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    What Does Asset Management Software Do?

    George Banos

    If keeping track of thousands of assets on spreadsheets sounds like a nightmare, asset management software is a dream come true.

    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. 

    iOFFICE’s asset management system is part of a robust workplace management system. That makes it easy to see where all your assets live within your space, check maintenance records and more.

    So what does our asset management software actually do? Some of its capabilities might surprise you.

    What Does Asset Management Software Do?

    Stores Details And Documents For Each Asset

    The new FASB lease accounting standards make it more important than ever to keep detailed records of your assets.

    Organizations must maintain records for all lease assets with terms of more than 12 months. These records include:

    • Lease agreement and type
    • Lease terms
    • Start and end date
    • The owner and lessee
    • Monthly payment
    • Fair market value
    • Useful life

    With asset management software, you can upload these critical documents in a matter of seconds. You can also add photos of each asset. And you can easily access them later, rather than digging through file cabinets or searching through your desktop folders.

    Allows You To Easily Find Any Asset

    We know how frustrating it is when you can’t find what you need. Within our asset management system, you can search for your assets using many different criteria, including:

    • Location
    • Asset type
    • Owner
    • Purchase date
    • Install date
    • Warranty date

    Helps You Prioritize Service Tickets

    On any given day, your facility management team likely receives dozens of requests. Sometimes it’s difficult to know which ones to tackle first.

    If your asset management software is connected to your facility maintenance software, you’ll have more context to help you prioritize.

    For instance, imagine you receive alerts about problems with two different printers. You only have the time and budget to address one of them this month. Which one do you tackle first? Using asset management software, you can quickly look up the contracts and service history for each. You might discover you purchased one within the past year, while the other is over five years old and quickly becoming obsolete. This makes the decision much easier.

    asset-tracking-demo

    Allows You To Determine the Total Cost of Ownership

    It’s important to prioritize service requests as they happen, but you also need to have a long-term perspective of your asset costs.

    In your home, the criteria for keeping something or throwing it away might be whether it sparks joy (if you follow the advice of organizational guru Marie Kondo.) But in the workplace, the decision often comes down to a simple question—do the benefits of this asset outweigh the total cost of ownership?

    Our asset management software keeps track of all your asset costs over time so you can see the complete picture.

    That makes it much easier to determine when it’s time to retire an aging piece of equipment that’s becoming a money pit. It also helps you accurately forecast future costs so your organization has a better idea of what to expect.

    When you’re using manual processes or outdated systems, asset management can be a huge hassle. But with the right systems in place, you can effectively manage every asset in your workplace.

    Ready to see our asset management software in action? Request a demo today.  

    George Banos

    ABOUT THE AUTHOR

    George Banos

    George Banos, joined iOFFICE in 2010 and specializes in solving workplace management challenges and improving facility operations by engaging with clients from discovery to implementation.

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