How to Find the Best Asset Management Software: Key Considerations

Filed in Articles, Asset Management by on December 25, 2020 0 Comments

How to Find the Best Asset Management Software – Asset management software is a centralized system that allows your organization to track important details about each asset in real time. This decreases administrative costs, improves service and gives your organization greater visibility into asset utilization, costs and maintenance.

The numerous amount of tools and features provided by an asset management system means a vast number of employees can benefit from accessing your asset management software. For instance, an AMS solution will be used by:

  • Asset managers
  • Inventory and stock managers
  • Facility managers/Landlords
  • Technicians/Engineers
  • CFOs
  • Maintenance teams

As well as workplace personnel, asset management software can also be used across a wide range of asset-heavy industries that range from small and medium businesses (SMBs) to large enterprises. Typical industries that benefit from digitalized asset management include:

  • Manufacturing
  • Engineering
  • Construction
  • Education
  • Hospitality
  • Chemicals
  • Healthcare
  • Oil, gas, and utilities

How to Find the Best Asset Management Software: Key Considerations

The marketplace for asset management software is vast and filled with various different tools. But, when it comes to finding the best asset management software for you, there are a number of factors you should consider.

The term ‘best asset management software’ is subjective, as what may be the best system for one company might not be the right solution for you. For instance, determining what the best AMS software is for you can depend on:

  • The number of assets you have
  • The budget you have to spend on an AMS system
  • What tasks you want an AMS solution to perform (asset tracking, maintenance management, automating inventory control, etc.)
  • The amount of data you need to collect
  • What industry you’re operating in
  • The type of software you need (mobile, cloud-based, web-based, on-premise, etc.)

To help you choose the best asset management solution for your business, we have researched and analyzed over 60 providers. Below, our review of the top asset management software providers.

Benefits of Asset Management Software

With the right asset management framework in place, organizations will realize these and other benefits:

  • Good Business Practice. Asset management results in better decisions. Aligning management of infrastructure with strategic policies and direction will support the long-term success of the utility’s mission, goals and objectives.
  • Improved Regulatory Compliance. For wastewater utilities in particular, the proposed CMOM regulations will require improved asset management. Part of asset management involves the implementation of better O&M practices, which can significantly improve compliance.
  • Improved Reliability. More structured day-to-day attention to system assets and their condition means that unexpected failures are less likely, thus minimizing emergency repairs, costly lawsuits and customer relations problems. Assessing the risk implications of asset failure helps focus resources on critical priorities and reduces overall risk to the utility.
  • Long Term System Integrity. The concept of “sustainable infrastructure” is gaining increased visibility, probably due to the problems in many American cities and towns where sufficient reinvestment in infrastructure has not been made. By relating costs to asset condition and conducting long term planning for each asset, policy makers get the facts they need to help sustain the infrastructure.
  • Cost Savings. There is evidence that asset management systems that maintain infrastructure in a sound and reliable condition and are based on minimizing life cycle costs, can significantly reduce operating and maintenance cost, as well as long-term capital expenses. A life cycle approach means that the utility always gets the most assets for its money.
  • Eligibility for Federal Funding. The apparent need for increased infrastructure spending coupled with concerns over the quality of infrastructure management prevalent in the industry have led to a range of provisions in proposed funding legislation that include requirements for “asset management plans.”

We hope that this guide helped you choose the best asset management software for your business.

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