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.
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.
Amit Prasad is the founder and managing director of SatNav Technologies and has business interests in a wide range of IT products. SatNav Technologies is an IT products company focusing on cloud based map data products and a pioneer in GPS, FMS & LBS Technologies. The product suite includes SatTracx in-the-field location based solutions and A-mantra in-the-office facilities management solutions. QuickFMS from a-mantra is a cloud based facility management system which enhances organization’s efficiency.