10 Key Asset Management Software Features for Small Businesses
If you have a small business and you’re looking into asset management, you might be wondering what software features will best serve your needs.
The 10 asset management features that we have selected for this guide, include:
10 Most Valuable Asset Management Software Features for Small Businesses
The 10 key asset management software features listed here are critical to ensuring effective management of a small business’s assets. They’re relevant to all types of organisations and industries such as manufacturing, retail, construction, and transport.
Asset Lifecycle Management
Effective asset lifecycle management can be found in most asset management and EAM systems. As a software feature, it is designed to help maximise the lifecycle of an organisation’s fixed assets, from acquisition and usage, through to disposal.
Asset lifecycle management helps to understand an asset’s total cost of ownership and inform strategic planning and decision making. For example, knowing how much an asset costs to maintain or be replaced is crucial to a business’s bottom line.
Inventory management can be a useful tool for warehousing operations. It can help to track, manage and control inventory all from a single dashboard.
By doing so, a business can view stock levels at-a-glance and be alerted when parts and supplies are running low.
By knowing what is in an inventory, organisations can re-order new items only when necessary and avoid stock levels becoming depleted.
To manage inventory effectively, assets need to be tracked efficiently.
Asset tracking goes hand in hand with inventory management. Many asset tracking software features offer barcode, RFID and Bluetooth tracking, where the software is used in conjunction with scanning devices.
The tracking technologies mentioned above are ideal for warehouse operations, while GPS tracking is commonly used to track fleet vehicle assets.
Asset Check-in and Check-out
This software feature is extremely useful for tracking the whereabouts of assets as they travel from department to department, or from site to site.
For example, if a company has hundreds of laptops, they’ll need to know where they all are and who is using them.
The Asset check-in and check-out feature will log whether an asset is available for use and who used it last. If it’s not available, they’ll be able to see which employee has already checked out the asset.
If a small business needs to perform regular maintenance on its assets, a Computer Maintenance Management System (CMMS) can help.
Maintenance management is one main feature that can be found within CMMS software. It allows users to plan preventive work and routine inspections to avoid costly unplanned downtime and to eventually move away from reactive maintenance.
This allows assets to experience less downtime overall and can lead to significant cost savings.
Work Order Management
Some software features regarding work order management can be linked closely to that of maintenance management.
Work order management helps to centralise work requests, providing visibility to the entire maintenance team. It also helps to make jobs more labour-efficient and can greatly improve response times.
For example, a manager runs a heating and plumbing business that has a team of gas engineers on the road responding to jobs. Through work order management, the manager can identify which engineer is geographically closest to a new job and assign that job to that person.
One Centralised System
If a business is continually growing, then it can make sense to use an asset management software solution that integrates business functions such as finance and HR.
EAM software also allows a business to see the overall view of all company assets and helps to understand their impact regarding other business areas. For example, EAM can help with budgeting and forecasting.
Asset discovery is mainly used in IT asset management (ITAM) software. This feature helps to identify all assets within the same network.
For example, it can identify what software is installed and on which devices.
It can also help with diagnosing faults with IT equipment and avoid threats, such as malware, before they become an issue.
IT Help Desk Management
The faster a business grows, the busier an IT department can become. So, for employees to do their jobs effectively, they must have access to working IT equipment.
An IT help desk management feature aims to centralise support requests, allowing IT technicians to prioritise issues and respond to problems accordingly.
Cloud-based and Mobile-friendly
In the case of asset management and maintenance management, having software available in the cloud and as an app is beneficial for any size of business.
It means that designated employees don’t have to be on-site to access and update essential information related to business assets.
Instead, they can perform their work effectively at other premises, out of hours or on-the-go.