Asset management refers to the practice of managing and maximizing the value of a business’s assets. Those assets can include physical assets such as property, machinery, equipment and financial assets like stocks, bonds, and other investments. Managing assets with the asset management features involves a range of activities.
That range includes identifying assets, tracking their performance, developing strategies to optimize their value, ensuring their maintenance and upkeep, managing risks, and making informed decisions. You can apply asset management in corporate finance, investment management, real estate management, and infrastructure management. It is crucial for businesses that rely on their assets to generate income and sustain operations.
You can manage assets with an effective asset management system. Its features enables businesses to optimize their resources, reduce costs, and mitigate risks. Asset management features play a significant role in allowing a business to manage its assets. Understanding them will help you develop effective strategies for managing assets to achieve better outcomes. Through all of the features, below are the ten best features of asset management for business.
Table of Content
- Asset Tracking as Asset Management Features
- Service Log
- Contract Tracking
- Asset Management Features Cost Analysis
- Asset Stock Taking
- In-Depth Asset Reporting
- Asset Management Features Maintenance Planning
- Lifecycle Management
- User-Friendly Interface
- Mobile Compatibility for Asset Management Features
Asset Tracking as Asset Management Features
Managing your business asset effectively requires a good asset tracking. Because with real-time monitoring of assets, you can make timely informed decisions. Additionally, you can also minimize repair and replacement costs. The use of advanced asset tracking software enables a business to stay up to date with the location and condition of its assets, which will ensure optimal performance.
To streamline your asset management process, all relevant information about an asset should be stored in one centralized platform. The information may include details about the asset’s stewardship, valuation, location, costs, and any related documentation. With all the information ready on one platform, businesses can make better-informed decisions regarding their assets. Therefore, effective asset tracking maximizes the value of your business’s assets.
Also Read: Tangible Asset Meaning, Types, and Examples
Service log is a record of events, actions, and changes related to a particular service. It is a feature that monitors services’ performance and availability, troubleshoots issues, and keeps track of important information. A service log is generated by software applications. You can use it for various industries, like IT, transportation, and healthcare. Service logs are important for service providers to ensure efficient operation and maintenance of their services.
With service logs as an asset management feature, you are able to get automated maintenance reminders and manage the administrative process easily in real-time. With real-time access to all data, you can easily schedule maintenance tasks and monitor their progress. By streamlining the progress, you can save time, money, and resources while making sure that your business assets remain in optimal condition.
Contract tracking is one of the asset management features, which refers to the process of monitoring and managing the various stages of a contract’s lifecycle. This can involve tracking key dates, such as when a contract is signed, when it expires, and any important deadlines or milestones that need to be met. In addition, contract taking also involves managing the various tasks and activities associated with a contract.
Effective contract tracking is important to ensure that contracts are fulfilled as intended, that all parties meet their obligations, and that any issues or disputes are resolved in a timely and efficient manner. Many businesses use specialized software tools to help automate the contract tracking process and ensure that all contract-related tasks are completed on time and with relevant regulations and policies.
Asset Management Features Cost Analysis
In general, the purpose of cost analysis is to help organizations make informed decisions about whether a particular project or product is financially viable and to identify opportunities for cost savings or optimization. By analyzing the costs associated with a project or product, you can identify areas where you can reduce costs.
As one of asset management features, cost analysis is the process of examining and assessing the expenses of a particular project, program, product, or service. This feature helps your business to make better purchasing decisions. Not only that, but it also helps you determine whether to retain or dispose assets. In other words, cost analysis makes it easier for you to examine the costs related to maintaining your assets.
Asset Stock Taking
Asset stock taking is the process of physically counting and verifying a business’s tangible and intangible assets. It is essential to maintain accurate records, identify inconsistencies, and ensure that the financial statements are correct. It can also help businesses make decisions related to asset management and identify areas for optimization.
Not only that, but it also helps businesses prevent loss and theft of their assets. Through this feature, you can identify missing or misplaced assets, which can lead to timely action to recover them. In addition, asset stock taking can help you identify assets that you no longer need and make decisions on whether to sell or dispose of them. This can help you optimize their asset management strategy and reduce unnecessary costs.
