8 Benefits of Asset Management Software

In the Philippines, where the growth of businesses often relies on the efficient management of assets, the reality of asset mismanagement can be shocking.

Consider a local delivery company that loses track of its fleet’s maintenance schedules, leading to frequent breakdowns and delayed deliveries. Not only does it interrupt operations, but also impacts customer satisfaction and the bottom line.

Asset management software steps in as a crucial ally, offering a solution that transforms chaos into order. It helps keep track of important items like cars and machines, ensuring they’re well-maintained and ready to use, which helps businesses run smoothly and quickly adapt to new opportunities.

In this article, we’ll examine the benefits of asset management software for businesses in the Philippines. These systems can make asset management easier, improve operations, and support continuous growth.

8 Main Benefits of Asset Management Software

Using asset management software is really helpful for businesses in the Philippines. It makes managing equipment and property easier and helps the company grow. Here are 8 important benefits of asset management software for businesses.

1. Reduce downtime

Asset management software helps reduce downtime by predicting when machines might break and scheduling maintenance before problems happen. Studies show that such software can reduce the average downtime of 800 hours a year by anticipating issues and planning maintenance.

This software also helps companies track all their tools and machines, ensuring nothing gets lost or stolen. By keeping everything organized, businesses can save money and avoid buying things they already have, which has been proven to reduce expenses by 15-20%.

2. Reduce risk 

One of the benefits of asset management software is supporting businesses in obeying regulations and in identifying potential issues early on. This approach contributes to a safer work environment and can enhance operational efficiency by 10-15%.

BCG notes that deploying AI in risk management helps avoid legal complications, improves regulation obedience by 10-15%, and bolsters a company’s reputation for safety and reliability.

3. Better asset visibility

As companies grow, managing assets manually becomes more complex. Asset management software consolidates asset information, providing a detailed view of each item.

Real-time asset tracking reduces the time spent searching for equipment, thus enhancing productivity. Asset management software offers real-time location tracking, which improves coordination and workflow. BCG reports that businesses using these technologies can see a 10-15% improvement in operational performance.

This central repository is vital for quick, informed decision-making. KPMG’s survey indicates that 85% of asset managers consider improved visibility crucial for fine-tuning maintenance schedules and minimizing downtime.

4. Improved equipment maintenance

Regular maintenance is crucial for the reliability of vehicles, machinery, and industrial equipment. Asset management software documents every maintenance activity, ensuring adherence to legal standards and enhancing equipment reliability.

Knowing assets’ lifecycles is key to their efficient management. Asset management software provides performance insights, aiding in the optimization of procurement to disposal processes. StartUs Insights reveals that comprehensive lifecycle management can lower the total cost of ownership by 10-20%.​

Deloitte and KPMG emphasize that businesses utilizing these tools can reduce maintenance costs by 25-30% through timely repairs and preventive actions.

5. Eliminate ghost asset

One of the overlooked benefits of asset tracking systems is that they help minimize the existence of ghost assets in companies.

Ghost assets, which are listed but not physically present, can lead to inflated costs and complex record-keeping. Asset management software assists in identifying and rectifying these discrepancies, potentially saving up to 15% in related costs by avoiding unnecessary tax and insurance expenses.

6. Improve work-in-process (WIP) tracking

Keeping track of ongoing work ensures assets are used efficiently, and projects are completed on schedule. Asset management software updates task progress, helping identify and resolve bottlenecks. KPMG reports that enhanced work-in-process tracking can lead to a 20-25% increase in project efficiency.

7. Reduce loss 

Asset management software implements processes for tracking and rotating inventory, which reduces the likelihood of loss due to theft, misplacement, or expiration. Accurate inventory records and security measures significantly lower the risk of asset loss. McKinsey estimates that businesses using these solutions can see a 20-25% reduction in asset loss costs.

8. Makes asset audits easier

One of the asset tracking benefits is to make audits easier. Accurate and current records maintained by asset management software make the audit process more efficient, ensuring easy compliance verification and reducing the time and effort needed for audits.

