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Why Businesses Manage And Track Assets With AMS

asset management

Businesses can not manage and tracks assets they don’t know exist. You may think it’s unusual for a company to not know their assets, where they are, who uses them, and how.

In this business blog, we look at why businesses now manage their assets with software.

Why Use An AMS?

With digitization there are a lot more intangible assets.

Tracking both tangible and intangible assets tracking from creation or purchase to sale or end of life would be near impossible without software.

Hence the market for Asset Management Software which could be described as the next generation of inventory lists. So let’s look at some examples of business assets.

Assets

Assets are any useful or valuable items that a company owns or rents.

Tangible

  • Computers, machinery, equipment, vehicles
  • Buildings, furniture
  • Inventory, Stocks, Cash

Intangible

  • Domain names, websites
  • Brand names, trademarks, patents
  • Databases, software, copyrights
  • Goodwill

Like most software systems with an AMS you can choose between on-premise or in the cloud.

Pros and Cons

There are pros and cons for on-premise vs cloud digital asset management including lower costs to set up as a pro and stuck with the same vendor as a con.

A significant advantage of an AMS is it is real-time. The business has greater awareness of what, who and how their assets are utilized in the industry. Plus, which area of the company uses them, e.g., in the sales process or customer service? Plus, physical assets depreciate, and many will need a maintenance schedule that the AMS can manage. Proper care of assets prolongs their life, so the business gets the most service out of them.

Mismanaged and misplaced assets can be a severe waste of money, time, and utilities. AMS ensures that people are using all assets efficiently.

In the cloud, AMS will mean sharing of resources which can affect performance and security.

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What to Look for in an Asset Management Software?

When searching for the right AMS, businesses should consider a few critical factors before purchasing to ensure they find the perfect fit for their needs.

Software Meets Companies Needs

The most important thing to look for when choosing an AMS is whether it meets the business’ needs. Companies should have meetings with staff to discuss what assets are available and the industry’s goals to use them more efficiently.

An excellent way to begin is to make a list of all assets and where they are. It’s best to consult every department before purchasing and putting together an AMS because each department will most likely work with different assets.

Once there’s a compiled list of all of its assets, it’s best to categorize them. Some asset categories include types such as data center hardware, vehicles, and merchandise.

A list of categories will help set up the company’s ASM and assist the business in making the right choice when picking an ASM.

Customizable Reports

Customizable reports are a great ASM feature because they allow businesses to run queries to see exactly how employees use assets. The ability to customize features is crucial in any software since it provides companies with more flexibility.

In ASMs that allow customizable reports, a company can easily search for, for example, software installations and get a report that explains the costs of all software installations done for the company.

Allows Access on Multiple Types of Devices

Since many people want to log in to systems using other devices, like phones and tablets, a system that allows secure access to multiple devices gives employees more flexibility to quickly and easily acquire asset data.

Customizable Item Details

Virtually all AMS systems have the standard item detail fields that a company would use on a traditional inventory list, like item name, quantity, and price. But some go further and provide customizable areas that allow employees to enter any field they deem necessary.

Customizable item details are a great way to ensure that a company gets the most out of their AMS because they aren’t limited in the data they can track on their assets.

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Bottom Line

In conclusion, any business can benefit from utilizing an AMS. When finding a system for managing assets through software, look for one that meets company goals and needs today but is scalable for growth tomorrow.

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