Asset Management software implies a system that manages all IT assets of an organization like shares, bonds, real estate, copyrights patents software licenses, etc. Any organization that deals in assets will have an asset management solution to play a major role in the progress of any organization. Many companies these days have tangible as well as intangible assets that need to be managed.
Data Asset Management
Data assets imply systems, application output files, documents, databases, or web pages that companies use to generate revenues. These are valuable assets requiring billions of dollars to manage.
Maintaining a company’s data assets assist companies to make decisions, serve customers and generate revenue. IT companies like Google, Facebook, Netflix rely on Data assets to provide value to their customers.
Companies store and collect data on different events, information, and transactions. Organizations store customers’ interests spending behavior social media posts budgets strategic plans etc. These raw data are refined and organized to serve clients to remain competitive in the marketplace.
How is Data Managed
Reducing the cost of Data
Organizations storing huge data remain that is unused most of the time, resulting in high data management costs. It also stores protect, and archive all this data that remains idle in the company. The organization should delete the non-usable data.
Acquiring new sets of data, a company should invest in data they do not have. If they tend to acquire new data then they must destroy the old data. It will reduce duplication of storing the same data.
Derive more value from existing data
Companies must explore new ways to derive value from their data more effectively. An Ohio-based grocery store chain Kroger sells the data to third parties, mainly packaged goods manufacturers thus receiving $100 million annually.
Data inventory and security
Proper data storage and security ensure data integrity. A company should maintain a catalog of the data they own, with a brief description of the data. A description indicates where data is stored when it was created, and how it is used.
Data must be accessible to the company’s employees. They should limit the access to data to selected employees only.
Asset inventory Management systems
A combination of technology (hardware and software) and processes that monitor and maintain stocked products whether these products are assets of the company, raw material, finished products ready for vendors or consumers. Complete management is necessary which comprise of: -
Systematic identification of every Inventory item with associated information like barcode label or asset tag. Hardware tools for reading barcode labels, like barcode scanners or smartphones with scanner apps.
Inventory Management software encompasses a central database with the point of reference for all inventory, coupled with the ability to analyze data, generate reports, forecast future demand, and more.
Processes and policies for labeling documentation, reporting that include inventory management techniques like Just in Time, ABC analysis, First in First Out, stock reviews, or other proven techniques.
Benefits of Inventory Management Systems
An inventory management software enables a company to maintain a simplified and centralized record of every asset in control of an organization, thereby providing a single source of truth for the location of every item, vendor and supplier information, specifications, and available items currently in stock.
Inventory often consists of movable assets critical for assessing current stock levels and understanding which items move quickly and which items are slow-moving. Therefore, pre-assumption makes the organization determine when is the right time to reorder.
Improved cash flow
Better reporting and forecasting capabilities
Reduction in storage costs (overhead)
Reduced labor costs
Reduction in deadstock
Improved supplier, vendor, and partner relationships
Best Practices for Inventory Management Systems
Enterprise Asset Management software is a unified combination of software systems and services to maintain and control operational assets and equipment. This includes optimization and utilization of assets throughout their lifecycles, increase productive uptime, and reduced operational costs.
Enterprise asset management covers work management, asset maintenance, planning and scheduling supply chain management, and environment, health, and safety initiatives.
Assets vary in shapes and sizes railroads, Pipelines, manufacturing equipment, transportation fleets windmills, and a piece of equipment needed to maintain production services and operations.
Brand Management systems
Brand Asset Management is organizing and optimizing brand assets such as logos, images, and other media files. Brand management is also used across social media, different websites, and brochures.
Need of Brand Asset Management Software
Those companies who share branded assets to different departments and outside parties need brand asset management. Companies with large libraries of branding materials need brand asset management to ensure their brand integrity. This becomes necessary when two separate teams work on the same brand materials using different machines. This prevents duplication of files.
Benefits of Brand Management
Brand asset management covers relevant information. It organizes brands within a central content library. It also shares branding files and data through links and portals.
Asset Tracking Systems
Asset Tracking system saves business money in the long term. Asset Tracking is the right access to information about assets at any time making processes more efficient.
Asset tracking software is accessed through mobile apps and provides a user-friendly interface, that makes it easy to work from anywhere to gather information about assets from any device.
Asset tracking software frequently provides unlimited fields and configurability to changing needs and demands for expanding businesses.
Simple integration with tracking systems allows businesses to import data from existing spreadsheets and create customized reports about assets.
Features of Asset Tracking system
Many businesses use spreadsheets or accounting software for asset management and tracking their products or services though they are not designed for this purpose.
An Asset Tracking system allows to
Estimate and understand the lifecycle of assets
Optimize Utilization of Assets
Capturing associated costs record time and money spent
Auditing assets by verifying what assets organization owns and where they are located
Quick check-ins and check-outs can improve movements accurately and reduce the time involved in issuing and returning goods.
Tracking multiple quantities of the same assets.
Tagging the assets using RFID and other cutting edge assets identification methods across their life cycle from condition to the location
Best tools for Data Asset Management
It is a web-based solution pack full of tools and features to handle different aspects of asset management like inventory management, software license administration compliance review, and more. With reasonable price ease to set up and mature technology, Asset Explorer is overall a good asset management software.
Best suited for small and mid-size businesses with limited IT staff since it checks all boxes, easy to set up, easy to use, advanced reporting and remote desktop access, etc all at a reasonable price.
Ivanti IT Asset Management
For businesses needing flexibility in tracking key data points, Ivanti IT Asset Management provides pre-built reports which can be customized based on person queries. It is the best asset management tool for customized reporting.
It is a cloud-storage-based asset management system that suits businesses of all types and sizes provides the ability to add photos, documents, and videos to asset data files, and users have access to solid reporting options with built-in reports that allows customization of reports as needed.
soft Pulseway is the best asset management software for mobile applications since its cloud-based remote monitoring and management is the primary area of focus.
GoCodes has a robust mobile-friendly physical asset tracking system affordable making as the best choice for tracking physical assets using QR labels.
GoCodes has secured QR labels that track a particular asset and its location too. This system is mobile-friendly at an affordable price that making it a good choice for tracking physical assets.
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