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nancytreo
by on June 8, 2021
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Looking to buy a good asset management software for the maintenance and management of your tangible and intangible assets? If yes, the decision needs to be taken on the basis of the size of your business, the quantum and value of the different types of assets, and their placement. Look for a tool that can help you maximize returns on your assets, reduce downtime and costs, and make informed decisions about upgrades and new purchases. 

What Does Asset Management Software Do?

An asset management software is a dedicated tool that can efficiently manage all the assets of an organization by collecting information about them and tracking them through their lifecycle. By using an asset management tool, a business can check the location of an asset and its current deployment besides planning for its maintenance, upgradation, and disposal. Businesses have a choice of going for a separate enterprise asset management tool or an ERP software that includes a module on asset management.  

The following factors should be considered before deciding the type of asset management tool to buy: 

Identify the Assets and Their Lifecycle

The first thing a business needs to do is to identify the assets that it has and understand their lifecycle. This will help it understand the complexity involved and the type of tools required to manage them efficiently. The history of assets can help a business classify them into different categories based on their maintenance and repair times, and plan downtime and repairs accordingly. 

Choose software that can help maintain a proper record of drawings and documents associated with a piece of equipment besides giving out alerts on the first sign of asset failure. This will enable quick access to accurate documentation and correct maintenance which in turn promotes a safe working environment. 

Ease of Use of Software

A crucial factor that can help you in choosing software for managing your assets is its ease of use. A simple-to-understand and easy-to-use software can make the task easier for all the stakeholders involved in the management and use of assets. Check whether the software will simplify tasks or make them more complicated. 

Costing

A major factor for choosing asset management software is its total cost. In addition to the initial cost of purchasing an EAM tool, a business should also consider the cost of maintaining it. Another thing to consider is whether the benefits accruing from the tool outweigh the costs or not. 

Integration with Existing Systems and Scalability

Do check whether the asset management tool can easily integrate with your existing system or if you need to make additional investments for the same. Again, go for software that can easily handle an upscaling of business operations. 

Mobile-Friendliness and the Level of Customer Support

In today’s times, when mobile phones have emerged as the main tool for seeking information, software that is mobile-friendly should be preferred. Another essential factor that should affect your decision to buy asset management software is the level of customer support provided by its developers. 

Go for software that is well established and that offers adequate support for users to allow them to get the full benefits of its features.

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