No matter what industry you are operating in, the last thing you want is inefficiency. Unfortunately, too many companies are losing out to their competition because they refuse to take the necessary steps that will help them become more efficient. As a company with assets, you must have the appropriate software to manage, maintain, and track them.
To help you reduce inefficiencies and stay ahead of your competitors, read on for everything you need to know about choosing cloud-based asset management software.
1. What is asset management software?
Asset management software is a technology tool that helps organizations record and keep track of their assets throughout their lifecycle. This software records crucial information such as the location of the assets, the utilization history, the work order history, and any other details that pertain to the asset in question.
Moreover, in addition to maintaining information about assets, this type of software can provide additional functions such as measuring vendor performance, scheduling work orders, conducting preventative maintenance, storing warranty information, generating reports, and creating asset tagging.
Asset management software helps firms to save a significant amount of time and resources by providing rapid access to pertinent information. Moreover, the software reduces the likelihood of making duplicate or unnecessary purchases which, in turn, maximizes buying power and saves the firm money. Companies can utilize asset management software for managing both software and hardware assets.
2. What are the benefits of asset management software?
One of the main reasons that companies opt to implement asset management software is because it helps them to save a substantial amount of money. This is because asset management software makes it easier to maintain your assets and conduct preventative maintenance effectively. By doing this, asset management software reduces the likelihood that you will suffer from costly issues stemming from asset breakdown.
For similar reasons, having asset management software helps you to increase the lifetime of your assets through accurate cost-benefit analyses, the avoidance of premature damage or failure, and optimized allocation of assets. This supports your Company in maximizing the utilization and value of the assets and achieving a higher return on investment, while also enabling informed decision-making through data and cost transparency.
Additionally, implementing asset management software into your company helps you improve time management and streamline maintenance operations. It makes it much easier for team members to collaborate and share essential information. For example, if you have a variety of different teams working on tasks related to your assets, then you can be assured that everyone will be able to access the data and files from one central location.
The best asset management software will help you streamline your operations by enabling you to set up recurring service orders, prioritize work orders, and automate repetitive tasks. All of these things are necessary for maintaining your assets, but they no longer need to take up your human resources.
3. Why cloud-based?
When you start to look at potential options for your asset management software, you are going to have to decide whether you want a cloud-based or on-premise solution. While you have to take into consideration your company’s specific needs, there is a good chance that a cloud-based system is an optimal choice for you.
This type of system is made available to you on-demand through the Internet from a cloud computing provider’s servers. By choosing a cloud-based asset management software, you are ensuring that you have increased capacity, enhanced functionality, and additional capabilities without needing to house the infrastructure and employ in-house support staff.
Additionally, implementing a cloud-based asset management software means that your employees are able to gather and analyze assets’ data in real-time and from wherever they are located. This significantly helps to ensure that employees can work efficiently and effectively. If you want to have the most efficient operations imaginable, you need to choose cloud-based asset management software.
Furthermore, other benefits of cloud-based asset management software include more accurate tracking and financial accountability and easier reporting. Plus, you are eliminating the possibility of losing records and ensuring that crucial details don’t get misplaced or overlooked. With cloud-based asset management software, employees are able to know everything about individual assets at any given moment.
4. What should I look for in a cloud-based asset management software?
There are various cloud-based asset management software solutions on the market; however, it is essential to note that they are not all designed to the same high standard. Therefore, you want to take your time thinking about what features your company requires and what you are looking to gain from implementing this software. By being clear about your needs and wants, you will be in a better position to choose the right asset management software for you.
In addition to being cloud-based, it is highly recommended that you look for asset management software that has a reliable mobile app. This is because most employees prefer to use their smartphones or tablets to manage and track assets, work orders, and other related tasks.
The software’s interface must be easy to navigate for employees. The last thing you want is to implement something that rarely gets utilized because the interface is too challenging. Skip the overly technical and complex solutions and instead choose one that is accessible and comfortable to use.
Furthermore, the solution must be adaptable enough to use it in all the ways your work requires. From tracking and scheduling to asset tagging, contract management to preventative maintenance, reports to work orders, you deserve software that can handle it all.
Finally, no matter what you are looking for, you want to ensure that the potential solution is cost-effective. The best asset management company in Dubai knows that the right software for you is the one that is affordable, usable, and provides your firm with outstanding value day-in and day-out.
Does your company use cloud-based asset management software? Why or why not? Is it something you are considering implementing soon? Or, do you still have reservations? Let us know your thoughts and any related questions or insights in the comments below.
Andrew Piechowiak is the General Manager – Asset Management Business at SGE Group International, a multidisciplinary group of companies with core business interests in Asset Lifecycle Management, Land Development and Software. Aladdin is SGE’s proprietary Asset Lifecycle Management software, designed to empower FM, Maintenance and Asset teams across multiple industry sectors.