Asset management is defined as the process employed by a company to manage, monitor, and maintain valuable properties owned by the business. It applies to both tangible assets like buildings, cars, land, and equipment as well as intangible assets such as product patents, websites, and software. Companies today often use an AMS or Asset Management Software to perform tasks related to managing company assets and properties through this digital asset management solution.
AMS contains all pertinent information necessary to record and keep track of these assets throughout the expected lifecycle. From acquisition, deployment, operation, maintenance, and disposal, AMS provides comprehensive data on how to efficiently perform these functions. Since all pertinent information is recorded using the software, auditors can perform their duties effectively.
Different types of Asset Management Software used by various industries
Some of the most common types of AMS are classified as follows:
- Infrastructure Asset Management Software. It is designed for managing physical assets including utilities and transportation.
- Financial Asset Management. It monitors company investments and client accounts
- Enterprise Asset Management. It is often referred to as IT asset or digital asset management; the purpose of this software is to manage both tangible and intangible tech assets.
Regardless of how asset management software is designed, the primary purpose remains the same.
Selecting the right AMS
Many popular software providers cater to the AMS needs of companies. Choosing an AMS can be challenging if you do not know the needs of your company and what to consider. The following suggestions may help in determining which AMS to use for your business.
- Clear understanding of asset lifecycle. Before you begin looking into the various AMS options available, your company needs to understand the expected lifecycle of tangible and intangible assets within the organisation. The software needs to provide real-time access across different departments which are responsible for overall resource supervision. The system should also act as a communication channel available for all stakeholders.
- Clear expectations and objectives. Before implementing asset management software, you need to have a clear set of objectives regarding what you want to accomplish using the system. To determine these goals, you need to meet with IT personnel and department managers to list the individual needs and how AMS can address these needs.
- Compatibility with existing technology. Implementing AMS means you also need to take into account whether the new system is compatible with current technology. Aspects such as software language, operating system, format, and user interface need to be reviewed carefully to ensure that it can seamlessly connect with the pre-existing infrastructure.
In addition to the suggestions above, it is also essential to check product ratings and reviews to know if the AMS you are considering will be the best fit for your organisation. Lastly, compare package features and prices to find what is most useful and will provide the best added value for your company. Take time to learn about each option available, and if a free trial is available, use this as an opportunity to test the interface and decide which provider to choose.
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