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Things to Consider when Implementing Software-Based Asset Management Tool

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22 January 2021

Things to Consider when Implementing Software-Based Asset Management Tool

Asset management is a broad term that indicates having an organisation’s assets managed using software asset management tools. Such tools make asset life cycle management easier for organisations by helping them keep track of their assets’ performance and maintenance. They further manage the entitlement from purchases, license agreements, and other related details to ensure compliance with software licensing and controlling spends.

Many companies offer asset management system services to help organisations streamline their asset management. Moving on to its implementation, the process comes with its own challenges and complexities. And it is very important for one to pay attention to the details while choosing the right asset management system for their organisation.

Implementing the right software asset management tools in your organization would require due diligence. Listed below are some of the most important factors that you need to take into consideration when implementing asset management tools in your organisation.

Things to Consider in a Software

1. Asset tracking system

The most important and a rather basic parameter to judge the performance of an asset management software is its asset tracking system and abilities. It is a powerful feature that gives you real-time details about your assets, including their allocated tasks, progress reports, etc. Additionally, it assists asset managers in scheduling maintenance, which can prove to be vital for increasing the lifespan of your assets, further increasing the overall productivity.

2. Cloud hosting

Good software asset management tools offer managers the ability to access information about their assets from anywhere and on any device. This feature is made possible through cloud hosting. When asset management software is cloud-based, it becomes easier to access information from around the world, cutting away the hassles of having to physically monitor the process. Other than eliminating the need for physical presence, the feature proves to be handy when managers are travelling or are away from the office.

3. User-friendly interface

Even if daily tasks are automated using the asset management software, asset managers still need to get a hang of the software to be able to churn out the required information. Hence, this makes it important for the software to have an easy-to-understand interface which is assistive and effective.

Things to consider for Better Implementation of the Software

1. Regular audits

Asset managers need to run a complete audit of the organisation’s assets. This helps them analyse the current happenings and what possible improvements can be made to further enhance productivity. This could mean eliminating any asset which is not being put to use or not performing as expected, including other reasons.

Further, they can also analyse how the software is helping them improve their work processes to meet organisational goals.

2. Maintaining license inventory

Having a license inventory will help managers keep track of software licencing including renewals, expiry, and more. The idea is to make it as user-friendly and searchable as possible, further saving a lot of time and effort that goes into looking through spreadsheets.

3. Software optimisation

Even after the software is put to use, there could still be some scope for improvement. This involves optimising the software and its capabilities based on your current requirements. This helps the software meet the organisation’s expectations, further giving fruitful results.

These considerations should help you in correctly implementing asset management software that aims to reduce costs through improved purchasing, better utilization of assets, and enhancing the overall asset life cycle.

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