including payment dates and amounts. 

Eliminate human error

Manually entering asset data onto a spreadsheet can be a tedious process that almost always results in errors. If left unchecked, these errors can affect purchasing decisions and create unnecessary work for technicians. 

Fortunately, using an automated asset management system eliminates manual processes, minimising the risk of human error. Asset management software integrates with other enterprise platforms, so you never have to enter the same data into multiple databases. When clients make a service request with job management software, asset management software automatically updates service histories and equipment counts. Barcode scanners also capture information directly from an item’s asset tag and update your database in mere seconds.    

Effortlessly manage numerous assets

A big issue with using spreadsheets for asset tracking is that it’s not a scalable solution. As your business grows, managing your assets becomes increasingly difficult. You have to stay on top of maintenance schedules, equipment conditions, asset assignments and locations, and warranty expirations. Tracking all this can be a daunting task when there are literally thousands of assets listed on your spreadsheet. 

In contrast, asset management software simplifies processes so you’re not constantly looking at rows of data. Once you’ve processed assets into your database, they’re instantly tagged and indexed. This allows users to retrieve information about specific assets with a simple search query. 

Moreover, you can program the software to automatically remind you when assets are due for service. You can then create work orders with a click of a button and reset service dates when technicians have completed the job. These features make it easy to track everything and add more assets without creating extra paperwork for your business. 

Prevent unnecessary asset purchases

By knowing exactly what assets are available, you can avoid buying duplicate or redundant equipment. When technicians make purchase requests for replacement parts, you can quickly check your current warehouse stock on your database. If your company already has the requested parts on hand, you won’t have to procure unnecessary items from vendors. This not only saves your company’s bottom line, but it also prevents project delays caused by waiting for item deliveries. 

Streamline auditing processes

Internal audits are much more efficient when using asset management software. Barcodes and serial numbers let auditors easily identify assets and compare them against current inventory records. Plus, with all of your records in one easily accessible location, there’s minimal risk of overlooking important information during an audit. 

If you want to enjoy all the benefits of asset management software, consider WorkBuddy. This all-in-one field service management system offers intuitive asset management capabilities that can make your business run more efficiently. Book a demo today to learn how our solution can elevate your asset management processes.

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