Discovering and Understanding Qualifications of Asset Management Software

Anything relevant to business and which generates value is an asset – facilities, materials, vehicles, machinery, software, hardware and of course, an organization's staff and personnel. Thus enterprises require a system which can help them manage assets and maximize their use. Asset management software is a critical toolthat delivers optimized solutions for purchasing, maintenance and deployment of key equipment, facilities, and infrastructure.

Enterprise asset management software helps to reduce the company’s costs and provides the best solutions for leveraging productivity and adhering to compliance regulations. Effective asset management helps businesses with accurate and timely information on the assets that the enterprise possesses and their status. Often, it also provides utilities and systems to manage tool crib and materials inventory.

A common issue that enterprises face in tracking assetsisaccurate updating and tracking of real-time conditions and statuses. Productivity is severely hampered as businesses have to invest extra effort and time to manually check and re-check their records. Or, worse, operations productivity suffers due to poor visibility into the status of critical assets.

Often, the misconception that asset management software is expensive or too complex is justification for not moving away from traditional or legacy methods of managing assets, even when direct evidence indicates these methods incur distinct inefficiencies and negative outcomes. Enterprises can in fact pursue a simple and organized system of asset management by employing computerized maintenance management software.

Distinctive Features of Asset Management Software

1. Asset Tracking – The software should possess qualities that help in tracking assets right from the initial stage – i.e. purchasing value, current and depreciating value and funds for restoration – through to the retirement value stage. It should follow a flexible hierarchical tracking process and provide methodologies for asset classification. It should track the attributes of the assets, their operational procedures and technical features. It should also provide capabilities to collect and track condition history data using mobile technology.
2. Preventive Maintenance – The CMMS must provide triggers for preventive maintenance based on flexible dates or asset utilization rules. When process requirements dictate, the preventive maintenance software system should also provide features for workflow and multi-level notification. The interface should help with scheduling of the work and set alarms for the completion of work.
3. Maintenance Management – The asset management software should fulfill labor allocation, tracking and scheduling tasks. It should also provide allocation and tracking of replacement parts. Tracking the asset downtime is another vital feature that is provided by maintenance management software. Visibility of demand for parts as well as labor demands should also be taken into account by the software.
4. Reporting and Analysis – The asset management software should provide automated reports of the value of the assets, their usage and repairs, the work schedules, labor output as well as work order maintenance.

Enterprise asset management software must provide the ability to be configured as asolution in accordance withorganizational work process, nomenclature preferences, and business objectives. The solutions deployed ensure enhanced utilization of assets and ROI on those assets.

Read more on - cmms system