Manage Accurately and Efficiently Company Assets with Asset Management Software

Manage Accurately and Efficiently Company Assets with Asset Management Software

11:23 am
17 January 2023

Are you still managing your inventory using a manual process? For example, maintaining spreadsheets that take hours. Not only you; there are many companies that are using the same method. In addition, but some of them are using outdated Asset Management Software!

But an outdated system can cost you and your business a lot of time and money. So, this is really important to choose a good system for your organization!

An excellent asset management system will help you and your company to manage and monitor assets in a systemized approach. Plus, your organization becomes effective in serving your customers better.

What is Exactly an Asset Management System?

The asset management system allows a company to manage all of its inventory which is vital to the day-to-day business operations.

Managing your assets in an efficient manner allows businesses to maximize return on investment and minimize losses.

Why is Asset Management System Vital?


Why Is Asset Management System Vital?

Using a good asset management system is quite important for your business. There are many reasons that make asset management vital for businesses.

Below, we have curated the crucial reasons for you:

  • You can easily track and monitor every asset of your company in one central location.
  • It will allow you to manage assets from anywhere due to the mobile component.
  • You can easily detect any risk that occurs to your assets and minimize them immediately.
  • Receive an information related to asset lifecycle.
  • It also helps you to identify ghost assets that can be removed from the system.
  • Do planning of maintenance schedule for every asset, so there is no more disruption of service.
  • You don’t need to spend hours to compile accurate and in-depth reports and audits.

These are the main reasons an asset management system is crucial for businesses!

Make The Best Use Of All Your Corporate Assets

If you are looking for an effective asset management solution for better management, try Genic Assets Management Software Solutions!

Why Should Businesses use an Asset Management System?

We all know asset management is important, but why should your company use it?

There are some factors that you need to know. Below, we have compiled a list of some important ones:

  • When you want to see a faster return on your asset investment.
  • Analyze the assets that are good or bad and minimize the cost.
  • Manage your asset-related risks in a better way.
  • Get a higher level of compliance.
  • Minimize the administrative burden of generating complex reports.

This will help you that using a Digital Asset Management Singapore system is necessary!

How to Develop a Strategic Asset Management Plan?


How To Develop A Strategic Asset Management Plan


A strategic asset management plan helps fulfil your company’s asset management objectives. However, there are some things you need to consider while developing your strategic plan.

Below, we are mentioning some steps that will help your business to plan well:

Collect Relevant Information

In this step, you must account for all the assets data the company owns. You have to collect all the information like total count, location, value, expected life cycle and others. It’s important to calculate the cost of each asset life cycle.

This information helps you to know which asset needs more attention or removal.

Place the Levels of Service

The asset services are measured by their reliability, quality, safety, cost, responsiveness etc. Setting the level of service allows an organization to know the value of each asset. You can also know the operating, renewal, and maintenance activity of assets that keep them in good condition.

Planned Actions for Asset Management

For this step, you have to understand the lifecycle of assets. Then, summarise the planned actions that enable assets to fulfil the desired level of service.

Consider the following sub-sections for a strategic asset management plan:

  1. Background information
  2. Identify the risk that might affect
  3. The operating plan that meets the required service level
  4. Equipment maintenance plan
  5. Disposal plan

These sections are crucial for you!

Build a Financial Strategy

In this step, you have to summarize financial needs related to the activities mentioned in the previous step. The financial strategy includes the budgeted capital for the future and past. It also includes determining the funding sources and operating expenditures.

Develop an Improvement Plan

An improvement plan helps your organization monitor and control asset management activities. It includes the improvement of initiatives, responsibilities, resources, and timeframes.

This plan ensures that good asset management system practices are applied and maintain your overall process on track.

8 Things to Consider When Choosing the Right System

It becomes possible only when you select the right Digital Asset Management Singapore. But without proper knowledge, you are not able to find that one.

Below, we have curated the eight things to watch out when selecting the software for your business:

  • Check the asset tracking capabilities
  • It incorporates with the right features
  • System has robust security layers
  • Have a powerful reporting feature
  • Easy-to-use mobile application
  • It must be cloud compatible
  • Make sure the software provides customization
  • Provide high-quality customer support

Considering these crucial factors will help you to find the system that meets your business needs!

Final Thoughts

A best-in-class asset management system not only boosts your productivity but also grows your business. Finding the right system might be challenging, but it is worth your time.

If you are in search of the right asset management tool, look no further. Genic Assets provide you an exceptional Asset Management Software with real-time visibility from procurement to disposal.

Want to know more? Schedule your free demo by connecting with our team!

Ready to try Genic Assets Management System for your business?

Are you ready to switch from Excel and Spreadsheets to Cloud-based Asset Management Software? Get started with Genic Assets Management System!

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