What Is Asset Management Software?

Published on November 15, 2021 • 3 min read

Is your company’s asset management program taking up a lot of your time? Are you overwhelmed by trying to keep track of hundreds, if not thousands, of your company’s assets? Are you still tediously working with spreadsheets to record and track your assets? It’s about time you left all that behind and started using asset management software. 

The world is utilising technological advances to make the most out of our time and money in every aspect of life. So, why lag behind on one of the most important components of business management? 

Unfortunately, a massive proportion of businesses still use age-old manual methods for asset management. According to a study, some 43% of small businesses use inefficient asset management methods. Moreover, the National Facilities Management & Technology Conference (NFMT) states that around 80% of employees waste half an hour every day trying to retrieve information from obsolete data stores like spreadsheets and documents. 

Inefficiency and misallocation of employees’ time come to an end when you start using asset management software. This way, an organisation can channel its time and money on the essentials of the business.

Definition of Asset Management Software

An asset management software is a smart solution to record, track and categorise your business assets on a centralised online database. Employees can log into the asset tracking software through a mobile app or web portal to add and update information about assets. 

With this software solution, you can store all kinds of information about assets ranging from their location, value, status, possession, maintenance data and images in a neat way. Moreover, with the option to categorise assets, finding a particular asset becomes a breeze.  

That all asset management data is stored online, authorised personnel can access it from any device and track important details about assets in real-time.

Benefits of Using Asset Management Software

Employing asset management software for your asset tracking needs has plenty of benefits. Plus, different organisations can utilise it differently which leads to a whole new range of advantages specific to each industry.

1. Real-time Asset Tracking

A businesses’ assets are what enable it to generate revenue, and it wouldn’t be wrong to say that each asset is a cell in a business body. Much like cells are the building blocks of a living organism, assets function similarly as they come and go, multiply, move around and need to be maintained. 

Like the cells of a body are tracked in real-time so they are well-maintained, business assets must also be kept track of. An asset tracking software allows you to track the location, status, downtime and other aspects of each asset. This way, all assets that need maintenance are taken care of in a timely manner. 

Moreover, real-time tracking gives you hands-on control over your company’s asset profile. You can have access to all asset information including the total number of assets, assets in use, assets that are down and the total valuation of your business assets too.

2. Web-based Management

Previously, you might have stored asset data in local databases like spreadsheets, documents or even on paper. That means only a few people who are authorised to access asset data can update asset records, and there’s no space for collaboration. Not only are spreadsheets and other forms of data storage messy and hard to work with, but they also are a liability. 

On the other hand, asset management software is web-based and anyone can access the data, on any device, from any location — given that they are authorised. This allows for seamless collaboration as all employees can add and update asset data whenever needed.

3. Reduces the Risk of Human Error

When you use manual data entry methods for asset management, the risk of making a data entry mistake is always there. However, with asset management software you can accurately track all asset data. This enables you to know when an asset is lost, stolen, is due for maintenance or is no longer in use. Ghost and zombie assets busted!

4. Enhance Workplace Productivity

Lags in asset maintenance can have an amplified negative impact on your organisation’s productivity. For instance, if a photocopy machine is due for maintenance and is not fixed in time, it results in a lot of time being wasted. But with asset management software, you can schedule maintenance to minimise asset downtime.

5. Save Money with Timely Maintenance

Well-maintained assets survive longer, maximising returns on investment. On the contrary, poorly maintained assets not only make you lose money through decreased productivity but an asset might be permanently damaged if not fixed on time. That means a big blow to your finances if it’s a costly asset. But even losing cheap assets in this way can have a pronounced impact when looked at collectively.

itemit’s Asset Management Software

itemit’s asset management software gives you all of these benefits more! With itemit, you can monitor every detail for all your assets, add any type of asset and maintain an efficient asset register. 

Our solutions include a fixed asset register, IT asset management, equipment check-in and checkout and much more. Plus, our assets tags can help you upgrade your organisation’s asset management program’s speed and agility.

To find out about the full range of benefits itemit’s asset management software has to offer for your business, fill in the form below to start your 14-day free trial. You can also contact our team at team@itemit.com if you’ve got any queries.