5 ways to select the best network asset management software for optimal performance

Simplifying operations by working towards the right tools and technologies is a fundamental priority for all business owners. Choosing the right asset maintenance software is a critical aspect of this endeavor: a robust asset management system can help you maximize the life of assets through preventive care, improve asset utilization and reduce costs.

No matter the asset types, monitoring asset health and maintenance is vital to improving productivity. However, companies today have an overwhelming variety of asset maintenance options to choose from.

Choosing the right asset management process & tool for your business can be exhausting, especially if you are unaware of what to look for. In this blog, we’ll run you through some important points you should consider before purchasing asset management software.

  1. Know your business requirements regarding user-level and technical requirements. Business requirements include the volume of assets there are in your business, their efficiency and performance, and why do you want to track assets. In selecting asset management software, it is implied that you look for innovative usability improvements that will streamline the adoption of the software in the company and offer enhanced decision and managerial support in presenting which maintenance tasks are most urgent at a given time. This improves the decision-making process significantly.
  2. The perspective of user-level requirements involves knowing minute detail and task that is contained in your workflow process. Technical prerequisites include how you plan to host the software, and what security and backup procedures you want. Also, by incorporating both your technical requirements and user-level requirements you can achieve more than the expected benefits. Analyze the standing and experience of developing the asset software of the vendor. A well-known asset tracking and management software provider is more likely to be able to offer continuing support.
  3. Go for a Detailed Demo: A good asset management system does not just sort and track assets, it puts them in context. Metadata is additional details you provide for each asset. It usually contains keywords, dates, copyright, product line, approval status, contract status, usage and any other information useful to your organization. Make sure that your asset management solution provides automated metadata management, you can book a demo or a trial to check the capabilities of the tool to organize files accurately and save you from large-scale data entry projects. An in-depth demo session usually includes people who are familiar with the software and know the overall process portals, helping you understand the features that could correspond to your business needs. You could also look for ways in which the software would help to improve the existing workflow process. Plus, understanding the risks associated with the implementation of the software is also a crucial step.
  4. Reporting and analytics: Concentrating all your assets in one location is not just about efficiency. It also provides you with a better summary of your asset library. Robust reporting and analytics offer insights into how your assets are being used. If you are obtaining a lot more return out of certain assets, you might want to create more like them. You can track if valuable assets are being underutilized or spot other patterns to refine your asset management strategy.
  5. Choose the One Which is Easy to Use: You should find a fine balance between ease of use and the requirement of expertise needed. Decreasing the need for training and the application of easy-to-use software would save costs in operation. Your software provider should also readily provide the required training for your staff. They should also provide the support and quick interpretation of problems and solutions needed once the software is implemented.

Asset management software provides a holistic view of an asset’s lifecycle—from its procurement and implementation through its renewal and disposal. While a business could use a simple spreadsheet to track its assets, using Asset Lifecycle Management (ALM) enables it to analyze data specific to each asset, enabling it to make more informed decisions about managing its assets.

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