05 August 2022

The Best Asset Management Software in 2022

The efficient tracking and lifecycle management of each and every asset owned by a business is crucial for the efficiency and long-term success of the organisation. Improper asset management and tracking can lead to several issues like unexpected downtime, maintenance issues, breakdowns, financial loss, etc. This is why investing in the best asset maintenance management software has become necessary for asset-intensive organisations. There is plenty of asset management software available in the market today, which may make choosing the best software for your organisation a bit difficult.

The Importance of Choosing a Suitable Software

Owing to the sheer number of asset management software available today with varying features and capabilities, the ‘right software for your organisation’ may vary across organizations. There are several benefits of asset management software, like better productivity, maximised uptime, reduced costs, and improved profit margins, but not every software in the market can help you achieve these.

Identify Your Organisation’s Needs

Before you begin the search or start considering the benefits of asset management software, it is important to understand your requirements. Consider the operations and assets of your organisation to understand what capabilities you require the software to have. Identifying the goals and objectives you need to meet using the software will help simplify your search.

Understand What is Available

Asset management software can be categorised into various types, based on the capabilities they offer. To choose the right software, make sure you understand what they are and what they offer. Some of the common types of asset management software include:

• Enterprise Asset Management: For all tangible and intangible assets of an enterprise.
• Public Asset Management: For assets under municipal jurisdictions and citizen expectations.
• Financial Asset Management: For client accounts and investment fund management.
• Asset Tracking Software: Comes with limited asset management capabilities, with a primary focus on tracking.

Features

Make sure that the software offers the features your organisation requires. Some common features that you can look for are:

• Real-Time Assets Tracking
• Ghost Assets Identification
• Remote Access
• Comprehensive Asset Life Cycle Management
• Maintenance and Repair Management
• Budget Forecasting
• Preventive Maintenance Management
• Custom Report Generation

The set of features and capabilities that you should choose will depend on your individual organisational requirements. You can also consider choosing software like the IBM Maximo Asset Management System, which offers scalable asset management solutions that can be customised for your individual requirements.

Infrastructural Compatibility and Support

You need to ensure that the software you choose is compatible with the existing IT infrastructure of your organisation. For example, the software should be able to run on the operating system you are using, it should not involve major expenses for hardware upgrades, etc. Similarly, the usability of the software, if there is any training required for your workforce to be able to use the software and whether the provider offers training, how robust the service provider’s customer support is, and so on, are some factors you should look into before making the final decision. A good way to understand whether a particular asset management software will work for you or not is by opting for a free demo. Most service providers allow you to try their software for a certain period of time before you decide to purchase the same.

Scalability

As an organisation expands, the assets they own also increase. This should not be a cause for you to look for an entirely new asset management software to be able to meet the rising requirement of advanced capabilities. The software you choose should be able to grow with your business for it to be a rewarding investment. That is why scalability is another aspect you need to look for.

Check the Provider’s Reviews and Ratings

Knowing what the previous and existing clients feel about a service provider is a great way to get an idea about how their services are. Everyone tries to create a flawless digital persona and simple online research may not suffice. However, real experiences and reviews from customers can help understand exactly what you are in for.

As long as you are ready to put in the time and effort needed to choose a suitable asset management software, it will prove to be extremely beneficial for your organisation.