Asset Management Systems: Which One Is Right For You?

The term “asset management system” is rather general. It refers to any procedure a company employs to keep track of its inventory and equipment. Hence, in theory, even pen and paper and plain old Excel sheets qualify as “systems.” The majority of businesses want something a little more complex, which is probably what you’re searching for as well. We assure you that we will discuss that shortly.

The scope of asset management is likewise fairly extensive. Whatever sort you may conceive of is included, including tangible and intangible assets, fixed assets, digital assets, and others. It’s used for financial assets by even investment professionals! The expenses, dangers, effectiveness, and sustainability of infrastructure are all covered by maintenance. Ultimately, these systems ought to provide asset lifetime management and last the whole of the cycle. Undoubtedly a difficult task, but not impossible.

Asset management software selection advice

Software is helpful because of all that an asset management system must do. The advent of asset management software was, in fact, a revolution in itself. They simultaneously made asset management less demanding and more effective. You may manage risks, control costs, keep track of assets in real-time, and boost compliance. Only 26 of the 99 advantages of asset management software are listed here.

Without a system, you cannot adhere to ISO5000, which establishes the standards for asset management. The catch is that you must choose the ideal software for you in order to take advantage of all of these advantages. When managing fixed or tangible assets, many facilities management software systems also serve as asset management tools. In light of this, let’s take a look at nine distinct types of software and systems for managing facilities and assets.

CMMS

Computerized Maintenance Management System (CMMS) is a technical term. Work orders and facility management (FM) are the only topics covered by this programme. Anytime a malfunction or issue arises, you can report it immediately away and continue working.

To manage repair orders, equipment records, and spare parts inventory, a CMMS is useful. It is perhaps the most adaptable software on this list because it can be used by any business with sizable facilities, from factories to hospitals. Yet, it is less involved than EAMs, which explains why it is less expensive. A CMMS can be your best option for day-to-day operations if all you need to manage are physical assets and you have a reasonable budget.

EAM

Enterprise Asset Management is EAM. It combines a variety of data, including those from project management, operations, maintenance and reliability, storeroom and inventory, procurement, and accounting. With lifetime management, an EAM keeps track of an asset from the time it is ordered until it is retired. This offers managers with a comprehensive perspective of the entire organisation and insightful information for making strategic choices. Large organisations with frequently geographically dispersed assets frequently use it as their weapon of choice.

IMMP

Don’t say we didn’t warn you—the era of CMMS is finished. An intelligent ecosystem of apps and tools known as an Intelligent Maintenance Management Platform (IMMP) is adaptable and sophisticated enough to manage teams, assets, software, and IoT hardware. This is a fantastic option if you need a system that can handle both tangible and intangible assets. You’ll get priceless information about your business operations and benefit from time-saving forecasts. Learn more about the IMMP from Infraspeak here.

Management of Infrastructure Assets

The final stages of public infrastructure are typically the focus of asset management for infrastructure. In general, they are utilised in public infrastructure such as bridges, railways, highways, sewers, and utility grids. You will want software with the necessary later-life modules if you need to maintain and guarantee the quality of these infrastructures. They provide convenient information on how to maintain, repair, or overhaul entire infrastructures.

Fixed Asset Management

An accounting, maintenance, and security system called fixed asset management is used to maintain and keep track of fixed assets. All assets are given an ID from the outset, and these are tracked over time. Per department or facility, you may keep track of assets, including machinery, cars, and equipment. The majority of CMMSs and EAMs, however, offer far more while serving the same function.

Read More – Hospital asset management

CAFM

Computer-Aided Facilities Management is known as CAFM. It is solely focused on organising actual floor space in order to increase comfort and productivity. Because of these qualities, it is the preferred software application for smart buildings, offices, and huge facilities that are frequently utilised by many people. This is what you need if your primary concern is ensuring the comfort of your clients or coworkers.

IWMS

Integrated Workplace Management System is what this term stands for. These instruments are used to manage infrastructure, facilities, and real estate holdings. One asset might be used initially, and then the business can grow over time. They tend to focus on strict facilities management, so if comfort is your top priority, CAFM is a far better choice.

Management of IT assets

The scope of facility management software is constrained despite all of its benefits. Businesses have more and more IT assets, such as computers, software licences, hard drives, databases, and other items. Software for IT asset management keeps track of these assets, keeps them maintained, and makes sure you never miss an update. Start here if you want to focus on that.

Management of Data Assets

The need for media asset management and data asset management is also growing. To protect data, this programme gathers digital assets. Each asset is made, encoded, scanned, and catalogued. Moreover, owners and delegates who effectively control access are paired with them.

You are prepared to decide now that you know the types of tools offered to you. Keep in mind that an asset management system should provide invaluable insights to enhance your business and organise assets.

Why Should You Use Asset Management Software?

• Increasing asset visibility can help you to better understand what you have and where it is.
• Increase the effectiveness and lifespan of your assets and maximise their financial and operational worth.
• Take charge of your resources.
• Streamline asset-people processes
• Increased adherence to regulations
• Foster confidence and clarity in your asset operations.

The three main advantages that firms will experience from implementing an asset management system are visibility, clarity, and confidence in their asset operations.

Who Needs Asset Management Software and Who Uses It?

Regular users include;

• Managers of assets.
• Managers of facilities.
• Managers of maintenance.
• Managers of safety and security.
• Managers of compliance.
• Directors of Operations (Mostly in asset-intensive industries).
• Production supervisors (Mostly in asset-intensive industries).
• Managers of quality assurance (Mostly in asset-intensive industries).

Read More – Engineer asset management

Conclusion

An asset management system is essential for businesses in today’s fast-paced business world to guarantee that their assets are effectively managed and utilised. With such a system, firms can trace the location, usage, and maintenance history of all their assets. Organizations may streamline their maintenance processes, plan preventive maintenance, and automate maintenance workflows using software for maintenance management, lowering the risk of asset failure and downtime.

Putting in place an asset management system with software for maintenance management has many advantages. Organizations can extend asset longevity, lower repair and replacement costs, and increase productivity by minimising downtime by optimising maintenance processes. Improved customer happiness, higher sales, and higher profitability follow from this. Businesses of all sizes would be advised to invest in an asset management system that includes software for maintenance management. It enables businesses to reach their strategic goals by enabling them to make well-informed decisions, maximise the performance of their assets, and do so.