Category: Asset Management

Facility Managers! Are You Tracking These Assets?

As a facility manager, you’re wholly and solely responsible for taking care of the day-to-day maintenance, upgrades, and management of all types of assets. Whether it is the storage area, warehouse, or physical office space, you need to ensure everything is operating properly for the smooth functioning of business operations.

The New Lease Accounting Standards

The list of responsibilities doesn’t end here. The Financial Accounting Standards Board (FASB) went into effect for all public companies and will be further applied to all other companies by December 15, 2019.

With the new lease accounting standards coming into effect, the facility managers have to do a lot more than regular facility management and asset tracking. Asset tracking will become more important than ever.

The new rules have made it must for organizations to list all their lease assets as liabilities, which are in terms of more than 12 months. They also have to keep a detailed record and information for other business assets, which include:

  • Lease agreement and type
  • Lease terms
  • Start and end date
  • The owner and lessee
  • Monthly payment
  • Fair market value
  • Useful life

The new lease accounting standards by the Financial Accounting Standards Board has made it compulsory for all facility managers to maintain several updated sheets of information for every individual asset.

And, if your organization is a large one with tens of thousand assets to manage across different geographical locations, proper asset tracking will become a tedious task for you.

Types of Assets You Need to Be Tracking

1. Information Management Assets

Managing assets that work with your data is one of the most common and challenging tasks to deal with. These assets may cause various problems if they would not run smoothly. A well-managed and optimized IT infrastructure ensures a flawless communication system.

The information management assets that need to be tracked and maintained include:

  • Printers
  • Copiers/MFD fleet
  • Desktop and laptop computers
  • Software licenses
  • Other IT Equipment and digital assets

2. Employee Personal Assets

When it comes to employees’ personal assets, most of the asset management plans fail. As a facility manager, it is your responsibility to develop an asset management plan that keeps track of your employees’ personal belongings as it can have a big impact on their health and safety.

The employee-related assets you should track include:

  • Safety equipment
  • Badges
  • Mobile devices
  • Radios
  • Uniforms
  • Keys
  • Vehicles

3. Facility Assets

Facility-related assets are what make your business look good. While you’re planning for facility maintenance and management, these assets must be included in your plan.

A well-maintained workplace and equipment will ensure a good workflow for your employees. Therefore, it’s important to maintain all facilities-related assets. This will keep your employees happy and motivated in the workplace.

These assets include:

  • Floors
  • HVAC equipment
  • Paint
  • Signs
  • Lighting
  • Desk
  • Carpet
  • Break room appliances

Why You Should Use Asset Management Software

Asset management is a crucial task where a small mistake can cause huge problems for your business operations. And, when an asset management plan involves facility management and asset tracking of a large company across different geographical locations, you can never rely upon spreadsheets or any other manual facility management procedure.

Spreadsheets are not as efficient as you cannot manage multiple departments and facilities together. Therefore, you need advanced cloud-based asset tracking software that’ll allow you to manage all your business assets easily and efficiently.

Why Choose QuickFMS?

QuickFMS is an advanced cloud-based asset tracking software that features innovative asset tracking tools that’ll help you know what you have and where, as well as what it costs your organization to lease or own it.

To know how QuickFMS can help your organization’s asset tracking plan and how it can help run your facilities more efficiently, schedule a personalized and FREE DEMO.

Asset Management Software - Request a Free Demo

Top 10 Benefits of Asset Tracking Software

Are you aware of the location and working condition of all your physical assets? Tracking your assets is essential for your company’s profitability and growth. From the purchase of the asset to its disposal, you should keep a track of the asset to know when you need to repair or replace it. This helps you make informed decisions about your physical inventory.

Asset tracking is the method used to track physical assets to know the location, status, and maintenance schedule of the assets. You can track your organization’s assets real-time through barcode labels, GPS or RFID tags, handheld barcode scanners, and asset management software. Asset tracking helps in maximizing asset’s efficiency and minimizing the loss.

Government agencies, corporations, and other large businesses track fixed assets such as cars, chairs, IT equipment and others using automated data collection systems. According to the 2005 Clause 49 of the Listing Agreement, all publicly held companies are required to track their fixed assets.

Organizations can use data collection software to streamline the task of compiling the list of fixed assets. On the other hand, enterprises and small to medium-sized businesses can use asset tracking software to capture inventory. Mobile devices can be used to scan barcode labels to get the data required. By using an asset tracker, the location and status of an asset can be confirmed to nearly 100 percent accuracy.

What Is Asset Tracking Software?

