8 Factors to Consider in Finding the Best Fixed Asset Management Software for Your Company

Investing in the right technology plays a crucial part in the success of an organization. We live in the era of digital transformation, where technology has improved every facet of businesses drastically, including asset tracking and management.

It is a no-brainer that efficient Fixed Asset Management System Software is vital to the success of many business operations. However, choosing the best fixed asset management software suiting the needs of your company may not be as smooth as anticipated.

So, How Do You Take This Significant Decision?

In this blog, we have listed a few key points to keep in mind before opting for the right alternative among the Top Asset Management Software Companies.

1. Mobile Application Capability

Why use a laptop to track and manage your assets on the go when you can access the same features from your pocket device?

With a mobile application feature, asset management becomes easier, hassle-free and convenient. An easy-to-use mobile app enables you to track, update, and edit your assets seamlessly on the go. Hence, you should think of a mobile application as a must-have feature while looking out for software for fixed asset management.

2. Reporting and Analytics

There are many asset management softwares available in the market. However, robust reporting and analytics can be a real game-changing feature in this domain.

Powerful reporting features improve your systems and processes, facilitate better decision making and help you manage asset inventory in a better way. Hence, it is recommended to pay attention to the reporting and analytics capabilities of the fixed asset management system software you are considering. As a minimum, you should look at analytics on asset availability, utilisation and RoI, besides other key indicators which are important for management decision making.

3. UI/UX (User Interface and Experience)

The success of any software depends on the willingness and ability of people to use it. Poorly designed software, bad interface, and unnecessary complex processes ruins the user experience. Moreover, it can make software confusing and difficult to use. This, in turn, can lead to reduced software adoption and reduced productivity for employees.

Make sure that your software for fixed asset management has a good user experience and user-friendly interface. Strong UI and UX make it easier to implement, understand, and adopt the technology for existing as well as new users.

4. Customer Service

A good customer service function makes sure that the software solution is being used to its full potential and makes its users successful. Hence, good customer service is one of the most important pre-requisites to look for from the asset management solution vendor. To find out whether the customer care of a software provider is reliable enough to be attentive to the customers’ needs, you may want to check the fixed asset management system Software companies reviews and find out from their existing customers.

5. Interoperability

Interoperability is one of the overlooked but important feature when it comes to asset tracking and management technology. Invest in a software that provides a seamlessly integrated experience and works smoothly with your existing suite of applications.

The most common problem with asset management software that functions on its own (silos in nature) is creation of asset database which is non synchronised with other databases and hence, non reliable. Softwares that lack interoperability features may be easy to implement but difficult to maintain and may call for a redesign of the entire asset life cycle management. You don’t want to choose a tool that does not fit into your ecosystem.

Your asset inventory and tracking solution should be easy to integrate with your established ERPs, tools, and technologies and also should be flexible enough to work well with your established workflows. This will enable you to use the asset management software effectively to its full potential and also provides you with comprehensive asset management capabilities. Hence, prebuilt capability to interoperate with industry leading ERPs, HRMS and other applications becomes a necessity.

6. Scalability

Technologies and globalization of economies are improving over time. Since, today’s businesses operate in a dynamic environment, company’s needs are constantly changing.

Having said that, you need a scalable software that will not only cater to your present needs but can also be aligned with your long-term goals. For example, if a company expands into different geographies, it might need to add multiple languages, currencies, and stretch to specific locations and legal entities. A scalable solution should be able to provide this flexibility to grow in the future. That’s why your software as well as the vendor should be flexible enough to address your needs at any point in time — i.e., check if your chosen software gives you scalable features that gives you scope of growing without boundaries.

7. Features

Since asset management tools are increasingly becoming popular, numerous fixed asset management system Software companies have started to offer software features that cater to a certain business requirement better than the other softwares. Every tool has its own functional capabilities to offer for businesses. Choosing the software that is right for your tracking objectives and your business challenges can be overwhelming.

Also Read: 7 Key Differences of Using RFID and Barcode Technology for Asset Tracking

A proper business requirement assessment can help you understand the crucial features of the unique requirements of your organization. Conducting a proof of concept is a good practice before finalizing the software of your choice.

Looking for software matching your specific needs and specializing in the features that are important for your company is the best way to ensure you get the right software for you.

8. SaaS vs Perpetually Licensed Software

When looking for asset Management Software, you may need to choose between a perpetual license or a SaaS license (subscription model).

Buying a perpetual license by paying the up-front cost and using the software forever sounds like a simple and wiser option, but it’s quite complicated in reality. While it’s expensive, the software updates and maintenance costs also involve a lot of hassle.

On the other hand, a SaaS or subscription-based license allows you to use software for as long as you pay the recurring fee. Not just it is affordable, the recurring subscription also helps you get better and consistent service from the vendor, for them to maintain customer loyalty and long-term relationship with you. Moreover, you get automatic software updates, great safety features and the latest functionalities without paying any additional cost. This makes it easy to use, cost-effective, and lower security risks associated with the software for fixed asset management. You also have freedom to switch to a better application if the current software doesn’t match your expectations or there are changes in your organisation’s requirement.

Clearly, subscription business model is here to stay. Looking at the above factors and benefits that you can leverage with SaaS model, we suggest choosing a software with ‘pay as you go’ option.

Conclusion

Asset management is one such crucial business area that is becoming important every day; however, it is also becoming tricky. Effective asset management software can really make a difference in handling your assets efficiently. But, what makes a great fixed asset management software for you?

Whether you’re looking for a fixed asset management software for small business or a large enterprise, finding out the answer to this question can be overwhelming. You may encounter a variety of options, though you would want to make sure that the solution you want to hire is in line with your prospects and goals. Moreover, the above points will guide you through choosing the best fixed assets management software that works towards the demands of your company.

In case you still have questions or want to know more about effective asset management, comment below or get in touch with our expert professionals to know more.