Benefits Of Asset Management Software

Asset management is the processes of planning, designing, and implementing advanced systems in managing a company's assets. It controls and increases the efficiency of the assets owned by an organization. It includes management of a company's infrastructure, plant, property, and human resources. The various components of assets may vary according to the industry type and needs. As business scenario is becoming more complex with large number of employees, their individual work profiles, and workflow spread over various departments; managing data and records manually is nearly impossible and hence, asset management software provide the apt solutions.

Much asset management software is presently available in markets. It enables efficient managing of companies' assets and is considered an important tool in any company's performance. This software also manages physical attributes of an asset such as finalizing the purchase requests, valuation, depreciation, asset receipts, and maintenance, warranties, and user data. They entirely manage all the business management issues comprising of cost management, capital budgeting, expense accounting, financial planning and reporting. With the administration of tangible goods, raw materials, finished products this software also manage their intellectual assets.

Asset management software provides analysis of data, which helps company to make new strategy plans for cash flow, helps in the finest utilization of resources, and in turn increase the productivity of the company.

Some other benefits of asset management software include automatic tracking of all hardware and software across the entire network of management systems, identification of unlicensed software installations, enhanced helpdesk productivity by presenting accurate inventory information, and generation of web reports that can be printed or emailed. Various departments of the company can access this asset data by the company's intranet.

Several websites also provide the latest versions of asset management software, either free of cost or at minimal prices. The buyers can compare features of the software of various companies along with their prices and accordingly choose the appropriate deal, which best suits their needs and budgets.

Asset Management Software provides detailed information on Asset Management Software, Digital Asset Management Software, Inventory Asset Management Software, Fixed Asset Management Software and more. Asset Management Software is affiliated with Free Project Management Software.

What Is Enterprise Asset Management?

Every enterprise and business organization thrives for effective strategies in order to maximize the returns on their assets. They do this by reducing operating costs, managing capital expenditures, and improving asset maintenance and utilization. Enterprise asset management solutions provide high-end, integrated, and complete capabilities to manage the assets of the entire business enterprise. These solutions provide updated information and maintain data that help in decision-making. Enterprise asset management solutions also support the strategic plans and operating procedures, which prove to be an effective tool to increase productivity and reduce costs.

The novel approach of EAM, Enterprise Asset Management, optimizes the business process by yielding significant savings and increasing the life cycle of the assets. This new approach may help in improving the entire life cycle, taking care of all the relevant phases starting from planning the right investments, specifications and designing to asset constructions, operations and maintenance procedures, finally moving towards the disposal and decommissioning of the assets.

An Enterprise Asset Management solution can be particularly helpful for asset intensive sectors such as the chemical, automotive, aerospace, defense, petroleum, and mining industries. Other industries that may benefit from the EAM solution include transportation, management, high-tech, government, and public sectors.

Various EAM solution providers sell solutions that are based on different architectures to support individual enterprise needs and business plans. The detailed PDF files about Enterprise Asset Management can be downloaded directly from the websites put up for the very purpose of providing an idea of how the specific solution works and help in managing assets and serving the business purposes.

EAM solutions support different platforms and applications and can be employed according to the specific requirements of the organization. Amongst many such examples is the SAP Net Weaver platform that allows a competitive edge and business flexibility and supports collaboration among the stakeholders within the network. The benefits of this EAM solution also include uninterrupted, complete, and real-time awareness of the assets, including real-time network visibility.

Enterprise Asset Management provides detailed information on Enterprise Asset Management, Enterprise Asset Management Software, Enterprise Asset Management Systems, Enterprise End-To-End Asset Management and more. Enterprise Asset Management is affiliated with BPM Consulting.

Asset Management - Key Part of Business Management

Most manufacturing companies have recently discovered that fixed asset management should be a key part of the success of the business enterprise. It is now realised that fixed asset management leads to economy of production and operation. This in turn can to increase in profits of 10 to 15 per cent, which cannot be ignored as it makes a significant contribution to the bottom line of the business.

There is no doubt that inventory and production management deserves the main focus of the management for effective functioning in a manufacturing enterprise. If asset management was neglected, then fixed assets were not being effectively and efficiently managed. But in recent years it has been realised efficient management of fixed assets like plant and machinery and other movable and immovable fixed assets can lead to economies of scale. Thus proper monitoring and regular maintenance of productive fixed assets will give a longer productive life. The net effect of this is more profits for the business.

Naturally in fixed asset management, the assets responsible for production, research and development etc., which have direct bearing on the productivity of the business, need to be managed more closely. There must be constant monitoring on the maintenance aspect to prolong the useful life of the asset. Even a movable asset like a vehicle needs proper maintenance. Otherwise without regular running and maintenance the vehicle can soon become corroded and useless.

Every category of assets needs a different focus of management. Fixed assets need regular maintenance to ensure normal life of the assets depending on the wear and tear on the asset. Adequate planning is also necessary for building up financial reserves over the life of the asset for replacing the fixed asset at the end of its useful life. Thus the new plant and machinery can be ordered well in time to replace the old one.

