In the older days, spreadsheets were the most sought-after option for asset management because they were readily available, cheap and easy to use. However, as technology has advanced, organisations gradually started shifting to asset maintenance and management software for quick and easy management of assets. Surprisingly though, some organisations still rely on spreadsheets for asset management, even though their sheets have show-stopping limitations.

Problems with spreadsheets

1. Vulnerable to human error
It is difficult to achieve accuracy with a spreadsheet. The likelihood of data errors increases with larger quantities of information. Furthermore, the inexistence of validation controls and potential copy-paste errors mean that mistakes often go unnoticed. Valuable time goes into manually validating and tracking data; it can be challenging to identify and fix errors, especially with a large amount of data.

2. Limited access and features
A spreadsheet can work only if one person is editing the sheet. If more than one person accesses and edits a complex spreadsheet, it can lead to chaos and confusion as people have different ideas about how to enter and manage the data. There is no way to know who updated the data, what data was updated and when it was updated. Additionally, access to a spreadsheet is only practical using a desktop computer, with very limited usability on a mobile device.

3. Lack of real-time data
Let’s face it. Maintaining a manual up-to-date spreadsheet is a hassle. With no audit trail, it can be hard to keep an asset count and data in sync, especially when multiple people access the spreadsheet. Considerable time is wasted in updating the spreadsheet when it is not regularly kept up to date.

Reasons to switch to asset management software

If you organisation still relies on spreadsheets for asset management, the following reasons, in addition to speed and ease-of-use, will solidify your decision to switch to the best asset management software.

1. Real-time tracking
By using asset management software, organisations can have a clear and complete view of their assets, including their whereabouts and condition, even from a remote location. The real-time asset-related information available to organisations helps mitigate the chances of lost or missing assets.

2. Round-the-clock access
While access to an asset management spreadsheet is restricted to a limited number of people when using a computer, asset management software can be accessed from smartphones and tablets too. This allows organisations to maintain a single database that can be accessed by multiple team members simultaneously from different locations.

3. Precise reports
Asset maintenance management software enables organisations to generate comprehensive and accurate reports about their assets within a few seconds. Organisations can leverage these reports to comprehend an asset’s life cycle to create an effective maintenance and repair schedule for their assets.

Considering the limitations of spreadsheets and the benefits of asset management software, it is easy to see that online, cloud-based asset management software is the best solution. Asset management software saves time and money, and offers the benefit of complete reporting that helps in well-informed decision-making, resulting in improved efficiency.