The asset management system is a process in a company or organization uses to keep track of the equipment and inventory vital to the day-to-day operation of their businesses.
What is an asset management system?
In short, it’s any process a company or organization uses to keep track of the equipment and inventory vital to the day-to-day operation of their businesses. Exactly how those assets are managed, though, is highly variable. In large part, it depends on whether the organization in question is aware of the assets they own, and whether they’re aware of the potential ramifications of an inefficient tracking system.
An accurate, real-time asset tracking system is more important than a lot of companies realize. Unfortunately, companies that don’t have a handle on their asset management typically lose considerable amounts of money and time before they begin to seek a better solution. Thanks to the cloud and mobile technology, there is indeed a better way to track your assets. Asset Panda offers our clients a platform that’s extremely intuitive and easy to use.
We’ve invested hundreds of hours to research and develop a robust set of features that empower clients to manage their assets exactly how they want – and at a fraction of the cost of our competitors. All that’s needed to track your inventory in real-time, 24 hours a day, is the mobile device you already carry. A lot of organizations are managing their equipment and inventory through a manual process, including spreadsheets over which an employee or employees are tasked with the responsibility of maintaining an app to keep track of work hours.
How an Asset Management System Enhances a Business
Reducing costs and implementing effective solutions, such as Asset Management can be highly beneficial for business growth. So, when a business intends to expand, it’s important to understand that spending and merging aren’t the only options; a plan for managing company assets can be just as vital. For instance, moving to the cloud seems to be the easiest option but getting rid of your old data centers and servers is tough. Hence, hiring an asset disposition company like Dataknox would be a great thing that not only helps you in asset disposition but also cloud migration and more.
What are the Elements of the Asset Management System?
the management system includes a set of interrelated elements in an organization. These interacting elements function to establish an asset management policy and its objectives. The elements of the asset management system are the set of tools such as policies, plans, business processes, and information systems, these are integrated to assure the delivery of asset management activities.
The Best Asset Management Software in 2021
An organization is nothing without its assets — but they can be a lot to manage on your own. That’s why most businesses use EAM software (Enterprise Asset Management) to digitize many of its elements to improve efficiency and reliability. All AEM software — a subcategory of CMMS software — offer management of assets, but some stand out from the crowd for this crucial feature.
Asset Inventory Management System
A successful asset inventory management system (AIMS) relates to the process of tracking the movement of items, i.e. IT equipment or other devices within an organization – from one location to the other. The system that is used for this type of tracking involves a unique barcode identifier which makes the process more efficient and results are more reliable.
Top 5 Benefits of Asset Inventory Management System
1. Saving procedural costs
2. Tracking and recovering of assets
3. Increasing productivity and minimizing labor
4. Recording real-time data on asset lifecycle for accurate asset value
5. Maintaining assets become easier
The asset management system is needed because it helps an organization monitor and manages its assets using a systematic approach. The key elements of the asset management system help the system to work in synchronized form and efficiently. As when the asset management system is managed efficiently, it will benefit productivity and efficiency to place a business in a better position and get an increased return on investment.