Asset Management Software: What Does It Do?
Asset management seeks to enhance the value of an organization’s assets, in terms of the benefits
they provide compared to their installation and maintenance costs. These days, asset
management also involves complying with legal requirements regarding health, safety and
environment. For example, computers need to be disposed off in ways allowed by the law.
Asset management software helps businesses to achieve the objectives mentioned above. In a
large enterprise, for example, the software can
ensure that legal requirements are highlighted so
that compliance is facilitated all across the
We look at asset management issues in a little
detail before proceeding to look at the software
Asset Management Issues
Traditionally, asset management involved
accounting for all the assets, and maintaining
them in good condition.
Assets are acquired by businesses to help earn revenues. For example, fixed assets like plant &
machinery help in producing products that are sold at a price above production costs in the
market. The production costs and quality can be improved by managing the asset, plant &
Managing involves not only regular maintenance to keep the equipment in excellent working
condition but also extends to the original design. It is design that determines production
performance and running and maintenance costs. Managing the asset also involves replacing it
when it becomes obsolete or too costly to operate and maintain.
Asset management is thus much more than just accounting and maintenance. Businesses have to
develop maintenance schedules, monitor asset-operating costs, look at new technologies, comply
with health & safety regulations and attend to other aspects. The overall objective is to maximize
Return on Assets.
Return on Assets is improved through:
Appropriate design and installation of the assets to ensure reliability and productivity
Ensuring optimal availability through preventive maintenance and timely repairs
Attending to health and safety requirements to avoid disruptions caused by accidents
Complying with environmental and other regulations to ensure that operations are not
disrupted owing to government action
Training of personnel in best operating practices
Organizations rely heavily on IT for their operations, and protecting and managing IT assets
takes special importance in this context. IT asset management involves not only managing the
existing hardware and other physical assets but also protecting high value data assets and coping
with the fast changes in technology.
Asset Management Software
Asset management software might be just for asset inventory management or for full lifecycle
management. In the case of lifecycle management, particular software might focus on just one or
a few tasks, such as servicing management.
The special significance of computer software based asset management is that it makes the
management function more effective through
such devices as alerting managers about due
dates and highlighting variations from
standards and estimates.
Track Asset Inventory: The software will help
you find where a particular asset is presently
located. This becomes a critically important
task in the case of mobile assets like laptops
that might be entrusted with employees, or
which might be checked out and checked in
Asset Lifecycle Management: As we saw in
the last section, asset management involves managing an asset’s lifecycle from design and
installation to final retirement. In between, you have to manage operations, maintenance, repairs,
legal issues and anything related to the use of the asset. In all these areas, there could be scope
for cost savings - long-term and short-term.
A full suite of asset management software will help you handle the entire lifecycle of your assets.
For example, it could help maintenance scheduling, service contracts, legally acceptable
retirement practices and so on.
Such software will have facilities for maintaining the history of each asset, scheduling different
things related to the asset and accounting for depreciation, keeping track of costs and
productivity and such specific tasks.
I recommend search at software directory here is some useful site list.
Asset Management Software
Business Management Software Guide
Electronic Document Management Software