Know All About Asset Management Software
There are 6 types of Asset Management Software
#1. Fixed Asset Management Software
Fixed asset management software are designed to manage fixed assets or assets that do not move very often (Facilities, Industrial Plants, Machineries etc). Fixed assets are also referred to as long term assets.
The key reasons to buy Fixed Asset Management Software are;
1. Discover Assets also known as Asset Register or Asset Inventory
2. Asset Accounting to monitor current and future economic value of fixed assets
3. Planned or Preventive Maintenance of Assets and
4. Service Management (Facilities Management, Help Desk and Customer Service).
There are 26 companies in the UK who provide Fixed Asset Management Software. If required, you can shortlist and compare your fixed asset management software options here.
#2. IT or Software Asset Management Software
ITSM (Information Technology Service Management) or IT Asset Management Software or Software Asset Management are designed to manage your IT Infrastructure (so all your IT Hardware and Software)
The main reasons to acquire IT Asset Management Software is to understand usage of software and hardware within a company, manage IT services (making sure that the IT infrastructure is optimal and reliable) and to maintain Asset Register/Inventory.
28 Companies in the UK provide IT Asset Management Software. You can compare your UK based ITAM options here.
#3. Asset Tracking Software
Designed for tracking movable assets by Barcode, RFID (Radio Frequency Identification) and GPS (Global Positioning Systems).
Barcode Asset Management Software/Systems are mainly used to track the inventory (items coming and going out of premises).
RFID and GPS Asset Tracking Systems are mainly used for tracking vehicles to ensure optimal delivery routes are planned. In some cases, tracking technology is used to monitor transportation fleet. 23 Companies in the UK provide Asset Tracking Software
#4. Computerised Maintenance Management Software or CMMS
CMMS or Computerised Maintenance Management Software is designed to automate tasks related to maintenance of your or your customer’s assets. For example; Service Schedule, Down Time Reports, Work Orders Email and many more.
#5. Digital Assets Management Software
As the name suggests, digital assets (mainly used by media, advertising and marketing companies) can be managed by Digital Asset Management Software.
Just like it is difficult to manage fixed assets on a spreadsheet, digital assets are tricky to manage as they reside on different computers and network. In some cases digital assets are worth thousands of pounds and companies are turning to digital asset management software to manage their assets effectively.
#6. Enterprise Asset Management Software
Designed for large and/or complex operations EAM or Enterprise Asset Management software are designed to manage multiple and complex processes of assets.10 companies which you can shortlist and compare provide Enterprise Asset Management Software in the UK.
Little Known Fact – Asset Management Compliance
I guess the first question is why do we require compliance for Asset Management. Well, we can say we are British and we like rules for everything. Whilst, that’s true other reasons for being asset management compliant is, the compliance provides framework for businesses to adopt a common asset management language, businesses can select suppliers who can talk and walk the common asset management language. Most importantly the compliance framework is a tried and tested method to be successful at managing your assets.
So, what exactly is the common asset management language, it is called BSI PAS55. (If you are interested BSI stands for British Standards Institution and PAS stands for Publicly Available Specification)
PAS 55 was introduced and developed by Institute of Asset Management in the UK (I was not joking when I mentioned we are British and we like rules for everything).
Most asset management software available in the market today are PAS 55 compliant. PAS 55 compliance is also useful if you audit (internally or externally) your assets. It provides a common language between auditors and asset managers.
How To Choose Your Asset Management Software And Reap Benefits For Years?
As you are on this website, we are assuming that you are an asset intensive company and good asset management would make significant difference to your business. Most businesses typically have clear objectives of why they want an asset management software. Jotting down your objectives as well as your current situation for asset management is a great and successful starting point.
If you already own an asset management software then you will have a clear idea of the features that you require from a new asset management software.
If you are new to the asset management software world then perhaps you will have a less clearer idea of the features that you want but it is highly likely that you have a good idea of your requirements/objectives of your asset management.
In both the cases (new to asset management or replacing your existing software), see as many suppliers as you can. Just choosing the cheapest solution or going with a market leader may not be the right solution for your business. Typically asset management is a moving goal, in most cases businesses use an asset management software for 5 -7 years. Asset Management Software can make a strategic difference to your business if implemented and executed appropriately. So don’t rush and scan the market.
Show Me The Demo Twice…
After you have looked at the relevant suppliers (visit our asset management software comparison page if you would like to shortlist and compare UK based software options). Have a look at the standard demo of their software. Standard demo is a great way to know if the software out-of-the-box can do all the things that you want. In most cases, standard demo will also give you an idea on how much of customisation you will require for the software to work for your processes. Practically, 15% customisation tends to be a successful point.
Any customisation beyond 15% is a long term risk – because it is highly likely that you will change your customised process which means more software customisation. The implementation will be expensive because supplier will make the customisation only for you.
The support for the customisation may be specialised which means you may have to wait to speak to the right person for your support queries on the customisation.
After you have looked at the standard demo, take live data or dummy data from your current software/spreadsheets/processes and ask the software suppliers to do a second demo with your data. Looking at the software with your data will give you a far better and clearer idea of the software adaptability with your requirements/features.
Hopefully at this stage you will have a selection of 3 -4 suppliers you like. Hopefully you will like their software, people and processes too.
Don’t jump to a decision before talking to/visiting a couple of existing customers of the selected suppliers. Reference visit is highly recommended as you will see the software in action in a live environment (as most demos are done in dummy environment). We are sure you will ask all the right questions with a cup of tea during the reference visit.
After the reference visit, speak to the support and implementation team of the selected software suppliers. Sales people typically are likable people and tend to use the right words. Support and Implementation is the reality – having a chat with them will give you an idea if you can work with them and also give you an idea of their expertise.
Experience and stability of support and implementation team make a big difference to your asset management implementation and experience.
#Oh Yeah! Final Step Negotiations And Pricing
You should look to work with suppliers who do not discount heavily. Because quality never comes cheap, not even during quarter end or month end. One tip – If the price does not drop, the supplier/sales person is looking to do good business at the right price with the right customers. You should look to work with suppliers who do not discount heavily.
Really Serious About Asset Management Software?
#Asset Management Software Blog
A really good asset management website which has some useful content for asset managers – http://www.maintenance.org/
#LinkedIn Groups For Asset Management Software
If you are looking for discussion on LinkedIn on asset management and asset management software then Institute of Asset Management LinkedIn Group and Asset Management LinkedIn Group are good starting points.
#Institute of Asset Management
If you are an Asset Manager or would like to make your career in Asset Management or be an expert in the asset management area then Institute of Asset Management is a good website to look at.
#Information Technology Service Management
A truly great place for IT Asset Managers to develop their skills and know more about the best ITSM practices. It is a great resource to understand best practices surrounding IT Asset Management and Service Management