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5 Reasons Why You Need an Asset Management Software

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The importance of asset management software cannot be overemphasized in today’s business world. For your assets are the pillars of your organization. Legacy manual asset auditing is not sufficient if your business aims at growth. It’s also time consuming, faulty and even expensive if you consider the time spent, wasted resources and the high likelihood of errors.

Today, technology allows you to track and manage your assets in a single window, at a click or a touch (depending on the device you’re using) with asset management software and applications. There are web-based asset management systems and mobile apps that help you track and manage assets on the go.

If you are still not sure why your business or office needs them, here are five sound reasons that should help you make up your mind.

#1 Maintain efficiency and reduce unnecessary costs

Asset management software can help your organization achieve growth and sustainability. Asset information that is readily and swiftly available helps in making critical purchase, hire, retire and maintenance decisions; helping you reduce costs and maintain operational efficiency.

If you are in control of your assets, you’re in control of your operations. It not only helps you make sound purchasing decisions but also shows ways to reduce unnecessary costs.

#2 Saves time and reduces errors

Quality asset management software can help you cut significantly on errors and time spent on manual auditing and tracking. For instance, you can use your asset management software to store barcode information of assets after scanning them, helping you save time and reduce errors drastically.

#3 Easy tracking, structuring and lifecycle management

Few Human Resource Management Systems (HRMS) not only take care of your most important assets, your employees, but also keep track of all assets allocated to employees, including mobile phones, laptops, notebooks, headphones and other electronic items for office use.

It also allows you to structure your assets by location, type, status and lifecycle stage. Employees can request for assets through well-defined workflows and permission levels. Knowing at what stage your assets are in the lifecycle is very important because it you gives you critical information on usage, replacement, repair and maintenance.

#4 Mobility & Speed

One of the biggest advantages of a web-based or mobile-based asset management software is mobility, speed and accessibility. Whether it’s mobile phones,  iPads, Tabs or notebooks, you can get access to critical information on the go which helps you and your employees stay connected always.

#5 Powerful Reporting

Assuming that you are using the right asset management software, you will have access to powerful reporting functions and ROI insights. These reports provide you the insights to make informed decisions that could likely impact the future of your organization. It also helps you track and analyze the Return on Investments (ROI) that you are getting from your assets.

The business case for asset management software is both compelling and evident. In conclusion, here are a few statistics that provide more sound reasons for implementing asset management software in your organization.

Consider this….

  • In 2013, there were 11,000 reports of stolen fixed assets across offices in the U.S.
  • Studies have shown that 88% of all spreadsheets contain errors
  • 94% of workers agree that on-the-go information on mobile devices make them more efficient.

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