25 March 2020
In the present era of modernisation and globalisation where businesses are transcending borders to maximise profits, there is a dire need to implement asset management systems in order to optimise productivity and yield better results.
In this vastly expansive corporate world, sticking to age-old asset management tools might actually stifle you. That’s because concerns arising out of unstructured paperwork and human errors can undo all the great work being done by an organization. Further, the resources and time invested in conventional methods of asset management can be better utilised in other useful assignments with the implementation of user-friendly, cost-effective and comprehensive asset management software.
The following advantages of modern-day asset management systems will help you make an informed decision: -
It is difficult to maintain a manual record of all the assets. In this regard, IBM asset management software proves quite effective. With its smart tracking system in place, you can monitor the physical location of your asset i.e. check-in and check-out of an asset along with the date, time, and place.
Modern asset management systems provide a detailed digital record of all your assets, be it tangible or intangible, and other significant information as well that helps eliminate the possibility of any manual errors occurring while maintaining records.
It is unarguably valuable for an organisation to know about the depreciation of its assets well in advance in order to act on it on time. With effective asset management software in place, you can manage and analyse data, and record the requisite information for the accurate calculation of asset depreciation. Not only this, but the system also sends regular notifications once your asset reaches the end of its lifecycle.
In this fast-paced world where our life revolves around smart devices, asset management software is now designed to be mobile-friendly i.e. the information is scanned and instantly synced with the centralized asset database, thereby offering on-the-go management. Further, cloud computing enables management and employees to feed, sync, and access data on the go.
Ghost assets are the fixed assets that can’t be accounted for because they are physically missing or otherwise rendered unusable, perhaps after breaking down. There can be several other reasons behind the appearance of ghost assets—unrecorded trade-ins, factory rearrangement, and more. It is quite difficult to track these ghost assets. Thankfully, this problem can be solved with the usage of asset management tools.
Along with the aforementioned benefits, the contemporary asset management systems offer a multitude of other advantages as well. These include exploring asset performance data to learn the cause of failure, calculating asset health scores and predicting life spans, among others.
Furthermore, according to PwC’s Asset Management, 2020 - A Brave New World, the volume of investable assets has increased to $102 trillion in 2020 from about $64 trillion in September 2019.
This compound growth rate of approximately 6% further highlights the importance of impeccable asset management for the substantial growth of businesses.