iMpact

 
 

Asset
Management
System

Introduction Asset Llifecycle System

Introduction

Planning

The asset-man manages all kinds of physical assets owned by a company. These include computer equipment, light fixtures, tables, cabinets and other physical assets. Infrastructure asset management is the combination of management, financial, economic, engineering and other practices applied to physical assets with the objective of providing the best value level of service for the costs involved. It includes the management of the entire life cycle-including design, construction, commissioning, operating, maintaining, repairing, modifying, replacing and decommissioning/disposal-of physical and infrastructure assets. Operation and maintenance of assets in a constrained budget environment require a prioritization scheme.

Importance of Asset Management System

Asset management is important for businesses of all sizes.

  • It helps in an accurate record of all types of assets. Using the software can help in efficient resource planning. It can also reduce the risk of theft of assets.
  • An asset management system will help to monitor the assets located in different locations and departments. You will get to know where the assets are located. You can run reports to know about ownership, service details and other insightful information.
  • Improved visibility of assets ensures that the assets are not misplaced. You can add assets and details and schedule a periodic audit of the assets. The stock control module will alert you in the case when the minimum threshold is reached. This will ensure that the inventory items are always fully stocked.
  • Asset management software also helps in managing the depreciation of assets. Previously most of the companies were monitoring assets manually using spreadsheets. This process was often error-prone thereby resulting in problems with the valuation of assets.

 

  • Asset management allows for better knowledge about the planned purchase of assets. The system leads to more informed decision making about assets. Moreover, it allows for the timely replacement of critical assets of the company.
  • With the use of asset management software, the management will also have a more complete picture of the net cost of the assets. The asset management application brings all the required information in a single repository. This helps to ensure proper asset management and planning in compliance with international standards..
    • Capture early stage costs.
    • Document changes to assets.
    • Plan proper service and maintenance.
    • Capture the cost of disposal.
    • Determine profit or loss on the sale.
  • Asset management software can accurately calculate the value of assets including the depreciated cost. This helps in more accurate calculation of the profit or loss on the sale of assets.
  • Moreover, it ensures that regulatory requirements are complied with while purchasing and disposing of assets. This helps in optimizing the profit from the asset generated through its lifecycle.

Asset Lifecycle Management

Asset Lifecycle Management refers to optimizing the use of assets. The asset lifecycle typically consists of four stages:

  • Planning
  • Purchase
  • Operation and Maintenance
  • Disposal

Asset management system can help to optimize the use of assets throughout the assets life cycle. The software can help in establishing the requirements of assets. The management can know about the asset requirements after analyzing the existing assets.

By looking at the asset management report, the management will know whether the existing assets will meet the current needs of the organization or not.

Effective planning of assets through different stages of an asset lifecycle will ensure that the assets are properly maintained. In addition, it will help in monitoring the practical sufficiency of the current assets. The management can know about excess assets. Also, they will know about outdated assets that require replacement.

With a good asset management system, asset managers can estimate the options for the provision of assets as well as the funding of acquiring new assets. Effective planning of assets will help in delivering value for the organization.

Apart from planning, asset management system also allows efficient acquisition of assets. The decision makers will be able to accurately define the cost requirements. They can use the information contained in the asset management system to make an informed purchase decision.

Once the asset is purchased, an asset management system will help in knowing about the maintenance requirements of the asset. This, in turn, will ensure proper operation of the assets. Moreover, it will reduce the repair cost over the life of the asset.

Lastly, when the asset has reached the end of life, an asset management system can tell whether the sale on disposal will be reported as a profit or a loss. The asset management software will accurately calculate the gain or loss based on the purchase price and depreciated cost of the asset.

Benefits and Features

Benefits of asset life cycle management using an asset management system are:

  • Better forecast of the asset purchase.
  • Informed purchase decisions.
  • Ensure timely maintenance.
  • Know the depreciated cost of the asset.

The basic metadata about the assets, its properties, location, financial details, repair and maintenance, people and companies who manage the asset are recorded. The major features required are:

  • Asset details with parts
  • Part details with pictures
  • Warranty and AMC record
  • Insurance Records
  • Calibration History
  • Preventive maintenance and schedule
  • Breakdown and repair history
  • Contacts management
  • Depreciation details
  • Disposal

Major Benefits achieved

  • Manage assets maintenance schedule
  • Manage assets insurance
  • Manage breakdown and repair

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