Asset Management Software Explained

What is Asset Management Software?

Asset management software, also known as asset tracking software or asset inventory software, is a type of application used to efficiently manage, track, and monitor physical assets. These assets can include physical items such as computers, equipment, machinery, furniture, vehicles, or even intangible assets like software licenses or intellectual property.

How Can Asset Management Software Benefit My Business or Organization?

Benefits of asset management software include improved asset visibility, enhanced regulatory compliance, increased efficiency in maintenance and operations, cost savings through better asset utilization, and optimized asset planning and procurement. The software typically offers a range of asset management solutions, including:

• Asset tracking: The software helps to record and maintain a comprehensive database of all assets, including their unique identifiers, descriptions, purchase dates, and warranty information.
• Maintenance and repair tracking: It allows users to schedule and track maintenance tasks, service requests, and repairs for assets, ensuring they are well-maintained and function optimally.
• Depreciation management: Asset management software can calculate and manage the depreciation of assets over time, providing insights into their current value and financial implications.
• Inventory management: Users can monitor stock levels, track inventory movements, and identify discrepancies or shortages in the asset inventory.
• Check-in/check-out functionality: Especially useful for shared assets, this feature enables tracking the movement of assets between different users or locations.
• Reporting and analytics: The software often provides customizable reports and analytics, offering insights into asset utilization, costs, maintenance history, and other relevant data.
• Integration and automation: Many asset management solutions can integrate with other software systems, such as financial systems or enterprise resource planning (ERP) platforms, streamlining data flow and reducing manual data entry.

What Industries Can Benefit from Asset Management Software?

Various industries and sectors, including IT, manufacturing, healthcare, education, and government, use asset management software to streamline their asset-related processes and ensure effective resource management.

Why Do I Need Asset Management Software?

Asset management software empowers you to manage your assets more efficiently, reduce costs, enhance productivity, and make data-driven decisions, leading to improved performance and a competitive advantage in any industry. Whether you are tracking physical assets for an office or you’re managing a diverse array of resources in different locations, implementing asset management software is a wise investment.

What Can Asset Management Software Track?

Asset management software can track a wide range of assets across various industries and sectors. For instance, in an IT environment, the software can monitor and manage hardware including laptops, desktops, and keyboards. It can also keep tabs on software licenses, ensuring compliance with usage agreements and preventing unauthorized installations.  

In manufacturing, it can track machinery, tools, and production equipment, optimizing maintenance schedules to minimize downtime. Educational institutions can utilize asset management software to monitor and organize assets like textbooks, lab equipment, and audio-visual resources.

Additionally, healthcare facilities can benefit by using asset management software to track medical equipment, patient monitoring devices, and pharmaceutical supplies, ensuring crucial items are readily available when needed. Regardless of the industry, asset management software can streamline operations and provide valuable insights into asset utilization, maintenance needs, and financial aspects for informed decision-making.

Is a CMMS Asset Management Software?

Yes, CMMS (Computerized Maintenance Management System) is a type of asset management software, but it is more specific in its focus. While asset management software typically covers a broader range of asset-related functions, CMMS is primarily designed to manage and optimize maintenance activities for physical assets.

What is the Best Asset Management Software?

Depending on your industries and goals, Accruent has a suite of top-rated asset management software tools that can help. Contact us or request a demo to learn more.