What is Enterprise Asset Management Software?
Enterprise Asset Management Software is a system that is designed to make it easier for companies to track and manage any asset that is in operation, whether it is physical assets, licenses, and more. This gives you full asset lifecycle management from procurement to operation and finally disposal.
In addition to helping track these assets, these systems also help you perform inventory management, asset management tasks, and financial and regulatory compliance.
Who can use Enterprise Asset Management Software?
In the past, the predominant users of asset management software were large corporations. However, this has started to change as more small but fast-growing companies have started to see the benefits of using asset management software.
If you are a manager in either of the aforementioned types of organizations and are looking to be able to have transparency and accountability tracking assets, should start to leverage asset management software. The same can be said of any organization looking to control how much they spend on their IT assets. One example of how managers in these organizations deploy enterprise software is to track IT assets and the associated financial cost of operating them.
If your organization is already an asset-heavy operation, then you can benefit from gaining full oversight of the assets in your organization. You can also see dividends paid by setting up an employee request portal, monitoring maintenance, and the regulatory compliance that is required in your sector.
What are the Benefits of using Enterprise Asset Management Software?
Monitoring Assets Efficiently
Enterprise asset management software provides actionable information that is located in one centralized location. This allows for the quick and effective management of data. This allows you to bridge the gap between compartmentalized data that helps improve decision-making. This means that your IT department will be able to see all equipment that is being used such as networked devices, non-networked devices, and any device that is not currently being used.
Maximize your Asset Utilization
With this type of software, you are able to track assets throughout their entire lifecycle. This helps you to properly utilize your assets, and then properly replace, dispose, or sell them when they are no longer financially viable to maintain. This will help you keep track of when your current assets are about to hit this mark and maintain information on anything that has already been replaced or sold.
Better Maintenance Management
Having the capability to track all the assets across your organization will help you to better manage your maintenance schedules and needs. It is usually more cost-effective to perform regular maintenance on assets than just repair them when needed. Using asset management software can help save your organization money in the long run. One example of maintaining a regularly scheduled maintenance of assets would be setting times for your equipment that needs to be calibrated on a regular basis. This could be quarterly, yearly, or every six months. For some more information on preventative maintenance maintenance, look here.
Better Regulatory Compliance
If you work for any organization, there are some sort of industry standards and regulations that you need to follow. Using asset management software to track and manage all of your assets, will help you abide by these standards.
Pros and Cons: Cloud-based versus On-Prem
When you are looking to implement asset management software for your business or organization, you have two types of options. These are cloud-based and on-premise. When you are using cloud-based software, the data is stored on a server that the vendor controls, while using an on-premise solution stored data on servers that you own and control.
Each option has its pros and cons. Let's take a look at those.
Cloud-based Pros:
Easy, no-hassle setup
When starting to use a cloud-based system, there is little work required to get started. Cloud-based systems are accessible by using an internet browser. Once there, you can create your account and start importing your assets through CSV import or integrations with companies such as Google, JAMF, and others.
Cost-Effective
When compared to on-premise solutions, cloud-based asset management software is generally more affordable. You do not have to front the development cost or have it installed onsite. This includes not having to pay to maintain the software. While monthly subscriptions and plan fees may add up, the amount you save from the before-mentioned costs and the energy costs to run your own equipment is still more.
Support
With cloud-based software, you do not have to have a team of people dedicated to upgrades and updates. This is left to the developer of the software.
Scalability
It is just as quick to scale cloud-based software as it is for you to install it. All that you need to do as you grow, is keep your plan at a level that you need to operate. This can mean either upgrading or downgrading your plan.
Cloud-based Cons:
Connectivity
Cloud-based asset management is reliant on internet connectivity. If you are having issues with your connectivity to the internet, then you are likely to have your management system down. This means that you need to have consistent access to the internet to manage your fleet.
Less Customizable
While cloud-based asset management software allows you to pick the plan and features that you want, this is still less customizable than building your own system. Cloud-based systems are designed to be usable by large numbers of different users. This means that it is not specifically built for you. This is why it is important to have a list of what you want to be able to accomplish when shopping for a cloud-based solution.
On-premise Pros:
Lifetime Cost
For on-premise solutions, the upfront and maintenance costs are typically higher. However, depending upon the duration of time that you are using this option, you could end up paying less in the long run. This is due to the fact that you are generally paying yearly or monthly for the cloud-based solution, while a one-time fee for the on-premise solution.
Flexibility
You are in complete control of your asset management with an on-premise option. This is due to the fact that you own both the software and hardware. This gives you the ability to do what you need to make sure your system functions best for you.
On-premise Cons:
Maintenance
As previously mentioned, you are responsible for paying for the cost of maintenance for on-premise asset management solutions. This includes updating the software and making sure that your servers are running properly. Other costs that also need to be thought of are what happens in disaster situations for backing up your servers, and replacing them if necessary.
Implementation
The biggest drawback to on-premise solutions is that it takes a lot of time to implement. This is due to the time it takes to build out the software and set up the required servers for storage. In addition, you will also need to go into your fleet and install the software on every device that is required to have the software.
Best practices for choosing Enterprise Asset Management Software
Set a Budget
The first thing you need to do whenever you are looking for any new software or hardware is set a budget. Know exactly what you can spend on a monthly or yearly basis. Pay attention to how different systems charge, because some charge a flat rate, while others per user, device, and/or location. Also check to see what is included in that price, and what additional options will need to be added on for you.
Look for Compatability
Make sure that the functionality of the system fits how you want to operate. The best solutions are the ones that you actually use. Make sure that you are able to integrate your asset management system with tools that you are already using, along with other software and solutions.
Know your must-have features
Before you even start looking for an asset management system. Take time to sit down with your IT team and brainstorm, what you want to be able to do with the system, and a list of features that are a must-have for you. Also, know what you would like to be able to do, but isn't necessary, and what you do not need to do. All of this will help you narrow down your search and make sure that you get a solution that is best for you.
Check the Customer Reviews
Look for reviews on the software and company that you are looking at purchasing from.
For more information on how to manage your IT fleet, check out our blog.