CEREBRUM

Enabling the SIXTH SENSE

Asset

How Asset Tracking Software Works - Its development and Costing?

January 27, 2020 | 20 Mins Read

There are many software used by IT teams to deliver awesome customer service, great visibility, and central control of the projects. These tracking software solutions ensure businesses don't suffer downtime in any condition. They have delivered smiles to millions of IT folks, end-users, investors, and sponsors, giving them access to every point of development.

Asset tracking software has features customized according to the request from the clients and is regularly updated to make them compatible with new devices. Customers have purchased them and referred many people for tracking assets well.

Experts use their experience, save a lot of time and money by making software meeting the needs and solving the bugs of the software. They are aware of the requirements and roadblocks before, as they have dealt with many clients having the same problems.

What is Asset Tracking Software?

Asset tracking software is a complete business solution for increasing the productivity of any firm by continuously monitoring the movement of assets. In today's world, asset tracking software is a crucial part of every business to know the total cost for all the assets it owns (or lease). Companies having no idea about the costing find it helpful for making the correct audit report at the end of the financial year. 

Asset management software is helpful in knowing or tracking the workplace, from large equipment to smaller ones. Assets in the asset tracking software include all elements of software and hardware found in the business environment.

We can say, it is a set of business practices incorporated to join the financial, inventory, contractual, and risk management responsibilities within the organization. The primary role is in managing the overall life cycle of the assets for making tactical and strategic decisions.

Basic Functionality 

Even if asset tracking seems simple, a barcode or RFID data capture tools are required to capture asset information and integrate tools with the backend.

RFID(radio frequency identification)tracking and process automation is an essential tool for industrial manufacturers and supply chain managers to monitor the entire operation in real-time. It seamlessly connects people, processes, and things for the maximum efficiency of the organizations.

They are typically used for gathering detailed hardware and software inventory information as well so that they can make decisions based on the purchases and assets usage. An accurate IT asset inventory helps and guides companies for using their assets effectively, to avoid unnecessary asset purchases. IT asset management has helped companies to re-use existing resources, lower the costs of the risk of building new IT projects.

Importance of Asset Management Software 

Asset management plays a critical role in the efficient use of the organizations' resources and meeting the needs of users and business functions. IT organizations are responsible for managing most of the asset footprint of the companies. Even if IT assets are both costly to acquire and to maintain, companies are monitoring them to ensure all your operations are streamlined.

IT Asset Management (ITAM) is important to keep an accurate account of the technology asset lifecycle. It helps in knowing the costs and risks involved to maximize the business value by making a proper technology strategy. The entire data is helpful for making architecture, funding, contractual, and sourcing decisions. Gradually, IT organizations have moved their focus to the usability and informational value of IT asset data in place of focusing on data quantity and accuracy.

Here are some common pricing models in ITAM software.

Let's get started

1. Tiered Model

ITAM software offers many services to ensure you get the most out of the purchase. There isn't any software that can do everything, but vendors are trying hard to offer a variety of options so that you can choose from them. There are many tiered pricing options depending upon the tiered model.

There are many software packages ranging from basic or standard to premier that one can choose from based on the amount they are willing to pay, each ascending package offers more features and transparent view of the systems.

It is a great option for people looking for tailored software for smaller businesses or for the corporate world.

2. Pay-Per-User

Pay-per-user is an asset management solution in which the cost entirely depends on the usage of the individuals you've purchased.

In this case, higher prices are correlated with more users, although there are few vendors offering a lower per-user rate in case there are a larger number of employees.

3. Pay-Per-Node

Seeing the increasing reliance of businesses on network devices, pay-per-node is often used pricing model for ITAM software vendors. In this model, an inventory is required to estimate the number of nodes (network devices with an IP address) in a business.

Pay-per-node models have gained popularity in measuring projected costs so that you can make a purchase based on the nodes needed to inventory. In this, prices vary based on the purchase for Mac or Windows.

Other Pricing Models

Vendors are evolving and making a more complex tier model, with special features to incentivize spending. The tier model is more accommodating for growing businesses, where the exact number of assets can be changed over the course of a month.

RFID based Asset Tracking Solutions

Asset tracking software is a great tool that has made the work of inventories easy. The standard asset protection software provides great visibility and is the best way to track the products in real-time. Through this software, businesses know the cost of the product, money spent on the maintenance, periodical maintenance reminders, and various other functionalities. A connection is made on the network that tracks every data and updates all the information in real-time.

Less burden on employees

The software has eased the employee's work. Employees do not have the burden to manually manage the assets of the organization as the software undertakes this work. Employees work on other important tasks for growing the organization. Asset tracking software is beneficial for refining team collaboration and the productivity of the organization.

Document Management

Asset tracking software takes care of thousands of documents of various assets. The organization has stopped using paper for asset management and is using this technology for managing thousands of documents easily. IT asset management has reduced paperwork and made the entire process more transparent. An organization has several assets, and taking care of the documentation of these assets is a burden on the employees. However, asset management software is a perfect solution that manages everything effectively and carefully.

Regular Maintenance reminders

Asset management software has set periodical maintenance reminders. The regular maintenance helps companies to work without any data loss or other problems. When the organizations ignore the maintenance part, and they face problems in the working of an asset, which afterward is expensive for the organization. Companies’ shouldn’t avoid regular maintenance, as it is one of the main parts of achieving the desired goal. It is vital for tracking the assets with real-time information so that businesses know where their assets are at any given point.

Conclusion

Asset management solutions are the best way to steeply raise the productivity of the organization and reduce the problems faced by companies to manage the assets regularly. Asset management software is a part of every business, either big and small businesses to regulate business operations.

SHARE THIS

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • A Comparative Analysis: Google Flutter VS React Native VS Xamarin February 12, 2020Read More
  • Uber Insights: An in-depth Analysis of a Huge Revenue Model January 28, 2020Read More
  • How Asset Tracking Software Works – Its development and Costing? January 27, 2020Read More
  • Top 7 Reasons Why You Should Invest In Event Management Software January 24, 2020Read More

Subscribe Us

Enter your email address below to get latest blog updates.

Related Blog Posts

How Asset Tracking Software Works – Its development and Costing?

There are many software used by IT teams to deliver awesome customer service, great visibility, and central control of the…

Read More