All businesses need to track their fixed assets. Managing your fixed assets has so many benefits, including supplying you with a register of what you own and a full history of which changes assets have been through.
In the past, spreadsheets were the standard way to track fixed assets. Thankfully, this is no longer necessary. Spreadsheets create a lot of issues due to the number of things that can get missed, and as they frequently become out of date.
This is where fixed asset management software comes in. With fixed asset management software, you’ll get a lot more benefits than a spreadsheet can provide.
Why Use Fixed Asset Management Software?
There are a lot of problems all businesses face, and there are a lot of places where automation is possible. With fixed asset management software, you’ll be able to address the problems as well as automate a lot of the other processes.
Fixed asset management software allows you to:
- View all of the assets you own, reducing the risk of duplicates and losses
- Add financial information for clearer and faster expense tracking
- View which assets have needed maintenance to see which asset are most economical
- View where assets have been, where they are, and who’s using them
- Check assets in and out to colleagues, businesses, yourself, and sites
- Group similar assets for simpler tracking
Fixed asset management works through asset tracking, as the functionality asset tracking systems provide you with give you more accountability, more control, and more transparency over your assets.
How Does Asset Tracking Work?
Asset tracking works by creating digital doubles of all of your assets. In essence, it’s like creating a social media profile for your tools and equipment.
This profile is where all of the asset’s information, including maintenance, use, and movement data belongs.
Then, you’ll link the digital profile to its physical double with the use of asset tags. Then, whenever an asset’s tag is scanned, the profile will open, ready for editing, and the asset’s last seen location will update.
Overall, this saves you time and money as it allows you to have more control over your tools and equipment, and allows for quick edits every time they’re necessary.
How To Choose Fixed Asset Management Software
The way you’ll choose fixed asset management software that’s right for your business is by looking at your needs.
Knowing your industry will help, as there are a lot of patterns. For example, if you’re looking for construction equipment asset tracking, it’s likely that maintenance and check in check out features will be helpful for you.
If you’re in the healthcare industry, you’ll need a fixed asset management software which saves you time. You may want to consider, in this case, an asset tracking software which has fixed RFID reader functionality.
Knowing your needs will help you search for which fixed asset management software is right for you.
It’ll likely be the case that a lot of the features you’re looking for are available alongside a lot of the features you’re not. In this case, if you’re looking for something more niche, it’s important to go with software which is built for and with customers.
itemit’s fixed asset management software has many features that are built from customer feedback. So, if you’re looking for something that you haven’t found straight away, it’s always worth asking!
To find out more about what itemit can do, you can book a demo using the button below.
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