An asset is an item or entity that has a value or a potential value to an organization. The asset always has a finite life known as the asset life. This is the period between the time the asset is created to the point at which it loses its usefulness. The software comes into play with Asset Management in several different ways.
With the right software solution you can:
- Understand asset age and ageing
- Understand asset usage
- Understand asset impact on the business
Of course, the software is not only about reporting on an asset, but rather how best to manage assets. This is where an asset management system comes into play.
The Asset Management System
An asset management system is an application that helps manage assets in a business. Aside from the previously mentioned functions of such a system, they also provide the following capabilities:
- Alerting of assets reaching the end of life
- Alerting of assets that have failed audit or inspection tests
- Providing information about trends across different sites for similar asset types
- Scheduling of asset inspections and ensuring inspections are in-line with regulatory compliance
Importance of an Asset Management System
Having the right asset management system in place is critical for businesses looking to save money and improve efficiencies. The right tool will provide the following benefits:
- It reduces the operational costs of assets. It leads to an improvement in the operation of assets in terms of performance.
- Improved safety during asset operation. Reduction in likely health hazards during the operation of the assets.
- Maintains/enhances an organization’s reputation.
- Reduction of legal risks on assets operations. Improved compliance with regulatory bodies.
Asset management systems were initially paper-based but this is no longer the case. With the advancement in technology, assets in most of the organizations are managed by the use of special software. The system has dramatically improved the efficiency of asset management in organizations across the board.
In addition to matching the capabilities of the legacy paper system, the software is significantly faster and more efficient. Some asset management systems like Field Eagle, for instance, provide remote inspectors with the capability of near real-time communication.
Historically, paper-based systems would have required weeks or months for information to flow in from remote sites. Having real-time information is critical for businesses in their planning. A good asset management software is a key piece of this.
Asset Management Types
Asset management varies greatly depending on the industry. Some of the common asset management types include:
- Enterprise asset management -includes the fixed assets of a business. This involves managing the purchase, maintenance and eventual end-of-life of assets.
- Public asset management and Infrastructure asset management – primarily public-facing with a focus on roads, bridges and other similar assets.
Key Functions of Asset Management Software
Asset Management Software varies from organization to organization. There are some key criteria, however, that are standard which we shall discuss in more detail.
- Asset discovery – Asset Management Software provides a critical role in enterprises. It offers businesses an ‘On-demand’ and ‘Live View’ of your organization’s Assets/Infrastructure.
- Usage monitoring and resolutions – with the right tool, companies are better placed to understand usage. Asset Management Software gives you an understanding of how your organization’s assets are being used. This includes detailed tracking of assets within every department. This function also includes resolutions of incidents, task management, and much more.
- Compliance Reports – Asset Management Software also helps with punch list reports and final compliance reports. With the right tool setup and configured, significant time can be saved by automating your processes. Having the flexibility to manage your company’s reports at optimal capacity is ideal for your company.
- Effective Disposal – Asset Management Software helps you manage the end-of-product lifecycle as well. Having the right application that can track your inventory, location, and status helps with the disposal.
Equipped with the right asset management software, organizations can manage their day-to-day business operations more effectively and efficiently. They are better able to plan and budget for future expenses when all of the information is readily available. This is why a robust asset management application is critical for your business’ success.
Conclusion
Field Eagle is the ultimate Asset and Equipment Management software. Field Eagle offers a single tool to manage all of your company’s assets, audits, and inspections. This helps provide your business with a complete record and inventory of all assets in your organization and their current state.
Having this information ensures that your business is functioning at the highest levels of efficiency. Regular asset maintenance also ensures longevity for your assets which improves your ROI.
Field Eagle is an award-winning solution to your organization’s needs. It has won many awards, including the 2018 Channel Innovation Award and 2015 CDN Channel Elite Awards Mid-Market Solution.
We value your business and understand what your success means. We are here to assist you in any way we can. With Field Eagle, your organization will be ideally placed to ensure that you are running on all cylinders.
