This is where using asset tracking software can make a difference. With the right software, processes can be streamlined and your business can run more smoothly.
Let’s take a look at 5 reasons as to exactly why your business needs asset tracking software.
The Life Of Assets Will Be Extended
A major benefit of this is that assets can be repaired as and when it is required rather than as per a yearly schedule. As a result, the life of assets can be extended and it’s all thanks to asset tracking software. Furthermore, there is a real potential here for money to be saved. When assets are repaired as and when it is required, they are less likely to need replacing. This means that the funds that would have been allocated for maintenance could be used elsewhere.
Levels of Productivity Will Skyrocket
The need to find the right piece of paper or log book vanishes. This particular task can be undertaken within moments and the asset can be tracked to a specific user. This feature also ensures that the employee can continue with their work rather than having to take time to stop and fill in a form.
Operations and Processes Will Be Streamlined
Lost Assets Will Be Recovered
One of the major benefits of being able to track your assets is that lost assets can be recovered. Users of tracking software can see the lost asset’s last-known location. Employees can work out where they were the last time they used a piece of machinery. All that they need to do is to log into the software, select the asset in question and they’ll be shown its location.
Not only does this feature ensure that time spent searching for the machinery can be saved, it also increases security. Should an asset be stolen, it may be possible to see where it is. Therefore, your business may not need to spend money replacing the asset.
Ghost Assets Will be Located And Identified
This feature alone can help to improve productivity. It ensures everyone is more likely to have the tools that they need to undertake their tasks.
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Software asset management or SAM is a subset of IT asset management or ITAM. IT asset management involves tracking any asset that is linked to IT processes in your organisation. This includes all sorts of hardware and software.
As the name suggests, software asset management includes only the latter. SAM is a business strategy for managing and optimising how your company purchases, deploys, maintains, utilises, and retires software assets.
Software asset management, in many ways, is different from conventional asset management most of us are used to. This post aims to get you familiar with the idea, understand how SAM works and how to implement it in your business operations.
What are Software Assets?
Before we understand how software asset management works, it’s necessary to get familiar with the definition of software assets. Some of us already know what it is, but some don’t. Let’s make sure everyone is on the same page before moving forward.
A piece of software is a computer program that tells a computer how to work. It can be something as basic as the operating system such as Microsoft Windows or Linux, common apps like MS Office or more complex programs like project management or graphic design software.
Now, a software program is a business asset if your company has purchased it, owns it and uses it for its operations. Although these are intangible assets that do not hold physical value, they still are an important part of a businesses’ financial structure and define how it goes about its day-to-day work.
When it comes to using Software as a service, there are different schools of thought as to whether they qualify as an asset or not. It depends on your business. If you’ve not purchased a piece of software fully, but only use it with a weekly, monthly or annual subscription, then you may account for it as an expense rather than an asset. But again it’s up to you and your software asset management goals.
5 Benefits of Software Asset Management
Just like you can make duplicate purchases when buying other business assets, you can buy software licences in excess too. SAM is a smart approach businesses use to balance the software licences they purchase with the number of software licences they bring into use.
Since these are intangible assets that you cannot see sitting around the office unused, it becomes even easier to purchase licences wastefully. Software asset management helps you make sure you buy only what you need.
Here are a few of the most important benefits of software asset management:
1. Save money
Your organisation can consolidate its software utilisation, have more control over acquisition costs and make well-informed decisions regarding future investments in software with SAM.
2. Better Strategising
One of the most essential functionalities of SAM is to offer you a clear overview of all your IT or software investments so you can utilise all of them towards fulfilling your business goals.
3. Avoid duplicate purchases and repurpose software
As compared to conventional methods of tracking software licences that take up much more time, money and have a greater risk of error, using SAM systems offers you a competitive edge. Using a SAM system can cut software management costs and time by half, letting you allocate your resources to other aspects of your business.
4. Faster, cheaper and better management
If the HR framework of your organisation involves employees moving positions frequently, you might end up buying a lot of software licences wastefully. SAM lets you track all software the company has so that it can be reallocated and repurposed when no longer in use.
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