Asset Inventory Management: Outlining the Benefits
Asset Inventory Management (AIM) is a systematic way businesses keep track of all their assets (hardware/software). It involves managing the asset’s performance, physical location, procurement and eventual disposal.
Your organization must have a myriad of tangible and intangible assets too. Equipment, furniture, digital resources like software licences…you know the list. It must be baffling to track and manage these manually. This calls for efficient AIM software to be in place.
Such software will help improve asset visibility, regulatory compliance, maintenance operations etc. In this blog, we’ll take you through the manifold merits of asset inventory management system software. Buckle up!
What is Asset Inventory Management System?
AIM is a digital solution which helps you monitor and manage your business’s assets. It has a centralized repository for asset information like maintenance & repair history, location, and documentation. Now let’s look at the different types of asset inventory management systems.
Types of Asset Inventory Management Systems
Traditional AIM
Traditional AIM system is also known as on-premises AIM. You have to install and maintain it on your organization’s servers. You can customize it as per your unique business requirements. The con is huge initial investments and continuous IT support. Take it easy, you have got options! Let’s move on to the next type.
Cloud-Based AIM
Cloud-based AIM solutions are very popular nowadays. A cloud-based system is hosted on the vendor’s server and you can access it via a web browser. It offers greater flexibility and scalability. In contrast to the on-premises one, cloud-based AIM needs lower upfront costs and provides regular software updates (might vary as per the vendor).
Mobile AIM Apps
Mobile-based AIMS helps you get real-time updates on your assets. Your team can access asset data from anywhere -anytime. However, you’ll have to check with your AIM vendor about the availability of a mobile app.
Advantages of Asset Inventory Management System
In this section, we’ll catch a quick glimpse of the advantages of AIM for your business. Let’s get started!
What does Asset Inventory Management System do?
Track Asset Data Using AIMS
Tracking assets is one of the prominent features. Each asset has a unique code making it easy to locate them. As aforesaid, AIMS features a central repository that stores purchase dates, asset specifications, lease terms etc. Such data can be further utilized for analytics and reporting purposes.
Discover more: How to Use Asset Tracking Field feature in Factech Automation?
Asset Valuation and Maintenance
You can schedule regular maintenance activities using the asset inventory management system. The system can generate real-time notifications for scheduled maintenance tasks. You can even track asset depreciation over time. This information is crucial to asset valuation and accounting purposes.
What are the Merits of Asset Inventory Management System?
Asset Inventory Management System Manages Vendors Better
You’re in for a treat as AIMS helps you to streamline vendor management. Now you’ll have your service agreements, vendor info and contract details- all in one place!
You can provide accurate usage and historical asset performance data to the suppliers. Better vendor management leads to enhanced relationships and reduced service costs.
Read more: How to add New Vendor to Inventory Management?
Asset Inventory Management System Simplifies Audits
Are audits dreadful? You need to have all the documentation in place. Be it internal or regulatory audits, your job has become a lot easier with AIM systems. AIM is capable of storing asset usage and maintenance reports. This streamlines reporting processes and saves costs.
Mitigate Risks with AIMS
Data security and risk mitigation is yet another advantage of AIMS. You can keep abreast of all the sensitive data pertaining to the assets and ensure that safeguards are in place. This way you can alleviate risks like security threats or breaches.
Accommodate More with AIMS
Asset inventory management systems give you the flexibility to scale your business. It efficiently accommodates your expanding inventory. You can add new assets to it or integrate it with new business systems as and when needed.
Therefore, you can keep operational inefficiencies at bay and focus on strategic planning and other business aspects!
Utilize Better with Asset Inventory Management System
You can double your asset productivity with AIMS. Yes, that’s right! You’ll have a holistic view of the asset condition, performance, location etc. This helps the company to utilize its resources efficiently.
Moreover, AIMS-enabled proactive maintenance helps reduce asset downtime and save repair costs. In the longer run, you’re in for greater profitability!
Read more: Online planned preventive Maintenance of assets
Final Words
In this blog, we shed light on the advantages of asset inventory management system. To sum it up, AIMS is a breakthrough technology that helps you maintain and manage your assets like a breeze. You can accommodate more assets to the systems, and access data using a mobile app. We also discussed the different types of asset management systems- on-premises, cloud and mobile-based.
If you have any further queries, leave a comment or contact us directly. Until next time!
Contact us for a free demo of how our expertise can help you achieve your business goals to the best.
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