There are several organizations who still rely on a spreadsheet or manual tracking. But these methods are nothing but the wastage of resources.
What are the problems with spreadsheet utilization?
Below we have mentioned some of the most common issues with spreadsheet utilization:
- Data entered manually is prone to human error. It can lead to incorrect information
- Incorrect information concludes to incorrect decision
- Only one person can access at one time
- It does not use asset tracking techniques. Hence, no real time tracking or location of assets
- Spreadsheets are not mobile friendly
Still not convinced? Here is a Forbes article saying, “Various studies report that nearly 9 out of 10 spreadsheets (88%) contain errors. A majority of these errors were from human error (and could have been avoided).”
What is the solution for the Spreadsheet?
The solution is asset management software!
But first, let us have a quick intro “What is asset management?”
The phenomena of tracking, operating, maintaining assets in a cost effective way. It offers a systematic approach to monitor and manage assets & asset life cycle. So that productivity and return on investment (ROI) increases.
Now coming back to the main question’s answer, asset management eliminates all the issue of a spreadsheet such as it provides real time tracking. Because it utilizes asset tracking techniques such as Barcode label, RFID (Radio frequency identification) tags, NFC (Near field communication) chips, BLE (Bluetooth low energy) etc.
Data entered automatically in system via scanner, minimizing human dependability. Therefore, it is accurate and several people can make multiple changes. To avoid duplication, history is also there it means one can know, what changes have been made by whom. This software comes in a mobile application form too which allows you to make changes from anywhere.
Why asset management is important for an organization?
Asset management is important for the organization for various reasons:
Asset tracking – It enables the organization to keep track of all assets & equipment. Also, it can tell where assets are located in real time, who is using them, how they are used. The asset management software provides security to assets.
Scheduling maintenance – If maintenance is not scheduled for asset or asset maintenance is not done on time then it can result in asset breakdown and failure. An asset breakdown can result in huge maintenance bill. In an organization there are lots of assets and keeping manual track of maintenance is a tough task.
But with this software, you don’t have to keep track of maintenance manually because this software does it for you. It sends notification and alert at a regular period of time. These types of maintenance result in increased asset life, optimized asset and reduced chances of sudden asset breakdown.
Asset performance – This software enables the user to track each asset information and performance. “Are they being utilized efficiently? Is any asset is taking too much maintenance?” These sorts of questions come into the asset manager’s mind and this software provides the answer.
Asset life cycle management – From asset procurement (first stage) to disposal (last stage). This software collects all the data and that data can be analyzed and according to that collected and analyzed data, business decisions are made. When assets are moved from one place to another then the information can be retrieved about the same because the whole system is centralized. When information is centralized, you know when was assets purchased or when it will need maintenance or when it needs to be disposed of!
Reports and analysis – When you have all the reports and analytics in hand then it can assist you in finding the potential area of improvement. Data helps organizations in setting future goals and in business decision making. You can also get reports about asset availability, labor expenses and material expenses. Reports can be helpful in resource planning as well.
Identifying ghost assets – This software identified ghost assets. Assets are lost or missed all the time. But if they are not paid attention then it impacts an organization’s bottom line. How? You will end up paying taxes for those assets which you are not even using. This scenario is avoidable with asset tracking software, it provides real time location of each asset. Reducing the chances of asset theft & ghost asset.
What are the key features of asset management software?
Key features of asset management software are given below:
Check in check out – Check-in and Check-out feature can be used on the basis of employees, locations, departments. This feature helps you in maintaining a trail of movement of all assets from one place to another. It keeps track of asset and lets you know the asset status as well.
Alerts & notifications – It can provide alert and notification as per the defined criteria. It can alert the maintenance team for maintenance scheduling. Whenever a task is assigned to a particular employee then employee notified at the same time.
Re-ordering level – This feature allows you to set re order level for inventory. It means whenever the inventory is below a specific defined level then it will notify the responsible person and then he can start process for refilling stock.
Preventive maintenance – This software emphasizes on proactive maintenance. In this process, asset is inspected closely and finding the potential problem if there are any. The objective of this maintenance is keeping asset optimized and minimizing asset breakdown chances. Organizations who use preventive maintenance have reduced their maintenance expenses in comparison to non using organizations.
Asset management is required in all industries manufacturing, hospital, hospitality etc. According to Statista,
“The global market for fixed asset management software is forecast to grow from 3 billion U.S. dollars in 2019 to 5.2 billion U.S. dollars in 2024. Fixed asset management software is used to streamline maintenance processes, extend the longevity of assets, and improve productivity.”
And looking at the current scenario due to COVID-19 when everyone is working from home, this software comes really handy. It can give an extra edge to remote working employees and to those who want to schedule maintenance remotely.
As long as we are concerned, we are sure that, in above mentioned data, more numbers will be added. Asset management software provides other benefits as well, such as in auditing & establishing compliance. It can definitely grow business and assist organizations efficiently.
