Will Asset Management Software Ever Rule The World?

• By Vignesh
• 16-09-2021
• Software

An organisation is built on its assets and its very growth bears a direct relation to how well the assets are being utilised and maintained. For most organisations, the presence of an asset management solution is imperative because of the overwhelming volume of assets that require monitoring, storing and tracking.

Does this technology bear the potential to ever rule the world? The answer depends on how well the pros outweigh the cons for asset management software.

Why it shall rule the world

Centralises asset data
An asset management software brings all the asset data together in one frame for the company. All the assets owned and procured by the company remain noted, stored and maintained by a single software. This centralisation of asset information makes it highly easy for the employees with access to extract all the crucial data related to any asset at any point of time.

Using asset management software gives companies an extra edge by eliminating the archaic manual ways of doing the same like maintaining logbooks.

Appends Productivity
Organisations that deal with hundreds of assets need not spend hours in keeping a record of all the assets when they have an asset management software deployed in their facility. With digital management, the work of hours can be done in a single click, ensuring that no unnecessary efforts are being directed towards such tedious tasks.

AMS allows employees to focus on real tasks and operations as it effortlessly takes care of basic tasks like tagging assets, storing their info and recording the progress of each asset. Such automation and digital solutions inherently lead to a more productive and efficient workforce.

Supplements proper asset planning
Assets perform by passing through various stages of performance, generally termed as the life-cycle of assets. But the challenge is that each asset category goes through a different stage and tracking, let alone its maintenance, can be a hard row to hoe for organisations.
With AMS, asset tracking becomes highly smooth and this allows organisations to not only separate the good and under-performing assets but also come to data-supported decisions on how asset performance can be improved for procuring the maximum value out of company’s assets.

Catalyses risk Identification
Asset procurement and storage is not a difficult task but keeping a check on the progress and growth is. With assets comes risks associated with their under-utilisation, expiry, end of term and maintenance. These risks may prove detrimental to the asset’s performance as well as the organisation as a whole. In case of theft of asset or lost assets in general, it is very easy to track down the number and details of such assets using an asset management software.

Companies usually spend 80% of their time in maintenance of issues rather than taking preventive measures. When using digital ways of asset management, companies can better prepare for risks and activate proactive maintenance across the entire organisation. This basically means that the AMS takes care of the assets and operates in such a way that the risks are identified beforehand and mishaps are prevented even before they happen. Also, the tagging facility in the software ensures that no assets are misplaced or hidden or remain unutilised in any form.

Why it might not

High costs
Asset management software is highly popular and immensely useful for all kinds and scales of businesses but one thing that really prevents all organisations to go with this solution is its cost. Some enterprises find the cost and maintenance price exorbitant and therefore, hesitate to get this on board.

The companies find cost-related issues to be the top concern because the software itself is costly but the need to maintain it and keep it updated is equally heavy on pockets. Most of the companies consider this a one-time investment which is a fair deal but as the company expands, more features need to be added to meet the growing demands. These added expenses may not suit everyone’s budget and the organisations may feel stuck due to incomplete features and operations.

Adoption and integration
A basic thing to consider while getting hands on digital asset management solutions is applying it to the complete workflow within the organisation. This requires that every employee and every branch of that particular company/ enterprise should have this software is up and running condition. Asset management solution is ineffective and vaguely significant for companies who adopt this software for only a part of their daily activities. This results in almost no or very little impact from this high-potential software.

The software also requires integration with various software and existing technology for easier adoption. This integration needs to be done in a smooth manner and should be done for all the devices and tech being used by the company, otherwise the software will not be utilised fully to its potential.

Complexity
The asset management software is a highly effective solution but it may seem a little complex for some users. The complexity lies in the fact that there needs to be an authorised user or the “main operator” who manages the list of assets. The main feature of finding assets is by tagging them properly so the team using this software needs to be trained to assign proper tags to assets. Inability to do this can result in poor tagging and tracking of the desired assets, affecting the overall performance of this system.

Although the AMS is highly scalable, it can get difficult for expanding businesses to adopt it because extensive processes require an operator and a team that is responsible for upkeep of the system and perform sporadic tests and procedures for smooth working at all times.

For most companies operating locally as well as globally, this high-end solution is already ruling the offices. The kind of work enterprises expect from asset management software and choosing the right one from the market are the basic factors that decide whether or not asset management software will ever rule the world.