6 BEST ENTERPRISE ASSET MANAGEMENT SOFTWARE FOR 2023

What is Asset Management Software?

From acquisition to disposal, asset management software aids in the tracking and management of physical assets. These assets include things like large machinery, fleets of vehicles, and computers and other office supplies.

You need real-time data to make decisions about asset management, maintenance, and disposal because assets are such an essential component of your organization. This need is met in part by EAM software, which forecasts possible faults and breakdowns in order to prevent them from occurring and ensure optimal asset performance.

A centralized system for real-time tracking and recording of all tangible and intangible assets or services is an asset management tool. You may see asset location, usage, maintenance, and cost information. You can handle crucial documents and asset life cycles, from acquisition through maintenance and disposal, with the help of such solutions.

Primary Benefits

It is simpler to keep track of maintenance needs and depreciation expenses with a dependable asset management solution. These are crucial to ensuring that all assets and machinery are in excellent functioning order and can fully serve the firm. Regular maintenance is essential since unexpected failures and repairs can be expensive for your company.

By 2028, it is anticipated that the asset management market would be worth more than $17.04 billion.

Asset management offers a number of significant advantages, including reduced administrative expenses, increased asset utilization, simple compliance, quicker audits, and improved services. It enables you to control software and hardware from one place. You may manage assets from various locations from anywhere in the world thanks to it as well.

Key Features

Asset life cycle management, preventative maintenance, asset inventory management, scheduling, reporting, and other capabilities are among the fundamental characteristics and essential requirements of asset management solutions. Additionally, some solutions provide capabilities like fleet management, license management, performance tracking, and vendor management..

In what ways might asset management tools benefit your company?

1. Optimum Asset Utilization.

It’s only reasonable to expect a corporate asset to bring in money when it is purchased. However, the asset needs to be kept in working order in order to do it optimally. Otherwise, underusing assets might result in big losses over the long and short terms.

Software for asset management is especially useful in this situation. These technologies enable you to determine whether an asset is performing at its peak levels by gathering all necessary data about the asset in one location. You can then optimize how the asset is used as a consequence.

2. Reduction In Maintenance Expenses.

Ineffective asset management reduces an asset’s operational lifespan and results in excessive maintenance costs. Throughout an asset’s life cycle, every organization must deal with a number of maintenance difficulties that reduce earnings.

By monitoring the requirement for maintenance, asset management software aids in your avoidance of these expenses. All asset data, including warranties and licenses, is kept in one knowledge base by these systems, where it can be accessed and used to cut maintenance costs.

3. Enables Real-time Asset Management.

You must keep track of assets in real-time when your company has many moving elements, as in an e-commerce enterprise. Using GPS technology, asset management software enables real-time asset position tracking.

You can more effectively track and manage your assets as a result. Additionally, real-time asset tracking makes it more likely that none of your assets will go missing and increases employee accountability.

4. Detailed Asset Reports.

Accurate and effective reporting is crucial to any management function. Although you can keep track of and generate impromptu summaries of your asset inventory using spreadsheets, this is a laborious procedure that doesn’t make much sense in the tech-enabled world of today.

Instead, specialized asset management software enables you to produce in-depth reports on your assets’ performance and potential improvements. This enables you to clearly and thoroughly explain your findings to high management.

5. Enhanced Productivity.

Systems for automating asset management increase productivity by freeing up your human staff from menial duties. For example, if your assets are RFID-tagged, they can be tracked and automatically scanned as they go through your business process.

The workers can then focus on carrying out tasks that demand human interaction and critical thought. Additionally, it helps reduce labor expenditures and streamline your workforce.

6. Enables Better Asset Audits.

Asset auditing may be a difficult undertaking and place a lot of pressure on any organization. However, audits are necessary and cannot be avoided because they give you a better understanding of the assets that your organization is managing.