Asset Management Software: An Introduction

Asset management software is used by many businesses all around the globe. This type of software can offer so much to every business, including yours. However, not everyone is aware just how this relatively new technology can help businesses on a day-to-day basis. The good news is that when your software asset register is up and running it could work wonders for you.

This ever-developing technology works by taking control of your assets. In order for it to do this, you need to add all of your assets to the register. As soon as they have been added everything can be tracked. You can see where your assets are 24 hours a day, 7 days a week. You can see who is using your assets and what messages they’ve left on the system. 

Below, you will find an explanation of just some of the additional features that asset management software offers.

Before you can even track your assets you need to add asset tags. Tags such as QR codes, barcodes, or RFID tags can help you to detect where your assets are. Depending on the software asset register you use, you could choose between a range of tags. The most important consideration here is whether the tags can be permanently affixed to your assets. Make sure you opt for a tag that cannot easily be removed. Once a tag is added your assets can be tracked all day, every day.

When you choose to let an asset register take control of your assets, you’re in good hands. Your new software asset register can track the location of your assets for as long as you wish it to. You could constantly be provided with updated information wherever you are. For example, you can see how your sales are performing, the cost of licensing, where your fleet of vehicles is, and so much more.

One of the benefits of using a reliable software asset register is the ability to record vital information. Ideally, you will record a lot of information about each of your assets. This can include the:

• Make and model
• Colour
• Serial number
• Licence information 
• Date of procurement
• Cost
• Estimated value
• Estimated resale value
• Estimated lifespan
• Insurance details 
• Warranty information 
• Photograph for easier identification
• And anything else you wish to add

The more information you add about each asset, the better. Let’s imagine that you have purchased 20 shiny new laptops. A week later you find that 5 of those laptops aren’t working very well. This is where having the warranty information and insurance details to hand can be very useful. You won’t have to sift through a lot of paperwork or emails to find what you need. You can simply log into your software asset register and find that information.

Did you know that you can send reminders and set up notifications? Depending on the asset register that you use, these features may be available. Imagine being able to set up reminders so that your shiny new laptops are inspected and repaired (if necessary) once a year. Your machinery could be looked after in this way, so too could your vehicles and anything else you own. 

There may also be a possibility for you to receive notifications when reminders are due. You could, for example, receive them a week or a few days before a reminder is due. You could receive notifications about meetings, deliveries, sales, and anything else that’s relevant. The choice is yours.

Tracking an asset’s history is one of the best advantages of using a software asset register. Whether you’re only tracking your software, your fixed assets, or every asset, you can view the asset’s history. As long as the asset in question has been added to the register you can track its history. You can see who has and is using it, when it was purchased, how many times it’s been repaired, and so much more. When you can track its history, an asset automatically becomes more valuable. If this is not enough, it also ensures that you have access to a lot of data. You could create a lot of data without even realising it. As any business owner knows, these days, data is king. Depending on the asset register that you choose, you could export that data so it’s readable. A result of this means that you could gain access to a lot of useful data. The data could show you how your business is really performing, allowing you to take it to a new level, should you wish to. 

Wish to chat with a software asset register expert about harnessing the power of asset management software? Talk to us now at team@itemit.com.

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