What Is an Asset Management System?
As a business grows, asset management becomes more and more important to its daily operations. That said, you can be a solo entrepreneur and still benefit from managing your assets. One of the benefits of using Tracmor software is that we have a built-in asset management functionality. If you’re not sure what this is or how it can benefit your business, we share a quick primer on asset management systems in the blog post below.
The Purpose of Asset Management Systems
No matter the size of your business, you have assets. If you’re reading this on a computer, that’s an asset. Jotting down notes with a pen? That’s an asset too. While it’s not necessary (or even possible!) to track every pen in your office, there are a lot of pieces of equipment and technology you’ll want to keep track of as your business grows.
An asset management system allows you to do just that. The benefits of asset management include:
- Being able to view and track your assets across multiple locations.
- Understanding your assets’ life cycles and how assets are used.
- Identifying and removing ghost assets.
- Planning maintenance schedules in such a way that services are not disrupted.
- Knowing when assets are needed.
- Making better purchasing decisions in the future.
- Analyzing data, reports, and audits to streamline your business or reduce costs.
The most basic type of asset management system would be an old-fashioned “sign in/sign out” form for equipment, but modern asset management software makes pen and paper and Excel spreadsheet tracking obsolete. Using a system like Tracmor minimizes the risk of human error, theft, and other inefficiencies that can impact your bottom line.
How Asset Management Works
Asset management can be as simple or as granular as you want or need it to be. After you decide which assets to track, you will need to enter them into your system. With Tracmor, you will input Category, Manufacturer, and Model Number, then you will create an asset in the system. Each asset has its own Asset Tag, Model Name, Area, Location, and Parent Asset. With our convenient dashboard, all of the information you need is available at your fingertips.
Tracmor also has other features that can assist your business in asset management. You can create parent-child relationships to track associations between assets, ship and receive, organize your assets by sub-location, set up notifications, and monitor depreciation for tax purposes.
To make tracking your assets even easier, Tracmor can also generate and print bar coded and QR coded asset tags that can be attached to your business’s assets. When these bar codes or QR codes are scanned, your asset management system is updated automatically, eliminating the need for manual data entry.
Learn How Tracmor Can Improve Your Asset Management
Do you need asset management software for your business? We think you’ll love using Tracmor. Sign up for a free plan with Tracmor today, contact us, or schedule a demo to learn more about what our software can do for you.