Win The Fixed Asset Management Software Selection Game
Fixed Asset Management Software
There are 27 Software Companies providing Fixed Asset Management Software in the UK
Most of these will work for any industry type but there are specialised industry focused software too. For example, Yotta focuses on highways asset management. Parago focuses on managing fixed assets for schools and educational set-ups. The key question is how to find the right fixed asset management software for your company?
Here are the key steps:
1. Quantify your business, user level and technical requirements.
2. Scan the market as if you were looking to buy a new house.
3. Shortlist your fixed asset management software options
. Compare qualitative options before focusing on price.
4. Refine your options using standard vendor demonstrations, looking for usability, implementation and pricing.
5. Go for the second demo, a more detailed one – the key here is to get an in-depth understanding of the usability and workflow capabilities of your software options.
6. Do reference checks on software, implementation and support.
7. Drive a good deal.
Video on How to Shortlist and Compare Fixed Asset Management Software Options
Fixed assets are the backbone of most businesses. Assets such as facilities, property, equipment, plants, and commercial assets are the backbone of your operations.
Fixed asset management involves accounting, depreciation, servicing and more. If done correctly, fixed asset software can help you to get 5-10% additional efficiency/savings (so if your fixed assets are worth £1 million then 5 to 10% equates to £50,000 to £100,000). So the stakes are high should you choose to take your chances with manual processes.
If you are a first time asset management software buyer then our blog post on how to shortlist asset management software options may be useful
How To Find A Good
Fixed Asset Management Software…
The success of finding a good fixed asset management software depends on 4 areas;
1. Your understanding of your business requirements
2. How effectively you communicate your requirements to software vendors
3. How well you understand the strengths and weakness of available software options
4. Well thought out implementation/configuration of your chosen software
#1 Identify All Your Requirements
Business, User Level and Technical Requirements. We recommend to spend some quality time in this area – most businesses look at current workflows and try to replicate them in new software.
Adopting new fixed asset management software is an opportunity to re-think on your current processes, tasks and workflows. Checkout our guidelines to map your fixed asset software requirements
#2 Involve Implementation Team Early in the Sales Cycle
If possible, adopt a simultaneous communication channel with sales and implementation contacts. Implementation contacts from vendor community typically have vast experience and suggest beneficial workflows/workarounds during pre-sales meetings. If the implementers understand what you want, you will either get a system that you want or get a straight answer.
#3 Scanning Fixed Asset Management Software Options
Avoid cutting corners when it comes to scanning the fixed asset management software market. You can go to the web, use any of the popular search engines and start your search for the right fixed asset management software.
You can look at the search results, get into each vendor’s website and enter your contact details to get whitepapers or demonstrations.
This process can be long. It can take anywhere between few hours to few days to come up with your own shortlist.
Finding asset management software is not generally the core part of our job so we have to squeeze the time (amongst other important things) to filter through the options. Also, most people never look beyond page two of any search results page. This means the default position is people miss out most companies who provide fixed asset software.
Most people make mental maps of comparison when looking at different fixed asset software and do not have clear comparison criteria.
We know it is painful to search, shortlist and compare fixed asset software so we developed an easier and quicker way.
The process is straightforward and you will get a comparison of relevant fixed asset management software choices in less than a minute.
#4 Ensure Success with well managed Free-Trials
The best way to get a good handle on implementation is to evaluate your chosen fixed asset management software before you buy it. You can always evaluate a couple of software options before you decide on the final one.
The key here is to spend time on the details surrounding your processes and how well they can be adapted in the software you are evaluating. Use your own data to trial out the software to know how well the software can be adapted.
Every Success with Your Asset Management Plan.