In today’s fast-paced corporate environment, asset management is critical to the success of any corporation. Almost 50% of small firms (source: Go Codes) require assistance in successfully tracking assets and inventories. Without the correct tools, managing assets, whether material, intangible, digital, or IT, may be a difficult undertaking.
Did you know that approximately 80% of employees (Source: Mintek) spend thirty minutes each day attempting to obtain information?
A solution to this problem is Asset Management Software. It enables firms to monitor and effectively manage their assets to ensure maximum usage while lowering IT and software expenditures. They give a comprehensive perspective of an asset’s lifespan, from acquisition and implementation to renewal and disposal. Though a company may track its assets with a basic spreadsheet, this software helps evaluate data relevant to each asset, allowing it to make better-educated decisions regarding asset management.
The software helps streamline processes by allowing a constant tracking of assets and integrating the data from these assets with key performance indicators (KPIs). It is often cloud-based or on-premise, allowing asset managers to rapidly identify possible hazards and take action before the resource becomes damaging to the business’s bottom line.
Why Asset Management Software?
In today’s fast-paced business landscape, effective asset management has become more crucial than ever.
Businesses of all sizes rely on a wide range of assets, from physical equipment and machinery to digital resources like software and data. Properly managing these assets can significantly impact an organization’s efficiency, productivity, and bottom line. However, asset management often poses numerous challenges that can be overwhelming without the right tools and strategies in place.
The Challenges of Asset Management
It is estimated that 43% of small businesses fail to track inventory and assets effectively (Source: Go Codes).
- Tracking and Visibility: One of the primary challenges of asset management is maintaining accurate and real-time visibility into the location, condition, and usage of assets. Traditional manual tracking methods can lead to errors, delays, and inefficiencies, making it difficult to optimize asset utilization.
- Maintenance and Lifecycle Management: Assets require regular maintenance to ensure their longevity and optimal performance. Tracking maintenance schedules, repairs, and replacements manually can lead to missed deadlines and increased downtime.
- Compliance and Reporting: Businesses often need to adhere to industry regulations and maintain proper documentation for auditing purposes. Manually managing compliance requirements can be time-consuming and prone to errors.
- Asset Theft and Loss: Lack of proper tracking and security measures can lead to asset theft and loss, resulting in financial losses and potential data breaches.
- Resource Allocation: Balancing resource allocation between different assets and departments can be challenging without clear insights into asset usage and demand.
According to the National Facilities Management & Technology Conference, 80% of employees spend half an hour every day obtaining information.
Solutions to Asset Management Challenges
- Automation and Digitalization: Transitioning from manual tracking to automated solutions can enhance visibility, accuracy, and efficiency. Digital tools enable real-time tracking, reduce human errors, and provide data-driven insights.
- Centralized Database: Utilizing a centralized database for asset information streamlines data management and ensures easy access to asset details, maintenance history, and usage patterns.
- Predictive Maintenance: Implementing predictive maintenance practices using data analytics and IoT (Internet of Things) technology helps anticipate maintenance needs and prevent unplanned downtime.
- Barcode and RFID Technology: Barcoding and RFID (Radio-Frequency Identification) technology simplify asset tracking and enable quick and accurate data capture.
- Cloud-Based Solutions: Cloud-based resource tagging and tracking software offers accessibility, scalability, and remote collaboration, making it easier to manage assets across multiple locations.
Benefits of Effective Asset Management
Enhanced Efficiency: Proper asset management leads to improved operational efficiency, reduced downtime, and better resource allocation.
Cost Savings: Predictive maintenance and optimized asset utilization result in cost savings through reduced maintenance expenses and extended asset lifecycle.
Compliance Adherence: Automated compliance tracking ensures businesses meet regulatory requirements and avoid penalties.
Data-Driven Decision-Making: Access to real-time data and analytics empowers informed decision-making and strategic planning.
Improved Security: Effective asset management reduces the risk of asset theft and data breaches through enhanced security measures.
The Ultimate Asset Management Solution by Unistal’s HRM Mitra
Unistal HRM Mitra stands out as a comprehensive asset management that addresses the challenges faced by businesses across industries. The software monitors the asset information in real-time. To guarantee smooth operation, it is critical to track and keep a record of where your organization’s assets are and when they are due back from the workers.
Unistal Asset Tracking and Tagging Software keeps you and your team on track. Companies may use it to track the location of assets such as fixed, moveable, and consumable assets assigned to each employee. This software enables firms to track their important assets with a single click by improving visibility, traceability, and responsibility. HRM Mitra is a SaaS-based software that also helps track and monitor the attendance, leave, and payroll of employees in real-time. It also tracks sales employees’ wear boots with geo-tagging via the Hajiri application.
Why use Asset Tracking and Tagging Software by HRM Mitra?
- Helps to extend the life of an asset.
- This minimizes maintenance costs.
- Aids in streamlining everyday operations.
- Helps in the scheduling and tracking of asset maintenance.
- Contributes to increased overall productivity.
- Supports in the monitoring of mobile assets.
The Benefits of Asset Tracking and Tagging
- Reduce idle time to boost productivity.
- A scalable system for asset protection.
- Asset lifecycle management that increases the life of assets.
- Improved maintenance planning.
- Enhanced asset security.
- Budgeting and a dashboard that is interactive.
- Asset lifecycle mapping.
- Monitoring the efficiency of the equipment.
- Avoid maintenance schedules.
- Budgeting and dashboards that are interactive.
Effortlessly Stay Organized Using HRM Mitra Asset Management Features:
High-Risk Asset Tracking: Closely monitoring and managing assets that are crucial to the operation and profitability of a firm.
Asset Life Cycle Tracking: The monitoring and management of assets from acquisition through disposal.
Asset System Performance: Your asset tracking and tagging system’s ability to correctly monitor, manage, and report on your assets. The HRM Mitra Asset Software has transformed the way, how the company’s assets are tracked and tagged in India.
Asset Software Report: An examination of the performance of a software system for tracking and labeling assets.
Asset Hardware Report: Examines the performance of physical hardware utilized for asset tracking and tagging.
Asset Process History Report: Documents the procurement, maintenance, and disposal of an asset during its full existence.
Asset Significant Alerts: When a significant event or anomaly happens with an asset that is being tracked and managed, an alert is delivered.
Inventory management: This entails tracking and managing assets in your system.
Memory Threshold Report: This report evaluates and gives insights into the system’s memory consumption.
Asset Change Alert: Notifications are delivered when an asset’s status or characteristics change.
Non-movable inventory: It includes fixed assets and equipment that cannot be moved.
Movable Inventory: Inventory that can be moved or transferred, such as a laptop, mobile phone, or pen drive.
Consumable inventory: It is inventory that is decreased or consumed over time, such as office supplies or maintenance items.
Custom Fields: In addition to the usual fields, your tracking system allows you to add extra qualities to your assets.
Conclusion
Effective asset management is undeniably a challenge, but with the right strategies and tools, businesses can overcome these challenges and reap the benefits of streamlined operations, cost savings, and improved decision-making. Unistal HRM Mitra emerges as a powerful asset management solution that encompasses tracking, maintenance, compliance, and security, making it the ideal choice for businesses seeking comprehensive and user-friendly Enterprise Asset Management Software. Embrace the power of modern asset management technology and witness the transformation in your business’s efficiency and success.
Book a demo to experience the change.
