Modern cloud-based fixed asset management software helps today’s businesses focus on their core competencies rather than complex IT processes. More importantly, it helps them avoid huge costs related to software, storage and technical staff. This is according to One Channel CEO Bernard Ford.
Cloud offers various advantages such as scalability, flexibility in capacity, enhanced collaboration and cost-efficiency. It also offers a centralised way to integrate the system and its components with web and mobile applications and helps businesses with efficient asset management, maintenance and productivity.
Cloud-based deployment is expected to have a significant growth in the fixed asset management software market, research shows that this market size is expected to grow from US$3-billion in 2019 to US$5.2-billion by 2024.
Fixed asset management software empowers businesses with a centralised platform to efficiently manage their assets throughout its lifecycle. This includes asset lifecycle management, asset budgeting, depreciation management, disposal management, document management, barcoding/Radio Frequency Identification (RFID), asset tracking, audit trail, and tax management.
He says businesses across all industries are adopting fixed asset management software as it enables them to monitor their assets and increase operational efficiency. “Maintenance, repair, and operations of assets are of the utmost importance in any asset-intensive industry.”
Preventive maintenance and IoT technology will boost the adoption of fixed asset management solutions. Also, the growing need to reduce operational cost and proliferate profits through efficient management of assets, are the major factors driving the growth of the fixed asset management software market.
What are your fixed assets?
Fixed assets include everything from laptops to printers, furniture, machinery, vehicles and buildings. They need to be managed effectively, regardless of whether it’s a few devices or thousands deployed across multiple locations.
“Traditional fixed asset software typically used spreadsheets whilst modern products enable business owners to use bar code technology to manage off-premise assets including laptops, equipment and machinery. Modern software makes it much easier to track asset location, its usage and even the condition of any asset. Some applications also offer maintenance schedules for these assets,” he explains.
Modern cloud applications like Acumatica allow business owners to track maintenance schedules, location of the asset, current condition and depreciation. It also allows for better asset management, having all asset data stored in a single application eliminates the need for multiple spreadsheets that track multiple assets.
“More accurate reporting is crucial, so instead of using spreadsheets, business owners can now manage their assets right along with their other accounting tasks, saving time by reducing duplicate data entry and eliminates the potential for human error,” he concludes.