Information and Technology

How to select an Asset Management Solution in 2020?

12th Mar 2020
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Nowadays, traceability and regular monitoring of assets are as important as managing any other business operation. However, most of the time top management focuses on a few core business operations which give instant returns.

But in asset-driven organizations, monitoring assets helps organizations track, access, assess, manage and optimize the quality & reliability of assets. As a result, the managers can plan their deliverables and also forecast customers’ orders.

An organization should get the solutions which fits well with precise requirements. Imagine if the equipment has the lesser working capacity than required, it becomes a trouble. Similarly, it is important to keep the same approach while selecting an asset management tool and its vendor too.

There are several types of asset management solutions available in the market - such as Fixed Asset Management, Financial Asset Management, IT Asset Management, Digital Asset Management, Infrastructure Asset Management and many more. So, here are some tips while selecting the Asset Management Solution for your organization.

Points to be considered while choosing the right Asset Management Solution:

Should be user-friendly and easy to use by employees

Should be user-friendly and easy to use by employees

Implementing an Asset Management Solution in an organization requires a vision and it comes at a cost. So, the way employees adopt the solution in their routine operations, becomes very important. If a solution is less user-friendly, there are more chances of its failure for the organization.

Good user experience is one of the most basic requirements of an Asset Management Solution. Only an experienced organization such as IConflux can offer you the perfect solution.

Its technology & IT infrastructure should be compatible

Its technology & IT infrastructure should be compatible

One of the most crucial aspects while selecting an Asset Management Solution is compatibility of its IT infrastructure & technology with the ones being used by the organization already.

This compatibility with the existing operating system and technology platforms in which the other solutions in the organization are operated, is very crucial. Proper compatibility enables a smooth integration of the Asset Management Solution with the existing ERP.

Should be loaded with required functionalities & tools

Should be loaded with required functionalities & tools

Most of the time, organizations focus on highly advanced features while analysing an Asset Management Solution. This is good as far as the vision is considered but at the same time, they must not forget some of the basic and core functionalities - such as asset assignment, approval, ticket management, inspection planning, geo-tagging, asset retirement, alerts & notification, etc.

These are the small everyday tasks which make a solution really meaningful for an organization.

Should be easily customizable and scalable, as per needs

Should be easily customizable and scalable, as per needs

Any Asset Management Solution must have the scope for further expansion and easy customization, to fulfil the business needs. Usually, 60-70% of business requirements are ensured while analysing the solution before procurement; and later the remaining requirements are implemented in the existing basic solution.

If the architecture of the system is not flexible, adding new features to it becomes a very complex and time-consuming endeavour.

It should assist in management through reports & insights

It should assist in management through reports & insights

For maintaining total control over the business operations; it is very important to get consistent reports from the system. An organization must know how the assets are performing. To take the important and crucial business decisions, reports & insights are the only tool available to the management.

Therefore, the Asset Management System must have inbuilt capacity to analyse the assets and provide precise status reports.

The vendor should be providing robust support at any time

The vendor should be providing robust support at any time

Along with the employees’ acceptability, support from the vendor also plays a major role in ensuring the success of the Asset Management Solution. An organization needs the total support from the solution vendor for its smooth functioning.

There should be a proper vendor support model in place as per the business needs and it must be transparently discussed. So, at the end of the day, an organization must find a vendor that gives consistent support, as and when required.

Conclusion

Investment in Asset Management System is a result-oriented investment as assets play a vital role in the business processes. IConflux is a pioneer in developing innovative Asset Management Solutions. 

Mentioned above are the main points - based on our experience of implementing asset management solutions - that one needs to consider while implementing an  Asset Management Solution

If you need any further clarification or if you have any other concern related to the selection of Asset Management Solution for your business, contact our team of experts at [email protected].

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