An specialised system called asset management software is used to track and record an asset's life cycle, from acquisition to disposal. It gives an organisation information about the location of certain assets, who is using them, how they are being used, and other specifics.
It is vital to ensure safe transport of assets that can include your fleet, cargo, employees or anything else. Here is an article explaining how an asset management software works.
What is Asset Management Software?
Asset management software is a type of tool or system used by organisations to track, manage, and optimise their assets, which can include physical assets (such as equipment and machinery) and other resources critical to their operations. The specific functionality and features of asset management software can vary widely depending on the specific needs of the organization.
How Does Asset Management Software Work?
The asset management system consists of 4 parts- hardware, cloud server, tracking software and your preferred device.
Hardware
GPS-Based Asset Tracking
GPS trackers are small, powerful devices that send data via satellites or cellular networks. Large equipment may have these movable GPS tracking units hardwired in. However, some gadgets can also be thrown into the baggage because they are wireless.
Cloud Server
A cloud server is a centralised server that is shared by many users and is hosted and distributed over a network. Raw data is handled and stored by servers.
Asset Management Software
Software for asset management compiles the necessary data into a single interface. The program does away with the need for manual spreadsheets, paper copies, or hard copies. It enables you to maintain all of your assets in one location, automatically update their status, and identify when maintenance is required.
Your Devices
The software transfers data to the devices of your choice, such as laptops, tablets, and mobile phones. It presents you with reports, dashboards, and insights into the asset's position and operational details.
Read Blog: What Is Asset Tracking? Importance, Benefits & How It Works
Features of the Best Asset Management Software
Asset management software is designed to help organisations efficiently monitor and manage their assets, whether they are physical equipment, inventory items, or digital resources. The specific features of asset management software can vary depending on the provider and the needs of the organisation, but here are some common features you might find in such software:
- Asset Identification and Data Entry:
Generate and scan barcodes or RFID tags to quickly identify and update asset information.
Easily input asset details such as serial numbers, purchase dates, descriptions, and images.
- Asset Location Tracking:
Track the real-time location of mobile assets using GPS technology. Set up virtual boundaries to trigger alerts when assets enter or leave designated areas.
- Status and Condition Monitoring:
Schedule and track routine maintenance tasks to ensure asset reliability. Receive alerts for maintenance needs, service due dates, or any unusual changes in asset status.
- Check-in/Check-out:
Monitor who is responsible for an asset at any given time and its status (e.g., in use, available, under repair).
- Integration and Data Import/Export:
Connect with accounting, procurement, or inventory management systems for seamless data sharing. Easily import existing asset data and export reports in various formats (e.g., CSV, PDF).
- Reporting and Analytics:
Create customised reports to analyse asset utilisation, maintenance costs, and other key metrics. Provide at-a-glance views of asset performance and status through visual dashboards.
- User Access and Security:
Define different user roles with varying levels of access and permissions. Implement security measures to protect sensitive asset data from unauthorised access or data breaches.
- Mobile Accessibility:
Access asset information and perform updates via mobile applications, allowing for on-the-go asset management.
- Scalability:
The software should be able to scale with your organisation as the number of assets and users increases.
- Alerts and Reminders:
Receive notifications for important events, such as upcoming maintenance tasks or low inventory levels.
- Asset Tracking Methods:
Support various tracking methods, such as manual data entry, barcode scanning, RFID, and QR codes.
Read Blog: What is Consignment and Asset Tracking?
Benefits of Using an Asset Management Software
Real-time Equipment Tracking
Ensuring the seamless functioning of operations requires businesses to be able to view the real-time location of their assets or equipment. Data that is current plays a major part in this.
Improving Process Efficiencies
Workflow optimisation will result in time and cost savings for the company. Order delivery to customers is sped up and search times are decreased by knowing the consignment and fleet management locations.
Loss Prevention
The likelihood of a cargo becoming misplaced increases due to the significant time and distance between the client's location and the warehouse or fulfilment facility. costing the business both money and goodwill.
However, because there is total visibility with the system in place, the likelihood of theft or loss decreases significantly. This will boost client confidence and enhance client support.
Automated Data Collection
In big firms or organisations, manually collecting and managing data is impossible. Even small companies should not indulge in the traditional method as it is a productivity killer.
However, the software automates data collection and sorting, freeing employees to concentrate on other aspects of the operations.
Intuitive Reports and Auditing
Using asset management software gives you access to measurements and real-time statistics from any location in the world. The programme provides a comprehensive picture of the state, location, and quality of the cars. With just a few clicks, businesses may obtain all these essential statistics courtesy of asset management technology.
Conclusion
Asset tracking serves as a pivotal tool for organisations, enabling them to maintain a firm grip on their valuable resources, whether it's a fleet of vehicles, high-tech equipment, or even digital assets. This software simplifies the complex task of tracking, maintaining, and optimising assets throughout their lifecycle. It operates seamlessly through a combination of hardware, cloud servers, tracking software, and the device of your choice.
TrackoBit is an excellent choice for an asset management system as it automates asset tracking, scalability, maintenance and reporting analytics. It has all the features mentioned above and more.
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