7 Things to Look for in an Asset Management Solution
Are you thinking about implementing asset management systems into your company? You’re not alone. Asset management systems are becoming quite popular among businesses in a variety of industries, and it makes sense why. Asset management software can be extremely helpful when it comes to managing your business’s financial assets, hardware, software, and more.
In order to invest in a solution that works well for you, it’s necessary to know what features to look for and what red flags to avoid. In this guide, we’ll break down seven major things that your asset management solution should have, so you can make a more informed decision when it comes time to choose the right solution for your business.
7 Things Your Asset Management Solution Needs
Asset management is simply the process of building your wealth over time through the process of maintaining, acquiring, and trading investments. We’re not just talking about shares of stock, either. Assets and investments can involve buildings, property, software, hardware, financials, and much more. Asset management can be used by individuals, families, organizations, and businesses.
Asset management software can provide visibility into one’s assets, which can make it easier to make more informed business decisions. Such software can also provide insight into your current workflows, the overall health of your assets, and make it possible to sign off on work orders as well.
It’s worth noting the importance of recognizing whether or not you are looking at the right type of asset management solution. Do you need something to primarily manage your software assets? Perhaps you want to focus on your tangible investments and need something that can provide financial asset management. Maybe you want your hardware assets to be managed and monitored. When looking for a solution, make sure that the vendor is capable of providing a solution to your unique needs. Don’t settle for the cheapest possible product labeled “asset management software.” You should take a bespoke approach to find the best possible solution.
With this in mind, let’s take a look at some features that your asset management software should have.
This is relatively obvious, but you need to make sure that your solution of choice has the best possible asset tracking features available. Asset tracking is the most powerful feature that an asset management solution can offer, as it makes it possible to see the details of your assets in real-time. These details may include location, condition, preventative and corrective maintenance information, and more. Additionally, asset tracking can be helpful when it comes to scheduling future maintenance and boosting the overall lifespan of the asset.
User-friendliness is very important when it comes to managing your assets with software as multiple people may need to access necessary information easily. The last thing you want to do is add more roadblocks to your daily operations. We recommend implementing asset management software that is extremely easy to use and allows you to access information and generate reports, right out of the box.
Your software solution should be highly compatible with the equipment and assets that already exist in your life or business, as well as with the technology your organization uses. The technological assessment should include the operating system, language, hardware, and format – while also ensuring that the software is easy to learn and takes the needs and priorities of the people who will be using it into consideration. You should also be able to personalize your asset management software to a degree. For example: A great solution will allow admins to create and personalize fields.
As your business or organization becomes successful and grows, the solution should be able to grow with it. Make sure that the product you choose is scalable and easy to upgrade as needed. Keep in mind that some platforms will cost a flat fee for upgrades, while others will incur a higher monthly fee. Regardless, you should be able to add additional components or features as your assets continue to expand. Along with this, your vendor should provide the best possible technical and customer support throughout the scaling process. Upgrading asset management software can sometimes be a disruptive process, so it’s vital for only the best technicians to take on the task of expanding your product. Vendors worth their salt will offer such services.
This is a given, but you should make sure that your potential asset management solution actually will do what you need it to do.
Consider this as an example: You manage a transportation company responsible for cross-country shipping with time-line guarantees. You would need a solution with GPS tracking capabilities, a notification process when shipments are picked up/delivered, and perhaps a way for drivers to enter daily inspections or report deficiencies.
Before you start shopping, make a list of the features you actually need for your unique use case. That way, aligning your needs with vendor offerings will be much easier.
Whether you’re running a fleet or have a number of users who will be accessing your asset management solution, it’s important to look for a solution that is very mobile-friendly and responsive. We’ve previously mentioned how vital it is for your asset management application to be as user-friendly as possible. To really achieve that, a mobile-friendly application is key. Your tools should be as simple and easy to use as possible, and compatible with a wide range of devices.
Do you need a lot of coverage for your assets? Perhaps you own a lot of vehicles or properties, and covering them can be quite difficult. Maybe most of your assets are simply sitting in your office as software or trade investments. Regardless, your asset management solution of choice should offer accessibility to all of them – no asset should be forgotten or not monitored properly. In general, vendors may offer different packages for their asset management software based on how many assets must be monitored. Be sure to consider the size of your asset inventory before deciding on an asset management solution.
Are you ready to invest in the best possible asset management software available?