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What is Asset management software? The software used to manage assets like shares, bonds, real estate, copyrights, license terms, etc…, is called asset management software. Any industry whose business mainly revolves around dealing with assets will definitely need to make use of this software as it plays a very important role in the progress of any industry. Many industries nowadays have both physical (tangible) as well as non-physical (intangible) assets and these assets need to be well managed.

Asset management software starts with taking stock of all company assets, right from machinery to electronic goods to furniture. This software assists in speeding up the process of asset management. A company can keep track of their assets with the help of the asset management software by preparing specific service schedules and records for replacements. The software also calculates asset depreciation and can be programmed to give the company a reminder as and when there needs to be a replacement or repair of any of the assets. The management of intangible assets like computer software, patents, copyrights, business policies, license terms, etc…, is far more difficult to manage than tangible assets. Even assets like computers, printers, typewriters are also considered as assets and are taken care off by this software. This software plays an important role in tracking all computers, printer etc placed in the organisation. It also keeps the records regarding the date of maintenance or services provided to the equipments. It also shows that which assets are most useful for the organisation.

For the asset management software to work efficiently, the company using it has to keep updating their computer systems so as to get the correct information from the software whenever needed. For example, if a piece of machinery has been changed and the team managing the company assets has not been informed about this change then the software system will not provide correct information regarding asset management. Hence it’s very important for the asset management team to be kept updated at all times.

There are different types of asset management software – Inquisitive, Repository and Automated data collection. All types of software can be customised for a company depending on their needs. Assets can be bar coded which makes them far easier to track. The system allows you to print your own bar code paper labels or polyester labels. The bar coded labels then need to be scanned and entered into the software system along with other information pertaining to that particular asset. This makes tracking assets extremely easy, also time efficient.

Today, the asset management software systems are used by schools, colleges, factories, hospitals, laboratories, government offices, jewellery shops, etc…, to manage and keep their assets up to date. With different companies making use of this software a lot of precious time and eventually money is being saved.

The introduction of asset management software has been very beneficial to all businesses – big and small.

-By: Francisco Segura

Francisco Segura owns and operates Asset Management Software