“What are the 4 advantages of Fixed Asset Management Software?” And what all things you must know before choosing it? A big question that you all must have!
Having a software for managing your assets might sound like a lot but it all boils down to the efficiency of the management process. The traditional way is much less efficient and might hinder the productivity of the organisation as a whole. Whereas having a Software which helps you manage your fixed assets is a great tool to ensure the assets are optimally utilised and there is no hindrance in the performance.
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The following are the benefits of having a Fixed Asset Management Software:
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Centralised Data
Businesses own and operate potentially dozens of assets everyday of different makes and models be it machinery for industries, IT Assets for offices or Vehicles for Logistics. It is not easy to track the utility and utilisation of these assets the manual way. Besides that managing this data becomes arduous as it comes from various sources and different assets at the core. As there are many sources of data it becomes difficult to store data at a centralised space. That’s where Fixed Assets Management Software comes into play! An FAMS allows you to store all your data and reports in a consolidated space. Less clutter and more productivity and clarity! A centralised data centre also helps you find the data you require immediately!
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Lifecycle Maintenance
From acquisition to disposal a Fixed Asset Management Software is an end-to-end solution. It records your asset’s value since the acquisition of the asset. In fact, an FAMS also helps you in budgeting for the asset. It aids you through the lifetime of the asset by helping in calculation of depreciation, reminders for service or payments due, notifications for Lease, Insurance and AMC renewals. It also ensures that you are in line with all the regulatory guidelines and compliances. And then finally it enables you to efficiently calculate the disposal value for the assets as well! There are a few providers who actually have an end-to-end solution, Spine Technologies offers you Spine Assets which not only covers the whole lifetime of your assets but also comes with many other helpful features.
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Utilisation Reports
With a centralised source of data one can easily create reports for the utilisation of reports. These reports allow you to evaluate if the Asset was under utilised, over utilised or optimally utilised. As there are both productive and unproductive utilisation of assets, this enables you to segregate them and categorise them as productive and unproductive. Having the assets segregated, now you can pick out the underutilised assets and boost the productivity. This also affects depreciation calculation as the over utilised assets tend to get disposed off sooner than optimally utilised assets.
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Strengthen Management Protocols
The management protocols are necessary for an organisation as it is and on top of it, there are the guidelines provided by the regulating authority. At times, these become too overwhelming to process. Implementation of an Asset Management software will enable you to abide by these management protocols without fail. You can choose the method of depreciation you must follow and the software does the rest automatically! Also having a software, management protocol strengthening comes impetuously.
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How to choose the proper Fixed Asset Management System?
There are some major features that you should consider before investing in a Fixed Asset Management Software, these major features are listed below-
- Asset Assignment
- Regulatory Compliance
- Document Attachment
- Asset Tracking and Labelling
- Asset Auditing
- Lifecycle History
Hence these were the most prior 4 advantages of fixed asset management software. You can get a detailed guide on these essential features here. If you are looking for a Fixed Asset Management Software which checks all the above mentioned requirements, Spine Assets is the software you are looking for! Spine Assets is brought to you by Spine Technologies. Spine Technologies is a trusted software company with more than two decades of experience and international presence as well! You can check out Spine Technologies here.