08/25/2023

What is asset management software and how does it help?

Asset management is about identifying and tracking your assets such as equipment and infrastructure, ensuring their effectiveness, and prolonging their useful life. Asset management software helps you manage all of your assets by capturing all of the asset-related details such as location, issue history, configuration, warranty information, service manuals, repair history, site info, cost, vendor, and more in one intuitive solution. 

A good asset management software helps you in the following ways...

• easily captures and stores highly detailed information on each asset: Asset management software makes it easy to capture and update information on each asset in one place, eliminating the need to enter data into multiple spreadsheets or locations. Data fields are synced throughout the system which streamlines the entry process, eliminating duplicate steps and reducing manual errors. Users can also upload files like photos, maps, manuals, contracts and other documents to the asset record. Barcode technology can also be used to quickly scan information into the system. As a result, asset records are robust, reliable and informative.  

• finds information quickly: When it’s easy to store such a wide range of information, your asset records become more comprehensive, which means if you need to find any piece of information related to a given asset, you can get there quickly. Not sure what record the information is stored in? Powerful search functions can help you easily find data placed in any record or file. 

• tracks what changes were made when and by whom: Having a complete change history in the record is helpful in many ways. If something was input for which you need more information, you know who to ask. If something was input incorrectly or errors are occurring in the data, you know who to address. For configuration management, if you’re not sure when the configuration of an item or network was changed, not only can you find that out easily, but you can see who changed it what it was previously. If the new configuration isn’t working, it’s easy to revert or adjust based on the historic record.      

• automates workflows and alerts: Users can receive alerts when changes are made so you’re kept informed of asset activities or events. Other alerts are automated as well, such a maintenance reminders, warranty deadlines, and repair projects. All of this means less items “falling through the cracks” resulting in a more reliable network of assets with longer lifecycles. 

• provides industry-specific efficiencies: Asset management software can incorporate specially formulated data fields with unique functionalities tailored to certain industries. For example, Mcmtech’s Commasset and Commshop solutions include data fields that are uniquely necessary for the management of communications sites, ID assignments, and other mission-critical radio-centric functions. Fleet-focused asset management solutions will capture details more relevant to vehicle management such as oil changes, tire rotations, and mileage. 

• generates visual data for easier analysis: Asset management software provides dashboards and visual charts and graphs to help users to see trends such as equipment models with a high turnover rate, locations that generally need more asset support, teams that are most proactive about maintenance vs. those who tend to lapse, etc. These visual aids are also helpful for reporting purposes. 

Not all of the features mentioned in this article are included in all asset management solutions. Be sure to do your research and ask your peers to see what solution best meets your needs.