Software for Assets Management
Assets management (AM) is a company activity based on external and internal resource maintenance to maximize profit and minimize risks. AM systems increase flexibility and control of assets among organizations, companies, their departments, etc. The main goal of this management is to achieve impressive results in the rational use of all types of assets. By using AM systems, you not only improve organization and assets security but also effectively manage the full running cycle of any corporate resources.
In this article, we have a closer look at 4 key types of assets management software. Each of them is aimed at one of the business fields — contract management, finance, data, etc.
Assets management systems for data management and analysis
Main features: AM systems provide comprehensive functions for advanced data management. Analytics tools are aimed at improving the reliability of working with data, improving predictive models and ensuring compliance with the set requirements. Sometimes it is challenging for the team to fix attention on specific tasks, calculate core metrics, or make a detailed report to the company chief. With these tools, all operations related to assets can be performed automatically.
It makes the teamwork flexible and allows you to turn the company’s efforts into a competitive advantage. By managing large datasets, you can analyze and visualize important metrics and generate key reports for decision-making. By analyzing main trends, you can identify weak points and influence the final results. If you need to monitor the assets flow, the system helps collect information from different channels, consolidate it and find the connections to achieve accurate results.
The cloud solutions enable companies to work remotely and access any assets you need 24/7. Thus, you get a powerful digital tool that analyzes your assets (by indicators, employees, departments, time), provides different roles for each employee, generates reports on work done, develops models, etc.
Tools for data asset management: Brandfolder, Bynder, Asset Bank, MerlinOne
Assets management systems for contract management
Main features: Centralized contract management may result in a lack of transparency in the company’s assets. Contract management should encompass all processes required to gain complete control over paper assets. Otherwise, it means that workers may miss the expiration date of the documents or track off important details of the deal.
If your company consists of several departments, contract management requires special control. In this case, the team should operate a single repository to collect and process all paper assets. For example, such systems can notify workers and their customers that contract terms expire within several days or months (by analyzing the entire list of documents in one database). It eliminates any manual operations and allows you to completely rely on a digital resource.
With common access to information, companies have a transparent and clear process that facilitates effective decision-making. Your team can track the entire contract planning process (define requirements and documents in the system), manage the supplier base, close deals, monitor contract status, etc.
Tools for contract management: WorkWise, Manage Engine
Assets management systems for financial assets management
Main features: This type of software helps businesses not only manage fixed assets but also solve tasks related to financial companies’ activity. The work algorithm provides instant access to assets and allows different departments to manipulate financial data and key indicators.
It reduces repetitive actions and optimizes assets management, opening up opportunities for asset financing, leasing management, contract creation, etc. A set of well-planned tools simplifies financial asset management at all stages of the working cycle. In this case, your employees work with a common dataset to simplify assets accounting.
Financial assets tracking shows any changes in financial resources, saving time and obtaining the necessary data more efficiently.
SAM for financial asset management: ManageEngine ServiceDesk, FreshService, Spine Assets, Spiceworks
Enterprise Assets Management (EAM)
Main features: With EAM, your team can hold all types of assets, track them online and optimize the process from the initial stages to contract management. It provides a comprehensive system for monitoring and managing the performance of all assets within a company.
This system helps users plan, report or manage projects and assets processing 24/7. You can also present an accounting report or measure financial metrics for each assets type. Using this software, it is easy to gain control over fixed assets too.
By having all of them in one place, you get an idea of where each asset is or what status it has at each stage of the company development. Moreover, solutions create a holistic hierarchy of assets so you can create various templates or track daily statistics.
Tools for Enterprise asset management: Oracle EAM, SAP EAM, Infor EAM
We hope that this article has given you a clear-cut idea of how assets management tools help overcome daily business challenges. We hope this small guide will help you choose suitable alternatives for your resource management depending on your business model.
If you need a customized system for management — try our free demo version or write to our team that will give you recommendations and offer the individual solution for your business.