Management also has to weigh the advantage of replacing the plant and machinery and other production assets or continuing to maintain the present production assets. They also must consider from time to time whether the asset has become obsolete owing to new technological advances. In recent times, technology has advanced at a rapid pace and management has to be vigilant on this issue to avoid being left behind by competitors. Asset management also includes adequate insurance to cover any extraordinary losses due to fire and natural disasters.

A type of awakening has taken place in major industries during the past decade on the role of asset management. It has become attractive due to decreasing margins and competition growing day by day. To avoid major capital spending, companies are now developing strategies to get optimum performance from available fixed assets thereby getting increased returns. This involves proper schedule of maintenance to minimise breakdowns and consequent loss of production.

In order to have reliability in scheduling, regular planning in conjunction with various departments, at least on a monthly basis is absolutely necessary. Standards must be set as well comparative analysis within industry standards must be evaluated to determine whether the company is achieving optimum production in line with the industry. If not, then suitable targets and best practices must be set up within a reasonable time frame to reach those targets.

Logistical performance must also be evaluated to consider whether transportation costs are economical and advantages of location are met. The management tools for evaluation can be in form of comparison studies, which can set up in form of graphs and bar charts for easy visual comparison. If fixed asset performance is seen to be below par, then priorities can be fixed for the focus on improvement.

Asset management tracking is vital in large manufacturing plant and utilities. Integration of asset management with raw material and maintenance procurement systems as well as financial systems and their cost versus savings benefits must be monitored on a day-by-day basis. Senior financial officers must therefore be involved in asset management.

Depending on nature of assets in different businesses. For example, utility companies, mineral companies, oil and natural gas are having large properties as part of their assets. These have to be effectively managed and timely decisions have to be taken whether to buy or sell properties for the health of the business. Depending on their values and necessity to the running of the company, the assets can be categorized for better management.

To assist company management, there are a number of established consultant companies having qualified manpower whose help will be beneficial for asset management. They can be very effective to audit present practices and suggest best practices, problem solving and action plans. It may be well worth the expense to hire established consultants to improve performance.

Asset management data can be computerised to enable management to chalk out strategies on an overall basis. Integration of asset management systems with other financial systems would give better picture of whole operation of the enterprise. This will enable various key officials to give their timely input to top management in order to devise suitable plans. For example, government may come out with special tax incentives for certain industries to invest in fixed assets. In a scenario where management is monitoring and managing fixed assets, the Finance Manager may quickly recommend purchase of new fixed assets to take advantage of the government's tax incentive for that business.

Lastly, it is the assets of a business which enable the production and delivery of its goods and services. So when fixed assets are being purchased or replaced a few important questions arise. What is the cost and cost benefit for the business. What funds are available? Should the asset be purchased new or secondhand or should it be leased and how will it benefit the business? Questions relating to the use of the asset could be. What are the operating costs? How much skilled and unskilled manpower would be required for operation? What are the training costs involved? What are the installation costs? What is the useful life of the asset? Is it the latest technology? These and many more questions need to be asked and answered. This will ultimately factor into the long-term strategy of the business.

Michael Russell

Your Independent guide to Asset Management

Asset Management Software - How To Make The Choice Easy

All businesses or companies need asset management; whether you are in retail, manufacturing, public relations, a call center etc. Now, what is asset management actually? This kind of management can be defined as the process by which you can manage your assets to the best of your ability. In order to do so, you and your company's key persons will need to know the strengths and weaknesses of the assets. This is the only way to know how to optimize their use.

Software for Asset Management and Strategy

For years, asset management has been done manually, with a number of registers and files to keep records. This was not the most time efficient and easy way to track assets. However, with the twenty-first century bringing us great computers blended with advanced and upgraded technology, asset management has been facilitated through computers and this has been made possible with asset management software. This is software that enables people to deal with asset management at the press of the button.

The software for managing assets that are available today is able to keep track of the value, use, depreciation, and utility age of any asset. This advanced software can highlight what the maintenance requirements are, when the assets would need to be discarded and above all it allows tracking of the assets. The possibilities and advantages of the asset management software are almost limitless. However, the best feature of this software is that it can give you accurate reports of the status of your assets at any given time, easily.

How Do You Choose Asset Management Software that Fit Your Business?

First, there are a few questions that you have to ask yourself before deciding which asset management software is the best for you. The following can be seen as an indicative check list:

1. Is The Price of the software cost efficient

2. The complexity of your assets?

3. How many employees can use the system or software at the same time?

4. Can it be scaled up as well as down?

5. The number of functions as well as the kind of functions the software give you.

There are mainly three important types of software available segregated by their functionality:

1. Automated - this type of software automatically collects records of data in time as well as tracks the data.

2. Inquisitive - this type mostly is applicable to the IT systems; it will be used for identifying the different parts of hardware (configuration) as well as peripherals and their addition or removal.

3. Repository - this kind of software is used for making reports and for different types of asset use and utility analysis.

This was a few points to keep in mind when you consider to purchase software for asset management or administration. It is important to work out a check list containing questions like those above. This is the only way you can be sure that the software you choose will fit your or your company's needs.

Hugh Thorpe is an internet publisher and writer who likes to write about personal finances, asset management, loans and related issues. Check out 1-Asset-Management.com for more detailed info.