Every organization is equipped with a lot of assets and inventories and they are crucial for running day-to-day operations. If any essential asset is stopped working or not found, then it drastically impacts the business operations. Amidst this, fixed assets include all the tangible assets, which are long-term assets in the company and important while calculating the business worth.
Managing the fixed assets becomes challenging, especially when the company has a large number of assets at different locations and when asset maintenance tasks are done manually. Then, what’s the solution? It’s a fixed asset management software, which automates the tracking and simplifies the work. In this blog post, we will learn the top features of fixed asset management software that are helpful for businesses.
What Is a Fixed Asset Management System?
A fixed asset management system is a process that helps the organization track and manage its physical assets and equipment. Some systems include the features such as asset tagging, barcode scanning and real-time tracking of asset location. Moreover, one can record the acquisition, depreciation and disposal of fixed assets and track the maintenance and repairs as well. This can help businesses that enhance asset utilization, reduce the risk of asset loss or theft and streamline asset-related processes.
Features Fixed Asset Management Software
The top & useful features of fixed asset management software for organizations are listed below:-
Alerts & Notifications
The topmost and most efficient feature is alert and notification. Let us understand by an example. Through alerts and notifications, the maintenance team will know in advance of upcoming maintenance work and in a similar way, the purchase & requisition process, whenever a new purchase is raised. Whenever any asset leaves the organization, it notifies the responsible person. Furthermore, if any inventory is low, the alert will be sent to the responsible person.
This feature of asset management systems, whether its software or hardware asset management, enables the company to track the location, status, and movement of the fixed assets. You can get the full picture of your assets including date of purchase, cost, frequency of breakdown, the impact of downtime, and usage monitoring. Moreover, it generates customized reports for asset location, performance, costs, maintenance records, compliance, and security, especially if assets are related to environmental stability or hazardous materials and more.
Set Reorder Level
When the company has a lot of inventory in stock, it becomes tough to keep track of every inventory. This leads to stock issues such as out-of-stock, which drastically impact the business sales and reputation as customers will not be able to get products. Here fixed asset management software comes to the rescue, which enables to set reorder levels. Therefore, whenever the inventory is below the defined level, it will alert the responsible person and the inventory refilling process will be initiated.
Reports & Analytics
Reports contain real-time data through business intelligence features on how each asset is performing, its average downtime, and the frequency of repairs to evaluate the average lifecycle of the assets. The system also allows exporting the reports to a variety of formats such as PDF, Excel, or CSV for further analysis or sharing with others.
Create a Checklist
The system allows the creation of a checklist that is extremely helpful for the organization as they get to know what tasks are needed to perform on which asset. For instance, the maintenance team can create maintenance activities that will save time and process becomes more efficient.
Undoubtedly, fixed asset management software makes the organization’s tasks more productive and efficient. You can find all the above-mentioned features in Infraon- Asset management software. We help you to manage the lifecycle of fixed assets with a 360-degree view of their overall performance. Do you still have any questions? Talk to our experts.