While asset stock taking can be complex and time-consuming, specialized software tools can automate the process. For example in asset management system, this asset stock taking feature can automate in managing your business’s assets. It can update asset registers, accounting records, and other important documentation for asset management. Overall, this feature performs asset stock taking regularly to verify the numbers and conditions of your assets.
In-Depth Asset Reporting
A smart and user-friendly asset management system allows for in-depth reporting as one of its features, providing the necessary insights for informed decision-making regarding assets. This feature enables real-time and comprehensive reporting. The reporting delivers a detailed understanding of your business’s assets, which helps you to make well-informed decisions for your business.
This feature is helpful for tracking asset performance, identifying maintenance needs, finding cost-saving opportunities, and identifying potential risks to develop mitigation strategies. All asset data are collected and analyzed. It just needs a few clicks to use it. Then, the in-depth asset reporting feature of the asset management system will create asset value reports quickly and easily with relevant metrics. After that, they will display the reports in different chart formats.
Asset Management Features Maintenance Planning
Maintenance planning generally involves developing and implementing a comprehensive plan for asset maintenance of a business. This includes identifying assets that need maintenance, scheduling routine and complex maintenance activities, allocating necessary resources, tracking asset performance, and implementing continuous improvement processes. Effectively planning maintenance helps to minimize the risk of equipment failure, optimize performance, and prolong asset lifespan.
To ensure that all maintenance activities are performed efficiently and effectively, you can use asset management system to automate the maintenance planning process of your business. This asset management feature of the system covers maintenance planning, job assignment, and the ability for field workers or volunteers to update the status of maintenance tasks.
Also Read: 12 Features of Construction Management Software That Your Company Needs
Lifecycle management refers to the process of managing the entire lifecycle of a product, service, or asset from initial conception and design, production and use, until eventual retirement or disposal. Its aim is to optimize performance, sustainability, and cost-effectiveness while minimizing negative impacts on the environment and society. Effective lifecycle management, particularly of assets, requires a specialized software that is often used to manage and optimize the lifecycle of assets.
This specialized software is an asset management system. As one of the asset management features, lifecycle management is a complete understanding of your business’s assets at every stage of their lifecycle. This allows you to make timely informed decision making. In other words, this feature enables you to track the assets throughout their entire lifecycle.
A user-friendly interface means that the interface design is easy and intuitive for users to navigate and interact with. It aims to minimize the learning curve, making it simple for users to accomplish their tasks efficiently and effectively. Usually, a user-friendly interface has easy navigation, clear information hierarchy, consistent design, adequate feedback, and accessibility. It improves user experience, reducing their frustration and increasing their satisfaction.
An asset management system that is easy to use can significantly reduce the amount of time and training needed for your employees. An intuitive dashboard and self-explanatory interface also complement a user-friendly interface. These elements will simplify user navigation and facilitate the asset management tasks for the employees of your business.
Mobile Compatibility for Asset Management Features
Mobile compatibility is the ability of digital content, like websites or software applications, to function properly on mobile devices, like smartphones or tablets. This asset management feature is important because of the increasing use of mobile devices for internet access. To ensure it, the user interface must be optimized for smaller screens and the digital content must be responsive to different screen sizes and resolutions.
This feature is essential for businesses that want to ensure a wide range of users or employees can access and use the digital content, regardless of the device used. To allow them to update asset management information in real-time, your asset management system should be mobile-friendly. In other words, the system should be compatible with mobile devices. This will enable employees to provide real-time updates on the maintenance activities they have performed.
Also Read: 5 Asset Management Strategies for Construction Companies
Conclusion Assets are extremely valuable for your business. Managing them from deployment, maintenance, until repair can be complicated, especially managing them effectively and efficiently. Nevertheless, choosing the right asset management system can simplify your business’s asset management process.
Not to worry though, as HashMicro offers you a smart asset solution that can help you manage all of your business’s assets. A comprehensive system that covers asset management features and has many benefits. One of the benefits is improving asset management greatly. It is a great choice for many Singapore businesses as you can receive up to 70% Productivity Solutions Grant. For more details, you can contact HashMicro here.