A Guide to Understanding and Implementing Asset Management System

What is an asset management system? Quite simply, it is a process that a company or organization uses to keep track of the equipment and inventory that is important to the company's daily operations.

The Asset Management Council is a not-for-profit organization that provides information and guidance on asset management across a range of industries and functions in its home country of Australia and overseas. The organization defines an asset management system as “a set of complex processes and interactions for planning and controlling asset-related activities.”

There are numerous standards and certifications for asset tracking, including ISO 55001, a standard for asset management systems whose main aim is to help organizations manage the life cycle of assets more effectively," said certification body PECB.

Implementing the ISO 55001 standard, PECB said, can help companies and organizations control their daily activities, achieve higher returns on their investments, reduce costs and minimize risks. Additionally, the standard raises the bar for performance and effectiveness, and its benefits apply to every asset in every organization and in every industry.

What is the purpose of an Asset Management System?

Today, a significant percentage of companies need to do more with less, i.e. H. employees have to handle a larger volume of work without increasing the number of employees.

The pressing matters and various fires that occur throughout the course of a day or week push asset management further down the priority list. The purpose of an asset management system is to help companies keep track of fixed assets such as IT equipment, industrial or manufacturing resources, vehicles, and other supplies that are necessary for an organization to operate and generate profits.

Perhaps the strongest argument for an asset management system is imagining what operations would look like without such a system.

Without an accurate, real-time and organized asset tracking system, a business has little recourse when items inevitably become lost or stolen. It is much more difficult to track preventive maintenance on assets - assuming the company even plans for this service. Depreciation calculations can contain errors and result in costly fees or other tax penalties.

What should be a simple task - determining the location of an object - requires phone calls or reviewing papers. Documents are often scattered throughout the office or are completely lost. Budgets are shrinking and managers have to estimate their needs.

An asset management system takes the guesswork out of it and allows companies to keep track of their fixed assets at any time and from any location.

Ultimately, this means that the balance sheets match the records and that "ghost assets" (assets that have been lost or stolen and for which the company is still insuring) are no longer a drag on profits. Companies that don't manage their assets effectively typically end up losing a lot of time and money before looking for a better solution.

What is Asset Management Software?

Techopedia defines asset management software as "a specialized application used to record and track an asset throughout its life cycle, from acquisition to disposal. It provides an organization with information about where specific assets are located, who is using them, how they are being used used and details about the facility".

Asset management software consolidates all critical tasks related to asset tagging and tracking into a single platform, in many cases accessible via web and mobile applications. The software can cover various types of asset management, including asset management, business, infrastructure, public facilities, IT and digital asset management.

Asset management system software streamlines a potentially daunting task.

What are the benefits of Asset Management Solutions?

With its robust functionality and accuracy, the software gives companies peace of mind and avoids frustration. Asset management software is an essential tool for today's businesses. The software should be powerful but easy to use and customizable. After all, no two companies are the same. Your asset management software should be able to adapt to your needs, not the other way around.

The benefits of an Asset Management System include all of the above and more:

• The ability to track and manage the entire life cycle of an asset, from acquisition through regular maintenance to retirement from inventory.
• Improve compliance with accurate and comprehensive records and easy-to-generate reports.
• The ability to monitor asset usage and make improvements as needed.
• The ability to perform preventative maintenance and routine inspections, avoiding expensive repairs and safety risks caused by poorly maintained equipment.
• The possibility of maximizing the life of the systems and thus avoiding premature replacement.
• Ensuring that the systems fulfill their necessary function.
• Greater transparency in asset management, resulting in greater accuracy and accountability.
• Reduced waste and increased profitability.
• The potential for improved brand reputation (due to reduced risk associated with asset ownership, increased efficiency and effectiveness, and improved profitability)

An asset management system makes it easier for companies to plan and conduct routine inspections that provide an accurate, real-time picture of the assets in inventory. A typical asset audit may include details such as purchase date, serial number, manufacturer, model, life cycle costs including maintenance and repairs, current value, number of each type of asset, locations and estimated useful life.

Audits not only provide a picture of the present, but also help companies prepare for the future. Based on facts, they can make decisions about what assets they will need in the coming year. This allows them to avoid under- or over-stocking and manage their resources responsibly.

A cloud-based approach to wealth management offers various benefits, such as:

• Protecting data: Data stored in the cloud remains intact even if something unexpected happens - e.g. weather incidents or malware on your network.
• Flexibility: Some asset/inventory management products limit the data fields that users can enter. Customizable cloud-based systems like IceHrm provide the customization and flexibility every business needs to meet their unique needs.
• Scalability: Not every asset management software product scales as your business grows. However, cloud-based software is completely scalable and designed to grow with you.
• Integrations: Some cloud-based software products allow for easy system integration, giving you a complete overview of your fixed assets and inventory so your operations run smoothly.

Remote Asset Management is the future wave in the IT Asset Management industry. According to market research firm Markets and Markets, the remote asset management market will grow from $16.5 billion in 2020 to $32.6 billion in 2025, with a compound annual growth rate (CAGR) of 14.6 percent during that time of the forecast period.

How to find the best Asset Management Software for your needs?

Although asset management systems should help companies and organizations reduce costs, not every system offers the same benefits. Freeware asset management software may seem attractive at first glance, but it can create unwanted problems for your business. In many cases, freeware asset management software is a free version of a previous software program. Using outdated software can be more trouble than it's worth. Freeware is also often limited in terms of the level of customization options. What you get is what you get.

In addition, freeware may contain advertising or bugs that software companies sometimes have to include in order to offer their software for free. Freeware can also be difficult to use, and perhaps most importantly, you probably don't have the luxury of technical support. Any problems you encounter will be your responsibility to troubleshoot.

It is best if you choose a cloud-based asset management system with robust features, scalability, flexibility and customizability, and an intuitive user interface. The good news is that you can get all of those items on your wish list at a cost-effective price.

Optimize your organization's efficiency with Icehrm's Asset Management System. Explore seamless asset tracking, streamlined processes, and enhanced efficiency. Experience the future of asset management, taking control of your resources effortlessly. With Icehrm, the power to manage assets effectively is in your hands – unlock it now and lead your organization towards improved productivity and success!