KPMG points out that automated reporting can enhance audit efficiency by up to 30%, allowing businesses to focus more on strategic initiatives.​

Selecting the Right Asset Management Software for Your Business

Selecting the ideal asset management software is a pivotal choice that can greatly influence how you manage your company’s assets and its overall success. When choosing the best software for your needs, think about these features:

Asset Tracking

The software must effectively monitor all your assets, including an online attendance monitoring system. This function should provide real-time insights into each asset’s location, condition, and when it needs maintenance.

User-Friendly

The software must be straightforward to navigate. Since various individuals might need to use it, it should simplify tasks, not complicate them. Opt for software that makes retrieving information and generating reports a breeze.

Compatibility

Ensure the software integrates seamlessly with your current systems and technology. It should be compatible with your operating system, language preferences, hardware, and data formats. The best software will offer customization options to tailor it to your specific requirements.

Scalability

The software should be capable of growing with your business. Choose a solution that allows for easy expansion. Some upgrades may come at a fixed cost, while others might add to your monthly expenses. Confirm that the provider delivers robust support for any upgrades.

Tailored Solutions

The software must cater to your particular operational needs. For instance, if your business involves logistics, you may require features like GPS tracking and alerts for pickups and deliveries. Make a checklist of necessary features before you start your search.

Mobile Accessibility

The software should perform well on mobile platforms, which is crucial if you operate a mobile workforce or have numerous users. The interface should be user-friendly across various devices.

Comprehensive Coverage

The software ought to encompass all your assets, whether they’re vehicles, real estate, or office gadgets. Providers might offer different plans based on how many assets you need to manage. Reflect on the scope of your asset inventory when selecting a software package.

By considering these aspects and strategies, you can pick the best asset management software that meets your business requirements, improves your asset management practices, and aids in the growth and prosperity of your business.

Boost Your Asset Management with HashMicro

Using asset management software is key for companies that want to make managing their assets easier. This type of software helps businesses automate everyday tasks like tracking assets, scheduling maintenance, and generating reports. It also lowers the chance of mistakes and ensures companies follow the rules.

Choosing the right asset management software is just as crucial because it greatly affects how well a company can handle its assets. It’s important to pick software that fits the company’s specific needs.

A complete solution like HashMicro Asset Management Software provides a uniform system that takes care of all aspects of asset management. Known for its dedication to quality, HashMicro is a leading provider that supports over 1,750 clients across different sectors in South East Asia.

Here are some key features that HashMicro Asset Management Software includes:

• Asset Maintenance Budget: Lets companies set and track budgets for maintaining assets, ensuring financial resources are used efficiently.
• Preventive Maintenance Scheduling: Allows businesses to plan regular maintenance ahead of time, reducing unexpected breakdowns and extending asset life.
• Asset Stock Take with Barcode: Uses barcodes to quickly and accurately track asset quantities, making inventory management simpler.
• Asset GPS Tracking: Provides real-time tracking of asset locations, which is especially helpful for companies with assets in multiple places.
• Parent & Child Asset Management: Manages complex assets by tracking individual components and their relationships to the main asset.
• Fuel Log & Odometer Tracking: This feature monitors fuel usage and mileage for better maintenance and cost analysis. It is useful for businesses with vehicles.
• Repair Order Management: Integrates with inventory management to handle repair orders efficiently, ensuring timely maintenance and stock control.

Conclusion

The benefits of asset management software are clear for Philippine businesses. It improves precision and efficiency, offers insights into assets in real-time, and helps companies meet industry rules. With these benefits, managing company assets will be optimal.

Companies looking for an all-in-one asset management solution will find HashMicro Asset Management Software a dependable and effective option.

With HashMicro, businesses gain access to a suite of advanced features. These include offering seamless integration, smart maintenance scheduling, and insightful analytics. Such tools empower businesses to fine-tune their approach to asset management and achieve their goals with greater assurance.

See how HashMicro can transform your approach to asset management. Try the free demo and watch your business thrive!