The Various Types of Software Tools You Need to Know When Managing Assets

Asset Management / February 2016

Updated: May 2021, August 2021, January 2022

#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 for choosing this tool 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).

#2. Software for Managing IT and Software Assets

ITSM (Information Technology Service Management), ITAM Software, and Software Asset Management are designed to manage your IT Infrastructure (so all your IT Hardware and Software)

The main reasons to acquire an ITAM system is to understand the usage of software and hardware within a company, manage IT services (making sure that the IT infrastructure is optimal and reliable) and maintain Asset Register/Inventory.

#3. Asset Tracking Software

Designed for tracking movable assets by Barcode, RFID (Radio Frequency Identification) and GPS (Global Positioning Systems).

Barcode 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 the transportation of fleets. 23 Companies in the UK provide Asset Tracking Software

#4. Computerised Maintenance Management System (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 Emails, and more.

#5. Tracking Digital Assets

As the name suggests, digital assets (mainly used by media, advertising and marketing companies) can be managed by Digital Asset Management.

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. EAM Software

Designed for large and/or complex operations EAM 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.

How To Choose Your Software And Reap the 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 a significant difference to your business. Most businesses typically have clear objectives of why they want an asset management system. Jotting down your objectives as well as your current situation for asset management is a great and successful starting point.

If you are new to the asset management world then perhaps you will have a less clear idea of the features that you want but it is highly likely that you have a good idea of the requirements/objectives of your asset management.

In both cases (new to asset management or replacing your existing software), see as many suppliers as you can. 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 tool 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…

Show me the demo twice image

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. A 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, a standard demo will also give you an idea of how much 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 the 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 a 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. Salespeople typically are likeable 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 the support and implementation team make a big difference to your asset management implementation and experience.

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/salesperson 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.