Asset tracking software helps in tracking movement of assets- IT equipment, devices or software, within an organization. It scans the entire assets to give a quantitative record and enable physical monitoring of your assets. Through the use of asset tracking software, organizations can schedule maintenance or preventive maintenance.

There are various reasons why enterprises should use asset tracking software

  1. Enables Asset Recovery and GPS Positioning: When your organization is handling hundreds or thousands of assets, if one gets detached from a big batch, tracing it can be quite problematic. You can spend significant manpower and lose productive time looking for the asset. Even worse, your business may experience delayed productions, increased costs and a flurry of complaining customers.
    You can avoid all the aforementioned troubles by using an asset tracking software. The software can help you to know where a particular asset is at any time and its exact GPS location.
  2. Improve Customer Service: Customers expect a positive return on investment when they sign a contract to do business with you. Among the things they expect is information about the location of their assets in real-time.
    Asset tracking software allows you to keep tabs on your customers’ assets all the time. You can also track the efficiency in which the items are moving through your internal processes and uncover opportunities for improving production.
  3. Real Time Asset Management: By using a tracking software, you will have a picture of your business assets. You can track items as they arrive or are moved to particular locations in real-time.

    Accurate asset tracking is critical for efficient data management. Thanks to this feature, you can spot duplicate records and remove them from the system to avoid confusion. For example, you can assign assets a unique identification number to prevent your data from being compromised for example, when two or more assets share the same serial number.
  4. Increase Productivity and Reduce Labor Waste: An asset tracking application can help you keep track of how many different items are passing through your departments. As a result, you can calculate an asset’s lifecycle. If your assets are tagged with RFID tags, they can be scanned automatically as they move through different stages of the process, hence eliminating the need of having people manually scanning logging their movements.
    Using an asset tracker will free your employees from menial tasks and leave them to focus on other areas of your business that contribute time to your bottom-line.
  5. Avoid Unnecessary Repair and Maintenance Costs: It is crucial to track the life cycle of assets used in projects that take months or years to complete. When you have essential information about an item, for example, when it was bought, how often it’s used, and how regularly it is maintained, you can plan effectively for its replacement. Unproductive items can inhibit your operational efficiency and lead to unnecessary costs.
    You can use asset tracking software to monitor and anticipate devaluation of items, and hence replace them on time.
  6. Allows Maintenance Tracking: Maintaining your assets is crucial for the efficiency of various processes. With advanced asset tracking software, you can set repeat alerts for the regular maintenance of the equipment used in your business. For example, you can set alerts based on your knowledge about an asset’s previous usage or condition.
    Some asset tracking applications can even be integrated with ticketing software to help you know the person in charge of carrying out maintenance, expected completion date, and so on.
  7. Helps You Conduct Asset Audits and Set Stock Thresholds: Asset audits, whether done internally or externally, put a lot of strain on the business. However, the audits are important as they enable a business to identify potential ghost licenses and assets. Your business may be incurring costs for ghost assets in the form of taxes and maintenance fees.
    An asset tracker can help you perform audits to increase the visibility of your assets and reduce compliance risks. The software will give you accurate data that you can use to make informed decisions.
  8. Streamline Maintenance Schedules: Many times, companies fall behind in maintenance management because they use manual methods to track their schedules. If some of the assets you use require ongoing or periodic maintenance, asset tracking software will give you a lifeline.
    An asset management software can alert relevant employees about scheduled maintenance to ensure there are no delays.
  9. Ensure Regulatory Compliance Many small and medium-sized enterprises are serving in industries that are heavily regulated. These firms require to efficiently capture and report data that prove their compliance with regulatory requirements.
    Asset tracking can help your organization comply with regulatory requirements such as equipment maintenance, calibration, and testing. Your reporting requirements can be completely streamlined by using an advanced asset tracking software. For example, you can get detailed compliance reports in minutes. These reports would have taken months if the same data was compiled manually.
  10. 10. Ensure Accuracy and Peace of Mind Lastly, using an asset tracking software gives you peace of mind that your business has achieved maximum accuracy in asset tracking. Proper tracking will allow your organization to consistently pass internal and external audits.
    Using asset tracking software can help your company to scale successfully. Since the tracking application is automated, everyone in the company can track assets in real-time and provide customers, auditors, and vendors with the required data in a customized format.

Businesses can achieve effective asset tracking and inventory control through staffing and barcode solutions. These solutions help to manage assets better and augment your company’s bottom-line.

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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.

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.

