For any organisation, it is imperative to keep track of assets. It pays to put money into efficient inventory and asset management software that automates asset tracking and provides better control over assets.

Given the various asset management software available on the market, it is crucial to evaluate the software on the following criteria to choose the right software that aligns with your organisation’s needs

Here are five things that an efficient asset management system should have.

Role-Based User Security
Well-designed software should focus strongly on security. One important security feature is role-based user restriction. The ability to choose who has access to what information helps prevent and trace errors, protect confidential information and simplify the user’s experience. Providing role-centric user access is a robust feature in a secure system.

Smart, Central Database
The data captured by inventory and asset management software is stored in a central database. Without well-built navigation and reporting, finding relevant data can be complicated. A smart asset tracking system should be built to filter the data into meaningful reports, providing an easy, user-friendly process to analyse your assets and to make well-considered decisions for the future of your organisation.

Simple User Interface
The user interface is extremely important. A simple, clean and easy-to-navigate user interface helps to increase accuracy and save significant time when entering assets into the system for the first time. A difficult user interface can increase the frequency of errors and make data entry unwieldy. A data export feature is also valuable, to enable users to compile spreadsheets exported from the asset register and then use filters to focus on relevant data and build templates.

Maintenance Scheduling
The system should enable you to schedule asset maintenance, allocate jobs to multiple users and set automated reminders, ensuring no maintenance job or inspection is missed. Smart lists of maintenance jobs should also be pre-populated in the asset management system, to make the creation of asset registers and maintenance programs as automated as possible. Timely maintenance can help improve the safety and the life span of assets.

Financial Reporting
One benefit of an asset tracking system is to make financial analysis more precise and efficient. Asset management software should therefore include data points for each asset that can help you calculate and track depreciation and estimate future maintenance and replacement costs to help your organisation budget for an annual sinking fund contribution, as well as regular scheduled and preventative maintenance cost contributions.

Implementing efficient inventory and asset management software can help reduce costs, improve the working environment and alleviate the risks of non-compliance with any lease warranty or insurance conditions. By simplifying asset tracking and maintenance, effective asset management software allows organisations to focus on their core operations rather than spending too much time managing assets manually, helping them improve the value they provide to their customers and lift their bottom line.