Asset management is the process of maintaining and monitoring the assets of a business or a company. It may apply to tangible components such as company equipment, buildings, cash in hand, cash at bank, inventory, land, and company cars, or intangible elements such as domain names, brand name, patented technology, website, software, computerized databases, and more.
The asset management tool is an app dedicated to managing all your company’s assets. It offers all the information about the organization’s assets such as current users, location, and the way they’re being used, among others. Other than enabling you to manage your assets, the tool tracks and records operations throughout their lifecycle. And when these are deployed, a management tool would keep track of the activities and allow the concerned authority to do regular audits.
Considerations For An Asset Management Tool
If you’re searching for the best asset management tool for your business, below are the things you should look for:
- Compatibility With Your Company’s Technology
Be sure the enterprise asset management (EAM) tool you’re searching for is compatible with the technology used in your company. If you want to make the most of EAM benefits, below are some of the technical considerations you should never forget:
- Language – Whether an interpreter is available on a given system to operate it efficiently, it’s wise to determine which language would be used to ensure if it’s suited for your business or not.
- Operating System – Your chosen asset management tool must run under your company’s operating system (OS). Any OS not supported can lead to somebody retrieving or producing assets without going through your system, which can make your chosen tool useless.
- Format – The asset management tool must have the facility to be converted into tapes and disks, so it can be transferred to another medium like hard disks when necessary.
- Hardware – The hardware used in your system must be compatible with your asset management tool and its versions. There must be scope for an upgrade.
- Auditing Options
An audit is crucial to verify what assets your company owns and where they’re situated. The best digital asset management software allows you to schedule your audit timeframe, make changes for unrecorded and missing assets, and get status updates on the process. Others also enable you to audit from any mode instead of having to go back and forth between modes.
If another company will do your audits, you would want to consider a blind audit feature, which enables you to limit the information users can access when performing audits.
- Web-Based Or Cloud-Based
While it’s convenient to host an asset management tool on your server, a cloud-based tool provides more time-saving and cost benefits. The reason behind it is you don’t need to depend on your IT team to install updates, patches, and software. Everything is handled over the cloud.
Since the software isn’t on your server, you won’t need to think about the issues with computer conflicts or crashes with some programs. Other than that, you can get new features as soon as they’re developed instead of waiting for another version of the tool to be released.
- License Management
Every company uses a variety of software programs to carry out its operations daily. With the use of unlicensed software, it could get you under the radar of regulatory officials. Therefore, it’s essential to manage software licenses well.
Typically, licenses contain some instructions on how the software should be used and installed throughout its agreement. It becomes your responsibility as a user to stay compliant with the terms and conditions of the license.
- Customizable Data Fields
Often, an asset management tool features pre-named data fields, which may or may not apply to your company. If you like to change fields, it often needs more time with extra fees and tech support.
Look for a tool enabling you to change such names and make new fields. Most non-profit organizations such as schools, human service agencies, and arts organizations can benefit from asset management tools that make it simple to track grants and some donations.
If possible, choose the software that enables you to tie information to individual recipients, grants, or gifts. You can even choose the tools that send alerts automatically when the assets aren’t being maintained, used, or stored based on the funding requirements.
Another thing you should look for in an asset management tool is notifications. Find the tool that allows you to set up in-app notifications or automated emails for certain events and designate who must receive them. This can be useful when the uses are notified regarding past actions, checklists, funding limitations, and asset use violations.
- Technical Support
While many asset management tools are user-friendly, it’s wise to have access to technical support once the questions arise. Unfortunately, support through email exchanges can be frustrating. So as an asset manager, make sure to choose a tool that provides a support team via chat or phone for free.
- Check-In Or Check-Out
It’s one of the critical features for your company and your chosen asset management tool. It can lessen the time spent receiving and passing out assets. It can also boost accuracy. With a search option facility, you’ll find assets by their tag, employee name, vendor name, and so on.
Check-in and check-out are beneficial for companies with numerous assets such as a library, school, and hotel.
Many asset management tools come with a library of some pre-designed reports including assets by type and asset by location, but there are instances you’ll need more.
If you want to reinvent your asset management process, you should look for tools that let you create customized reports as an asset manager without the need to purchase extra software. It’s also beneficial to have a tool enabling you to schedule your reports and set up who must receive them.
Asset management tools aim to lessen the cost through better asset utilization, better asset lifecycle maintenance, and improved purchasing. However, since they’re not made equal, it’s crucial to note the above things to look for when shopping around for the best tool for your business. In that way, you’ll be able to choose the right one suited for your unique needs and experience its offered benefits.
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