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What Organizations Are Doing for Physical Asset Management

In today’s continuously expanding market and technological advancement in every sector, there’s a lot to look after if you are monitoring a business organization. Apart from elements like marketing, sales, research, and development of the business, there is something more into it, which plays an important role in maximizing the shareholder’s value, trying to get best possible returns to stakeholders, and benefit the organization at the same time. This is termed as a physical asset management system.

It’s nothing new. It’s there since these assets have been there. What has changed is the way we used to do it. From manually recording the data on a huge pile of spreadsheets to automated solutions, facility management is what every organization choose to go with when they have to get their asset management done.

Facility asset management software helps us to effectively and efficiently manage inventory processing with automated solutions that makes the whole process of physical asset management system more effective. The software tools are designed by experts keeping in mind the custom requirements of the organizations. It helps users with tracking, monitoring and managing their tangible assets (both fixed & consumable) across different locations.

Major Benefits of Facility Asset Management Software

Facility asset management software is really beneficial for the organization in many ways. Here’s a list of benefits that an organization gets if they use this software for physical asset management:

Much Better Organization Of Asset Data:

The presence of facility asset management software has been really beneficial in collectively storing all data in a single database. It also allows multiple users to update and access asset records at the same time. So get rid of messy and multiple spreadsheets.

Maintain Concrete Records Of Asset Data

This software helps organizations to use their user-defined field at maximum levels. Customized options are also there for every organization to meet the different needs of these organizations without missing out on necessary data.

Time Efficient

Easy accessibility of asset records with user-friendly tools make it easy in real time to download the information you need. This solution also gives you the leverage to customize the reports. This means no more juggling with spreadsheets data to create a report for your auditor.

Automated Calculation for Depreciation

Facility asset management system helps in preparing accounting reports with less stress. With the help of this software in accounting, you can easily and perfectly calculate depreciation in assets over their useful life. So it’ll help to get rid of the qualifies opinion on your audits.

Easy to Manage Change Requests

Usually the approval process for change in asset takes a lot of time if done manually. But with the help of this solution, this can be done easily and a complete history will be available all the time. This is really helpful during the time of audit.

Automated Transfer of Assets

Using this solution for transferring assets shows results such as increased efficiency, eliminating errors and delays. It’s because this solution comes with e-mail notifications, flexibility in approval routine and combines with your business rules accordingly.

These are important factors that not only affect the growth of the specific organization but also tends to affect the overall value of the assets present in the company. The presence of facility asset management software in an organization is one of the most essential parts to manage the investments and business capacity in a more efficient and competitive way. The organizations that still lack facility asset management software will be on the losing end in this competitive market.

QuickFMS is one such facility asset management software that helps users to allocate, monitor, trace and manage their assets in a better and efficient manner.

Asset Management Software - Request a Free Demo

Smart Asset Management Software: Why It Is Important

Managing assets of your organization can be a complex and time consuming task. These assets need to be maintained properly so that they can function correctly and can meet your organization’s needs. Asset management helps in extending the life of the assets, reduce costs and increase efficiency. Asset management is important for any organization-big or small.

Many companies view maintenance of assets as a cost and they do not want to spend more on maintenance. They do not realize that this will cost them more in the long run. It’s important that you should have the right process and system in place which will ensure the success of your organization. Computerized Maintenance Management System (CMMS) software helps you to manage your assets and increase their lifespan.

Here are the benefits of using CMMS software for your organization:

  • Helps in Asset Tracking: Asset movement should be tracked accurately to reduce downtime cost and prevent loss.Cloud based asset management software will help you manage movable assets easily and effectively. CMMS software helps in tracking assets that need maintenance and tells you whether you have spare parts in stock or not, so that the repairs can be performed easily.

  • Maintains Asset History: You cannot rely on employees to maintain critical information about the assets. CMMS software stores all maintenance data and information in one place. This helps in easy access of asset records, previous work orders and repair information which speeds up the repair task.

  • Assists in Preventative Maintenance: Most organizations follow reactive maintenance due to which their assets do not remain in optimal condition and deteriorate faster. It is necessary to follow a proactive maintenance approach to maximize capital investment and profits. CMMS software helps you move from reactive maintenance to proactive preventative maintenance. It helps in preventing major breakdowns in your organization by triggering maintenance checks on predefined schedules.

  • Offers Increased Visibility: CMMS software gives insight of what is happening in your organization. It creates automatic reports that you can review on a regular basis. You can create specific reports whenever needed. This helps in increasing the understanding of your organization.

