Choosing the Right Facility Asset Management Software for Efficient Operations

6 min readMay 25, 2023

Facility asset management plays a crucial role in ensuring the smooth functioning and longevity of a business. To effectively manage and maintain assets, organizations are increasingly turning to facility asset management software.

This article aims to guide you through the process of selecting the right software solution for your specific needs.

By understanding the importance of choosing the right software and exploring key features and considerations, you can make an informed decision that maximizes efficiency and productivity.

Definition of Facility Asset Management Software

Facility asset management software refers to a digital solution designed to streamline and optimize the management of an organization’s physical assets. It encompasses various functions, including asset tracking, preventive maintenance scheduling, work order management, and reporting.

The right software can provide a centralized platform for asset management, ensuring accurate inventory control, efficient maintenance, and effective resource allocation.

Importance of Choosing the Right Software

Selecting the appropriate facility asset management software is a critical decision that impacts the efficiency and profitability of your organization. The right software can:

Enhance Productivity: A well-designed software solution automates manual processes, streamlines workflows, and reduces administrative burden, enabling your team to focus on value-added activities.
Improve Asset Utilization: Effective asset tracking and inventory management features allow for better visibility and control over assets, minimizing the risk of loss, theft, or underutilization.
Optimize Maintenance: The software’s preventive maintenance scheduling capabilities enable proactive maintenance planning, reducing unplanned downtime, and extending asset lifespan.
Facilitate Data-Driven Decision Making: Robust reporting and analytics features provide actionable insights into asset performance, maintenance costs, and resource allocation, enabling informed decision making.

Purpose of the Content

This article aims to guide you through the process of selecting the right facility asset management software by addressing key considerations and offering valuable insights.

From assessing your organization’s needs to evaluating vendors and implementing the software, each step is crucial in ensuring a successful transition.

By understanding the types of software available, key features to consider, and the implementation process, you can make an informed decision that aligns with your organization’s goals.

Assessing Your Facility Asset Management Needs

Identifying Key Functions and Features Required: Determine the specific functions and features that are essential for your organization, such as asset tracking, maintenance scheduling, and reporting.
Determining Number of Users and Locations: Evaluate the size of your organization, the number of users who will access the software, and whether you require multi-location support.
Evaluating Existing Software and Systems: Assess your current software and systems to identify any gaps or limitations that need to be addressed by the new facility asset management software.

Types of Facility Asset Management Software

Explore the various types of facility asset management software, such as cloud-based and on-premise solutions, standalone and integrated systems, and mobile and desktop applications.

Find the best Facility Management Software — At softwareadvice

Cloud-based vs. On-premise:

Consider the benefits of cloud-based solutions, including scalability, accessibility, and reduced IT infrastructure costs, versus the control and security advantages of on-premise solutions.

Standalone vs. Integrated

Evaluate whether you need a standalone facility asset management software or an integrated solution that can seamlessly integrate with other systems like maintenance management or enterprise resource planning (ERP) software.

Mobile vs. Desktop

Determine if your organization requires mobile access to the software, allowing field technicians or remote workers to manage assets and perform maintenance tasks on the go.

Key Features to Consider

Asset Tracking and Inventory Management: Ensure the software provides robust asset tracking capabilities, including real-time visibility, barcode scanning, and automatic updates of asset information.
Preventive Maintenance Scheduling: Look for features that enable the scheduling of preventive maintenance tasks, generating work orders, and tracking maintenance history to minimize downtime and extend asset lifespan.
Work Order Management: Consider features that facilitate work order creation, assignment, and tracking, ensuring timely completion of maintenance tasks and efficient resource allocation.
Reporting and Analytics: Prioritize software solutions that offer comprehensive reporting and analytics tools, allowing you to generate customized reports, track key performance indicators, and identify areas for improvement.
Integration with Other Systems: If integration with existing systems is essential, evaluate the software’s compatibility with other applications, such as financial systems, ERP software, or CMMS (Computerized Maintenance Management System).

Evaluating Vendors and Software

Researching Potential Vendors and Software Options: Conduct thorough research to identify reputable vendors and software solutions that align with your requirements. Consider factors such as vendor reputation, customer reviews, and industry expertise.
Comparing Features, Pricing, and Support: Evaluate different software solutions based on their features, pricing models, scalability options, and the level of customer support provided by the vendor.
Requesting Demos and Trials: Request demos and trials from shortlisted vendors to gain hands-on experience with the software and assess its usability, functionality, and user interface.
Seeking References and Reviews: Reach out to existing customers or industry peers to gather insights about their experience with the software and the vendor’s support quality.

Implementation and Training

Developing an Implementation Plan: Create a comprehensive implementation plan that outlines the steps, timelines, and resources required for a successful software deployment.
Assigning Roles and Responsibilities: Define clear roles and responsibilities for the implementation team members, ensuring everyone understands their tasks and objectives.
Providing Training and Support: Arrange training sessions to familiarize users with the software’s features and functionalities. Offer ongoing support to address any questions or concerns during the transition phase.
Testing and Refining the System: Conduct thorough testing to identify any potential issues or gaps in functionality. Refine the system based on user feedback and ensure smooth integration with existing systems.

VII. Maintenance and Upgrades

Ensuring Ongoing System Maintenance and Upgrades: Establish a maintenance plan to ensure the software remains up to date, addressing bugs, security vulnerabilities, and compatibility issues.
Staying Up-to-date with New Features and Releases: Keep track of software updates and new feature releases to leverage the latest advancements and enhancements.
Monitoring System Performance and User Feedback: Continuously monitor the software’s performance and gather user feedback to identify areas for improvement and address any issues promptly.

Conclusion

Choosing the right facility asset management software is a critical decision that impacts the overall efficiency and success of your organization.

By understanding your specific needs, evaluating different software options, and implementing the solution effectively, you can streamline asset management processes, optimize maintenance activities, and enhance productivity.

Evaluate your current software, explore new options, and take the necessary steps to ensure your organization is equipped with the right software for efficient facility asset management.