: Benefits of Equipment Asset Management Software for Governments

Government organizations manage a large spectrum of assets: from roads, to parks, to buildings, to fleet vehicles, to military bases.  With so many assets, it is important to keep good records to avoid superfluous spending and ensure regulatory compliance.  Using paper forms and folders to manage large amounts of data is plagued with inaccuracies and is notoriously sluggish. Adopting an Equipment Asset Management (EAM) software solution can greatly benefit government organizations. EAM software can increase asset life, track maintenance costs, prevent and predict asset failures, improve productivity, reduce costly downtime, ensure compliance, and lower the total cost of maintenance.  The following outlines some of the benefits of an EAM system for government organizations.

Document Tracking

With each asset entered in the system, associated documents like warranties, manuals, receipts, et cetera, can be uploaded and kept with the asset.  This keeps all your documentation organized in one secure place.

Maintenance

EAM software can save countless hours of manual reporting and provide you with all your equipment maintenance information quickly and easily.  By performing inspections on a mobile device, such as a tablet, and synchronizing the inspection data back to the office, you will have simple yet detailed accounts of all assets and will be able to perform preventative maintenance scheduling of high-value high-use assets.

Improved Asset Utilization

Equipment asset management systems allow you to know exactly what assets you have, where they are located & what their status is.  Therefore, you will never purchase more equipment than you need and you can utilize assets much more efficiently.

Capitalize On Lower Insurance Premiums

Staying claim free, insuring multiple assets, understanding your asset value, and maintaining safety can all control your insurance premiums.  EAM systems offer timely inspections, asset inventory, and preventative maintenance scheduling which all lend to keeping your insurance premiums as low as possible.

Asset Inventory Control 

The physical verification as well as tagging of assets prevents loss through theft, saving money on replacement costs.

Increase Efficiency

Increase efficiency with automated processes for adding, inspecting, and modifying asset records. Automatically capture data using a barcode or RFID scanner and create detailed reports with a click of a button.

Ensure Regulatory Compliance

Ensure regulatory compliance (e.g. GASB, GAAP, PSAB) with a collection of standard reports and the ability to generate custom reports as needed. By knowing exactly what assets you have, where they are, and their purchased & depreciated value, you can accurately assess the total value of those assets. Understanding the total value of your assets plays a critical role for GASB, GAAP, or PSAB compliance.

The old ways of using paper forms to manage assets cannot compare to the efficiency of managing assets digitally.  Collecting data on paper forms adds hours of manual effort from tracking, to inspecting, to generating reports, only to be plagued with inaccuracies and transcription errors. A digital solution solves the pains associated with pen and paper forms, improving day to day operations by saving time and valuable resources, which is invaluable for Government organizations.

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