December 2, 2022

Pay Dayz Blog

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4 Proven Benefits of Asset Management Software

5 min read
asset inventory software

asset inventory software

We all know that it’s hard to manage your workplace manually, especially if you have multiple floors. Wherein, each of the floors has hundreds of assets like tools, equipment, and other resources to monitor and track. Therefore, manually managing assets and their life cycle is no less than a complex and huge hassle. This is why we need asset management software.

Look at the eight benefits below to understand how software solution simplifies your business operations regarding assets management.

Simpler Assets Tracking

Let’s take an example of a departmental store or some supermarket. Wherein, you have thousands of carts and products. Also, to process each order, you have thousands of counter-stations and their order-processing machines like barcode scanners, order calculators, receipt generators, etc. 

So, there are thousands of orders every day that includes the continuous use of carts, products, the order processing tools. In many cases, customers leave the cart in parking and the store’s staff get them back in place. As a result, an event occurs every day in which many carts go missing or get damaged.  This event heads to assets loss. This day-to-day management of carts, and staying up-to-date about their condition is done manually by the staff which is quite hectic.

But asset management software, you can update the condition of the assets and their expiry dates too. Similarly, you can easily track and monitor the carts that go missing, damaged, or useless.

Proactive Equipment Monitoring

As discussed above, asset management software allows you to monitor the tools and equipment condition as well during the asset’s management lifecycle.

The asset conditions may include all sorts of mishaps that could possibly happen to it. Following are the commonly seen issues that assets face.

  • A shock from falling off a shelf or cart.
  • Damage caused due to the wrong temperature.
  • Damaged circuits due to sudden fluctuations in electricity supply.
  • Irregular and manual equipment maintenance.

Assets Management

Let’s take an example of a food industry, where every food item must be kept at a special temperature. For example, TCS foods that need time and temperature control safety need to be monitored regularly. These foods include milk, dairy products, eggs, and meat, etc.

Such foods are assets of the business and should be monitored regularly. And, the assets that are managing these production items must be properly maintained through some means.

Thus, protective assets such as refrigerators are needed to protect perishable finished products. To continue food safety, you need to properly check and monitor these assets too.

This may sound simpler but only if you have to manage a single entity. But what if you have a huge food business and have hundreds of assets? Therefore, you need proper software that should be able to help you easily monitor the equipment’s condition too.

Assets Maintenance

With the perfect digital solution, you will be able to record warning signs of early failure. Also, you will be able to check if some production machine is taking longer than usual to complete a task.

For example, you’re running a printing press. And, one of your printers has started working slow and taking too long to print a paper. And you know that printing machines are the only source of your income. So you have to be very careful about their regular maintenance and management. This is where asset management software works. The system will timely notify you about this issue so that you can repair it before it’s too late. 

In a nutshell, you will be able to continuously monitor equipment utilization. This, hereby, lets you make timely assets repairs – before they reach the ‘dead-stage’ or cost extra bucks to be fixed.

Efficient Assets Positioning

This benefit of asset management may sound worthless. But it is quite helpful and beneficial. But how? Let’s understand it with the following example. The position where your assets are placed is vital to help you locate the damaged or missing assets.

For example, your workplace has many floors and each floor has hundreds of assets. Suppose, you are managing a list of hundreds of assets smoothly. But what if you know how to identify the damaged asset’s location.

So, good asset management software allows you to define each asset’s position in your business.  The ability to easily track and locate the asset can impact productivity and profit ultimately. Thus, this is a huge point for cost-effective assets management.

Audits Process Simplification

Asset management software helps you decrease the compliance risks that lead to simpler audit processes. And if you have no such digital solution, you need a proper audit team to audit the assets. The team manually checks the assets against their internal and external clients.

This sounds much time-consuming when the business is large. While, a software solution helps you with asset management with timely alerts and notifications – resulting in the automation of 80% of the audit processes. Regardless of the business size, the ultimate software is capable of managing the assets efficiently.

However, with the right asset management solution, you can significantly reduce the manual effort to prove compliance from beginning to end of time.

Wrapping Up

As you’ve reached here and read the fruitful benefits of asset management software, you must be wanting to install one for your business. So, there are many software solutions available on the internet to manage assets digitally. You can do a thorough analysis of your business then research its best solution over the internet. 

But it may sound like a hassle for you, right? So what if you get an all-in-one solution that lets you manage everything including HRM as well. Sounds amazing? Absolutely! So, get your hands on SMACC today.

This is the 360 software solution for managing your entire business. Either it is inventory, assets, POS, or HRM – manage everything under one roof. Well, here this article ends. We hope that found it helpful. And, as always, if you have any queries or questions, please reach out to us. We would love to answer.