When there is no platform that allows us to do our work and have
everything stored in one place, we resort to spreadsheets.
When it comes to Asset Management, many companies are still using
spreadsheets. You may be wondering why you should pay for an asset management
software when you can do it on Excel. However, such applications are not
designed to track information that is constantly changing and form part of a
process chain. It is also not possible to upload accompanying documentation and
reports associated to the asset which would facilitate asset management. The
spreadsheet may not be accessible from any location and it is difficult to
Even if your team manages to create an accurate record of physical
assets using a spreadsheet, the manipulation of the list is often not done
properly leading to incorrect use of data or incorrect data entry. With several
changes made to the spreadsheet regularly, information can be overwritten and
can be lost. Such lists also do not allow the possibility for management and
staff to have a complete overview of the operational and financial aspect of
the assets and must resort to external files and systems to perform these
tasks. This results in juggling with several worksheets which ends up in
frustration and lack of control.
An asset management software allows you to track your assets and
gather all asset information on one platform. Such software allows you to have
access to your O&M manuals, intervention sheets, maintenance plan,
invoices, receipts and much more at a click! You can also plan asset
maintenance and monitor asset finance by generating customised reports. Cloud-based
software provide several benefits such as ease of use without needing permanent
installation on a local device, quick responsiveness, unlimited storage,
instant availability of date by authorised users from any location and secured
back-up of information.
Your asset management system should easily translate into
long-term financial plans. How you acquire and use your assets become more
is important to consider the initial purchase cost as well as the entire
life-cycle costs of each asset. During the asset’s life cycle, additional costs
are likely to come up such as maintenance expenses as well as disposal costs. When implementing a proper asset management system,
you can discover wasteful purchasing practices and make improvements.
When assets are checked on a regular basis and the
depreciation costs and net book value are accurately calculated, the
information associated to your financial statements are kept updated and
Our software, Assetman, has a feature called ‘Asset Finance’ which facilitates the financial management of physical assets. Information such as depreciation costs and net book value can be easily retrieved. These are calculated according to current accounting standards. It is also possible to retrieve important information such as initial purchase costs and related expenses throughout the lifetime of any asset. This will help any organisation to better control capital employed in acquiring physical assets and reduce operating expenses during the asset’s life cycle.
Maintenance staff are often on the move, so we made our software mobile too. It can easily be used on mobile phones and tablets. Assets can be easily tracked by scanning the QR code with a reader or smart phone. After scanning, all asset information is displayed such as specifications, next planned maintenance and condition, location of asset, the asset net worth, its make/model, asset category, asset description, manufacturer details, country of origin, current users, date of acquisition or installation and many more aspects of your asset.
Throughout the last decade, asset management was adopted as a powerful tool to monitor physical assets and their performance, especially in facilities management. Initially, the principles of asset management have been developed for industries that are critically dependent on the performance of physical infrastructures. Asset management enables an organisation to understand the value of its assets (office equipment, plant and machinery, electronic devices, furniture and other fixtures and fittings) in achieving corporate objectives which makes its application essential for any type of business.
The benefits of a good asset management system are diverse, including improved financial performance, informed asset investment decisions, better risk management, improved services and outputs, better workforce planning, improved compliance and organizational sustainability; higher efficiency and effectiveness; better quality of service; and the extension of assets life span.
Technological progress has created new opportunities for asset management, turning it into a more dynamic, effective and fully accessible management tool. There has been a shift from keeping important asset information in manual records or numerous spreadsheets to having a concise and up-to-date database on a software platform. Innovation in asset management software now allow in-built maintenance planning systems which will enhance the monitoring of the condition of assets and allowing a better maintenance schedule. Such systems create a dynamic network platform on which all stakeholders can operate; managers, technical staff, suppliers as well as administrative and finance department. Proactive measures and informed decisions can be made based on real-time data.
Asset management software may also include a finance module with information that facilitates strategic long-term financial plans and better purchasing decisions based on historical data.
New tools for dynamic asset management and optimal maintenance planning are critical to the running of a business nowadays and we must take advantage of what technology can do for us. Automation of operations and processes have revamped the business world and an asset management software has numerous benefits to offer, especially when it includes additional functions such as maintenance, finance and reporting.
What is the importance of having a reliable asset management system?
Your assets, from capital-intensive investments like machinery and heavy-duty equipment to the desks and chairs in your office are all important for the proper functioning of your business. Assets are fluid entities which can change location, owner, function and condition. It is essential to keep a proper tracking of all assets and know what exactly is at the disposal of a company at any time. An asset management software enables you to have all the relevant information on one platform.
Many organisations nowadays are still keeping a manual record of assets with various documents and files spread everywhere. Others have not yet implemented an asset management system. In either case, unnecessary risks are being taken and it is time to focus on asset management.
An accurate overview and control on maintenance of assets is also essential for the profitability of a firm. There are a number of risks directly associated to poor maintenance. An asset management software including a maintenance management module allows you to foresee all maintenance activities planned for each asset and the associated expenses, frequency and actual condition of the asset.
We have developed Assetman by taking the above factors into consideration. Assetman will be a management tool which enables you to keep accurate records on all your physical assets, plan and monitor their maintenance and generate financial reports.