Best Network Asset Management Software Features to lookout

Keeping a track of company assets is essential for every organisation.

Records of assets are mandated for regulatory compliance purposes, moreover, accurate descriptions of physical and digital assets greatly help efficient resource planning.

In the past, organizations were seen keeping manual asset management registers or excel sheets or recording their asset whereabouts. Nowadays, there are a competent variety of asset management apps available for businesses to choose from, they can save time and improve the efficiency in keeping a record of the company’s assets as well as accessing them instantly whenever required without any hassle.

Here we will elaborate on the process of Network asset management and why it’s necessary. Also, here you will discover the most intuitive asset management system available online thus far.

What Is Network Asset Management?

Network asset management refers to an all-encompassing asset maintenance software that tracks the organization’s assets. The International Association of IT Asset Managers (IAITAM) has defined IT asset management or Network asset management as “a collection of business acts that demonstrates Network assets across the business divisions within the organization.” The process of putting these network asset management tools to support strategic decision making in a company’s ecosystem is helping companies take strides in accessing their asset data from anywhere and using them more efficiently.

The objective of Network asset management software is to:

  • Effectively help manage the assets.
  • Improve visibility and accessibility of assets.
  • Ensure optimum utilization of assets.
  • Reduce IT and software costs.
  • Ensure compliance with regulatory requirements.

A Network asset management software ties the assets with the IT infrastructure of the organization. With a robust asset management system, management and IT professionals can review and inspect all types of assets within the organization. The data can be used to make intricate decisions about purchases and other aspects of the asset’s lifecycle.

You can view Network asset management as a combination of IT and accounting services. The asset management tools are used to record assets for accounting purposes. The information stored in the systems can be used to organise an accurate balance sheet. This can support the management in making informed business decisions.

In addition, investors can dissect the financial situation of the business more accurately.

Which is the best Asset Management Software?

You will discover many options for asset management software online; however not all tools are created equally.

To handle the volume of assets, telecom operators must ensure their asset management tool has the following features :

Asset Visibility

The fundamental issue with most asset management exertion is that operators don’t have an accurate picture of information about their assets and inventory, let alone how these assets are being processed and exploited to employ in their strategies.

If this is one of your concerns, then here are the particulars that you will need to have a complete view of :

  • ROI and time-to-value
  • Resource utilization and disposition of all assets
  • Asset activity history

Measures and Controls

In the telecom world, performance measurement of assets persists to be a challenge. Telcos today require a robust performance measurement and management system that can understand the performance metrics of various elements within their system.

Integration of the following modes into your asset measurement strat is sure to help the management system :

  • Link KPIs to Capex
  • Track spares and optimizes sparing levels
  • Coordinate Asset movement across the teams
  • Automate reconciliation of FAR with inventory

Network Analytics and Optimization

An analytical approach towards asset management can help telecom operators address 50% of the challenges they face today. Leveraging insights provided by analytics will be the differentiating strategy for the future.

Here’s where you can leverage asset analytics and optimize your strategies to the fullest :

  • Drive process and behaviour changes to save Capex
  • Optimize movement of assets
  • Regard vendor performance insights through contract management
  • Optimize sparing levels across spare assets

Intelligent Contract Analytics

There is an increased demand to improve efficiencies and costs optimization of managing contracts across industries. The telecom industry is no exception. The nature of contracts in the telecom world span from supplier contracts to customer contracts, leases, commercial property rentals, and so on. It is becoming crucial for Telco teams to digitize the entire contract management process to optimize Opex costs and automate the risk mitigation process with advanced AI/ML techniques.

To improve the Contract Management efficiency, here are a few cases to run by :

  • Improve visibility through comprehensive contract database
  • Evaluate customer SLAs against service parameters to highlight risks
  • Leverage advanced AI / ML for smart contract ingestion, contract drafting, and risk analysis

These analytics and features packed into your network management system will enable an intelligence process by which communication service providers can understand their collected data and draw actionable insights. These insights, when seen as real-world metrics, can lead to improvements in customer experience, loyalty and ARPU, as well as increased efficiencies in all the processes mentioned above.

Monitor, manage and take control of your network assets

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