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How Asset Tracking Software Works – Its development and Costing?

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Technology has become an indispensable part of our lives as it helps streamline operations and increases the efficiency.  Asset tracking software is one such software that is important in modern-day workplace management. With the software, one can know the total cost of all the assets in the organization and whether they are working properly.

What is Asset Tracking Software?

Asset tracking refers to the process to document physical assets of your company. A centralized platform is used for providing owner, location, maintenance history, and contract of assets, and all of this is done in real-time.

What Assets Should You Track?

With the asset tracking software, you are able to see actual utilization, costs involved, and maintenance of your asset, which in turn help you make smart business decisions involving your assets.

The assets that you should track are:

  • IT equipment
  • Software licenses
  • Manufacturing equipment
  • Office furniture
  • HVAC equipment
  • Lighting
  • Computers
  • Printers
  • Carpet

Asset system management the software has features customized according to the request from the clients and is regularly updated to make them compatible with new devices. Custom software applications are 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.

In fact, 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.

What Does the Asset Tracking Software Do?

Using spreadsheets for the purpose of tracking assets is outdated and inefficient. In this new and age, asset tracking software is a perfect and organized solution that saves time. It is a digital and centralized system that tracks crucial details in real-time.  

With the asset tracking software, one can decrease administrative costs and provides the organization with a greater visibility into asset utilization. The software is a great way to decrease costs and provide the maintenance regularly.

Track Everything

As per FASB lease accounting standards, companies need to maintain full information regarding every leased asset. The software allows the company to track any number of assets in real-time. Every asset has a profile that illustrates everything that you need to know it, which includes pictures, contract terms, key contacts, contract terms, etc.

Create Customized Reports

Customized reports, such as cost, utilization, etc., can be generated, and all other required information can be added.

Access Information from Anywhere

With the mobile app, the organization can track all its assets from anywhere, even when you are away from the office. You can search by type, serial, number, owner, location, etc.

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 organization. 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 asset usage. An accurate IT asset inventory helps and guides companies in 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. 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.

Lower Administrative Costs

When you use a dedicated asset management software to track assets, it eliminates the need for employees to manually track assets; manual tracking is not only time consuming but it’s prone to errors.

Better Accountability

When assets are not tracked, companies have to bear costly loses without even realizing it. Asset tracking can help save oneself from these loses.

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. 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.

Here are Some Common Pricing Models in ITAM Software:

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

Pay-Per-User

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 Management System 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.

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. Proper asset management ensures that the company doesn’t face undue problems because of mismanagement related to various assets.

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Taniya

Taniya is a content marketing professional & writer who has been writing content for more than 4 years now. Her strength is original content with the right blend of personal touch and a selling strategy.

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