Asset management is the process of monitoring and maintaining the organization’s valuables. It can apply to physical assets like buildings, equipment, cash at bank and hand, as well as intangible assets like brand names, computerized database, domain names, software, patented technology, as well as websites.
An asset management software (AMS) is a dedicated application that manages all the organization’s assets. It becomes the primary source of information about the organization’s assets like their current user, location, how they are being utilized among other details. Basically, an asset management software records and tracks an asset throughout its life cycle- from deployment to operation, maintenance, upgrade, all the way to disposal. Once an asset has been deployed, Asset Management Software records every maintenance activity while enabling the concerned party to perform regular audits all the way to asset retirement. Asset management software is also known as an asset tracking or tool or asset tracking software.
So how do you choose the right asset management software for your organization?
With plenty of options in the market, choosing the right asset tracking tool can be a daunting task. Here are essential tips to consider when shopping for the right asset tracking software for your business.
- Understand your asset’s lifecycles
The first and, certainly, the most crucial thing to do before investing in an asset management software is understanding the lifecycle of your company’s assets – both physical and intangible. Invest in a system that provides real time access to various departments tasked with supervising the resources across the enterprise. The AMS you settle for should work as a smooth communication channel among the stakeholders like business owners and consumers.
2. Goals and expectations
It is important that you have a clear goal of what you wish to achieve with your asset management software. It works best when you arrange a meeting with your staff as well as the IT department and come up with a list of all short term, midterm, as well as long-term goals. If you need external help in the process, be sure contract experts in the field so you can get value for your money.
Compare prices and discounts of various asset management software and understand what is included or excluded in different packages. Most important, find out any hidden costs. Some asset management software vendors offer discounts upon purchase on their solutions. Do not let this drive you crazy. You are better off researching well before talking to the representative about the discount on offer.
4. Stick with proven solutions
It is important that you analyze the reputation and experience of the vendor before purchasing their asset management solution. Find out what existing clients say about the vendor. A reputable asset management software vendor should be able to provide continuing support.
5. Compatibility with existing technology
It is important that you invest in an asset management software that is compatible with the technology that is already existing in your business. To this end, here are some technical considerations worth paying attention to when investing in an AMS that is compatible with existing technology:
- The operating system
The software asset management solution should be able to run under the operating system you have installed on your organization’s machines.
You want to invest in a solution that is written in a language both you and your employees would understand.
The hardware being used in your business should be compatible with the asset management software you are interested in buying as well as its variants.
Other factors you need to keep in mind when picking an asset management software include: hosting, reporting, notification, customer support, and scalability.
If it is valuable to your business, you better know where it is and how it is being handled. Asset management software is designed to help businesses efficiently track and maintain the resources they own. I hope this checklist will help you invest in the right asset management software for your business.