Move to Smart Asset Management Software: Smart asset management is all about having the right system and process that helps in reducing downtime, increasing productivity, ensuring a longer life for your equipment and helping them run smoothly. It makes your organization more efficient and cost-effective. QuickFMS is one such cloud based asset management software that helps in managing your assets efficiently and increasing your organization’s productivity. It offers asset optimization which ensures that all your assets are utilized properly. It’s a great investment for those organizations that are looking for growth and profit in the long run.

6 Tips to Get the Ideal Asset Management Software

Asset management is important for any business, whether big or small. It helps to keep track of the assets and manage them properly. Though it might be easy and cost-effective to manage assets manually, it can result in loss or misplacement of assets. Asset management software helps your business become more efficient by utilizing the existing resources effectively and by saving valuable time.

Asset Management Software

If you are selecting asset management software for your business the first time, it is important to keep certain things in mind so that you get the right software to meet your specific business requirements.

Here are 6 tips to consider while selecting an APT Asset Management software for your business:

  1. Know Your Business Requirements: Know your business requirements as well as user level and technical requirements. Business requirements include how many assets there are in your business, their efficiency and performance, and why do you want to track assets.

    Quantifying user level requirements involves knowing every detail and task that is included in your workflow process. Technical requirements include how you will host the software, and what security and backup procedures you want. Also, by integrating both your technical requirements and user level requirements you can gain more than the expected benefits.

  2. Compare all the Software Options: Do online research before shortlisting your software options. Check review sites to know the feedback of the customers and how they have rated the software. Before comparing the price, compare the features of the asset management software. Compare software vendors and choose the one who is reliable, understands your business needs and really cares for your business. This research will also help you focus on a planned maintenance.

  3. Go for a Detailed Demo: Understand the usability and workflow features that the software provides. In-depth demo session should include people who will be using the software and know the overall process and some management level people as well. You should look for ways in which the software will help to improve the existing workflow process. Plus, understand the risks associated with the implementation of the software too.

  4. Check Through Referrals: You can find good asset management software through referrals. This is a trusted source and you get all the critical information about the software. If you know someone who is using the asset management software, you can check the performance of the software and from where they have purchased it.

  5. Involve all the Users: It’s important to involve all the software users during search, shortlisting and demo of the software. They are the best people to decide whether the software will fulfill all the requirements or not. User adoption of the software is necessary to manage the assets properly, and it further helps in the reuse of your assets in storage.

  6. Choose the One Which is Easy to Use: You should choose the software which requires less training and is easy to use. Your software provider should provide the training to your staff as well, so that they can operate the software easily. They should also provide the support needed after the implementation of the software.

How to Benefit from Asset Management Software?

Asset Management refers to an optimized process of deploying, implementing, operating, integrating, maintaining, and upgrading of important assets in a cost-effective way. Asset management has great importance for big and small enterprises, following which, asset management practices have become more than a necessity for businesses nowadays.

Asset management software is one of the most effective business automation tools, which helps business enterprises and organizations to simplify their asset management tasks. Various studies and their findings have come to a conclusion that, an asset management software Is highly beneficial in improving and improvising the asset management processes. Also, it increases business productivity over time. Here are a number of the most important aspects, your business can benefit after implementing asset management software.

Increases Productivity After implementing an asset management software, you can see a steep rise in the overall productivity. One such software will look after each and every aspect of asset management and maintenance, allowing you to focus on other with no probability of error in maintenance and processes. With an advanced software, you would be following a laid down plan to fix or substitute any machinery or equipment when needed.

Saves Time An asset manager software will simplify and automate all complex asset management processes, which require dedicated focus and quality time to ensure no mistakes at any level. With an automated software, manual work is completely avoided. There are no chances of error or security threat with the help of added security features and tools that keeps all confidential data protected.

Work Allocation An asset management software will notify you when and where maintenance is required. After which, you can assign the right worker for the job needed. This is also helpful while managing in-house and external resources. An asset management software simplifies the communication between the workers and the company management or admin.., allowing them to share information very easily.

Cost Reducing An automated asset management software helps you in reducing the overall costs and expenditure on managing the assets. With automation and simplification of all complex tasks, you don’t need to spend much time and resources for the same job. And hence, the asset management software reduces the overall expenditure on asset management.

Asset Optimization With an asset management software, you can efficiently optimize each and every business asset, which can be crucial for your businesses’ growth and profits. The implementation of an asset management software ensures that all your machinery, equipment and assets are utilized in the best possible and profitable way.

These were a few important and potential benefits of an asset management software, which can be crucial for your business company’s facility and asset management program.