The Market for Asset Management Software is Evolving

In the dynamic modern business environment, firms use a variety of innovative methods to track the physical assets in their businesses. Asset management software is one such vital tool that is super handy to managers! So, what exactly do we mean by asset management software? It is basically a software product that automates a large portion of the commercial, financial, administrative and technical activities assigned to asset management staff.

The Market for Asset Management Software is Evolving

Most asset management companies were largely traditional in their approach and utilized excel sheets and manual accounting methods. However, with the increase in business volume and digitalization, asset management servers need to remain on the top of their game to cater for diverse investor portfolios and complex transactions. That is exactly why a number of asset management software platforms are thriving at the marketplace and they are being rapidly adopted by small, mid-sized and even huge multinational organizations.

Scope of Asset Management Software:

Maintaining accurate, up-to-date fixed asset records has never been more important. Asset management is not isolated in its approach and deeply overlaps a multitude of software solutions that are important to the smooth functioning of a business enterprise. It is integrated and works closely with operations and maintenance software, such as computerized maintenance management systems (CMMS) and monitoring systems (also known as data acquisition systems, and supervisory controls and data acquisition systems). Asset management software offers a number of modules containing different business features, and companies can choose suitable modules according to their business requirement.

There are great solution providers out there in the market today which will provide you with the perfect asset management software! The GTM business report has identified three prime categories:

  • Renewable Asset Management platforms such as 3megawatt and PowerHub.

  • Financial software firms like RA Power Management.

  • Monitoring software firms such as Alectris and Power Factors.

Benefits of Asset Management Software: The entire business arena is constantly harping about the radical improvements asset management software can bring to a business. So, what are the major advantages that a firm can accrue through implementation of asset management software? Let’s have a look:

  1. Massive Cost Saving and Optimization of Resources – Asset management software helps organizations determine their exact quantitative business needs and usage requirements. It also ensures that software is procured through the most cost effective licensing agreement. It helps companies plan for the future, and budget for software requirements, including new software and upgrades or support requirements. It also reduces administrative overheads, through vastly improved efficient processes.

  2. License Compliance – One of the key benefits of asset management software is its ability to ensure that a firm is fully license compliant at any given time. It helps businesses recognize and comply with the Terms and Conditions of their end user license agreements and ensures that they stay within your legal parameters. Asset management software completely handles the compliance needs of a company and this makes software audits smooth rides without any licensing problems.

  3. Controls Security Risk – Various software asset management service providers mitigate risk by ensuring that all software is properly configured to prevent conflicts, network breaches, viruses, or other malware. There are in-built firewalls which identify and prevent users from downloading unauthorized software which can lead to computer viruses. This in turn largely eliminates the need for IT helpdesk support for software-related enquiries or employees misusing or misappropriating software usage. This can help IT helpline staff reduce support activities and allowing them to concentrate on other core activities.

  4. Improved Employee Productivity – Asset Management Software harnesses a wide variety of tools and practices to ensure that software solutions works in a seamless and integrated manner. It ensures the optimum management of user manuals, reference materials and product support, which keeps employees more productive! By facilitating the usage of common updated software versions, file conflicts and sharing issues are avoided and there is a better communication flow throughout the organization. Asset management software prevents costly and unproductive downtime, thus improving upon an organization’s responsiveness, quality, reliability and safety standards.

  5. Saves Time – Businesses spend huge amounts of time on managing their physical inventories, accounts and software assets. Asset management software platforms reduce time spent searching for information on facilities, equipment and other physical assets by streamlining searches. Asset portfolios are enabled with smart filtering, reducing information search times. And asset specifications come pre-loaded, reducing initial software setup time. It automates all major workflow processes, thus helping staff save time to concentrate on other strategic business activities.

A great asset management software solution provider can help you reduce costs, secure your network, and maximize your technology’s efficiency! So, it’s high time to adopt this revolutionary technology to positively change the horizons of your business landscape.

Fretty Francis is currently a Software Analyst at SoftwareSuggest. She is passionate about HR, performance management, asset management, CRM among other things. In her free time you can find her either reading about tech stuff or listening to music.