Understanding how your assets are performing is essential to making decisions about when to replace vs repair them and to cut costs later on. Tracking the locations of multiple assets, their condition, and maintenance requirements can be a tedious task, especially if your organization is large or you own multiple companies. In this article, you’ll find out how a business solution can help you manage assets through their entire life cycle and automate a large number of tasks and processes to increase efficiency.
What is asset management?
Asset management is the process of managing assets from the acquisition to their disposal. It involves tracking various assets, both software and physical objects, throughout the stages of the asset life cycle. Additionally, you need to track a variety of information about assets, including. Asset management is an essential task for every company, and getting it right will save you a significant amount of time and effort.
Read on: Learn about ITAM: Explore the benefits of IT asset management.
The benefits of asset management software for your company
An ERP system that offers asset management features can help you manage your assets from one place efficiently. Here are some of the benefits your company could enjoy by implementing the best asset management solution:
Streamline your asset management process
A central documents repository can store and digitize documents and track all assets‘ data. Everything from asset movement tracking and conducting audits to work orders is centralized in one place, letting you improve response times and work more efficiently.
Automation in your asset management software will further simply processes and ensure their accuracy and consistency Additionally, asset management software allows for mobile access and thirty-party integrations, which can make a big difference in fixing problems.
Track KPIs
The right asset management software provides you with analytics and reporting. This allows you to track multiple KPIs to measure asset performance and identify the root cause of any problems that might occur. You can also track all costs related to an asset.
Manage your assets’ life cycles
Asset management software gives you end-to-end, real-time visibility into the management processes from procurement to disposal. Preventing and predicting maintenance will allow you to set maintenance routines and initiate automated notifications. You can also generate aging and depreciation reports and receive status updates on assets.
All this will give you a comprehensive overview of every stage in the life cycle of an individual asset.
Read on: IT asset life cycle management and its importance for your company.
Reduce spending
An early breakdown or unplanned repair can be costly. Having all the information you need to efficiently plan any maintenance on an asset will help you keep any asset-related spending in check.
Increase accountability
With asset management software, you can assign tasks to particular employees. By creating a record of who needs to do what and by when, you can increase accountability in your organization and make tasks crystal clear to employees, thereby improving the efficiency of the process.
What are the features of asset management software?
A good asset management solution will offer an array of features which allow you to improve your asset performance and increase the efficiency of maintenance. Before you select a vendor, you should know your needs and what features the asset management system should have to meet them.
To find out about the common features of asset management software, let’s take a look at the asset management software features Vault ERP has to offer.
Asset information
Vault ERP’s ‘asset basic info’ feature is a form that holds all the essential information about each asset. You will be able to view information about the asset such as the model, serial number, assignee, warranty length, and much more. You can upload delivery notes, view warnings and more. Asset events, QR codes, and their location on an interactive map can also be viewed on this page. Furthermore, you can add notes, set reminders, and edit or delete the information from here.
Asset dashboard
The asset dashboard provides you with quick information about recent purchases and valuable KPIs such as warranty, type, status, and more. You can easily add assets from the asset dashboard.
Access control
Each system user can be granted access to the system at scalable levels. By adding roles to the user, you decide who has access, at what level and to which system’s items.
Asset change tracking and alerts
Asset tracking in Vault ERP is easy. You can view an asset’s full event history on the ‘asset basic info’ page, where you can perform a variety of events, print labels and export data in an Excel or CSV format.
Grouping and managing of assets
Assets in Vault ERP can be grouped and managed by the criteria ‘Asset Models’, ‘Asset Kits’, and ‘Labels’. Grouping assets will allow you to find an asset faster and organize them better.
Models
The asset models list displays the assets’ models, the type, the number of units and the last change. If you have a large amount of assets the list can be long, so to save you time you can find a type icon and type name in a band running on the top of the asset models screen. This can be easily moved to the left or the right to find your model type quickly. A click on the selected type icon will open a page with the relevant information.
Kits
You can manage asset kits with this feature. All parts that make an asset functioning are displayed in a list that shows the number of assets, the name, state, S/N and last change. You can view them by their state as either active or inactive or both. Additionally, typing into a search field will pull up the information you want to view.
From this page, you can customize the view and add a new asset kit. An asset’s location can be viewed at glance in the assets list. A click on the item’s location will open the exact location details, including an interactive map and layout file, if added. You can also view how many assets in total have been assigned to that specific location.
Recurring tasks
Recurring tasks will be automated to minimize manual input. Your administrator will define the tasks and processes suitable for automation.
Documents
Each asset in Vault ERP has a storage place for managing documents, which can be edited or deleted. To make the search easier, you can filter the items by criteria like the tags, year, month, and active/inactive status.
Email notifications
Vault ERP users will receive a notification upon specific asset events.
Personal profile
Providing that relevant Vault ERP modules have been configured, every system user can view which assets have been allocated to them from their profile page. All relevant information from acquisition date, asset model and type, last change, location, assignee and much more can be viewed. How much information about assets is displayed will depend on your customization.
To ensure that your company’s assets bring the desired value to your business and operate correctly, it is crucial to have a reliable asset management solution in place. It will prevent unexpected damage to assets or misplacement and keep you on track of their cost and movements. Asset management software is a valuable tool for organizations looking to improve their asset management processes and increase accuracy and efficiency.
Vault ERP gives you everything you need to manage your assets effectively. If your company is in need of an asset management solution, why not get in touch?
