Worried about how you can streamline operations within your company? Keeping track of internal processes, especially managing assets (regardless of their type), is an important task that calls for greater accountability and efficiency. Effective asset management can help you save time, effort, and money, gather valuable insights to make an informed decision and get acquainted with factors that could influence your organization’s growth. In the digital age, wherein competition is high due to the availability of a diverse range of IT solutions, choosing the right technology for asset management can give you the required leverage over your competitors. Read on to learn more about IT asset management tools and the benefits of using SaaS solutions for business.
What is Asset Management?
Asset management is a complex process involving step-by-step business practices implemented to optimize expenses, accelerate growth, and track & manage assets (both tangible and intangible) to ensure they’re productively utilized, applied, upgraded, maintained, and safely disposed of towards the end of their lifecycle. It involves making strategic decisions to achieve maximum efficiency in inventory, contractual, and financial operations.
Why is SaaS-based Asset Management Trending?
In the post-pandemic world, where nearly all organizations have adopted a hybrid (online-offline), working model, SaaS (Software as a Service) based asset management is faster and more convenient. SaaS solutions involve cloud providers that use centrally hosted, licensed software to help companies manage various assets on a pay-as-per-use or monthly subscription basis. The upside is that data is available online, and all employees can access it anytime, anywhere. It dramatically reduces the cost of on-campus asset management, increases work productivity and allows businesses to restrict access whenever required & predict the accurate cost of ownership.
Types Of Asset Management
- Financial Asset Management:
Using the best asset management software for taxation, tracking market rates, calculating financial liabilities, etc.
- Digital Asset Management:
Organizing, processing and storing digital content and media for the records. E.g., instruction manuals, timecards, marketing campaigns, etc.
- ITAM (Information Technology Asset Management):
Maintaining and securing network infrastructure and company-owned devices (like licenses, software subscriptions, routers, systems, etc.).
- Fixed Asset Management:
Using asset management solutions for supply chain-focused fixed assets that generate income for the company and require constant monitoring and maintenance. E.g., hardware resources like machines.
- Infrastructure or Enterprise Asset Management:
Integrating, organizing, tracking, and optimizing infrastructure or physical assets of the company (like employees, IoT devices, etc.).
Some Common Applications
- Internal and external communications
- Branding
- Service desk management
- Payroll processing
- Process management
- Product development
- Computer-aided designing
- Customer relationship management
- Human resource management
- Enterprise resource planning
How You Can Optimize Asset Management With SaaS Solutions
- It’s important to judge the functionality of the IT asset management tools, i.e. What your requirements are.
- The operational efficiency of SaaS solutions varies based on the workflow and industry. Therefore, you must have the required operational inputs to determine how you’re going to manage them.
- A data-focused strategy needs to be integrated with asset management solutions to ensure efficient management.
- Use SaaS solutions to avoid duplicating assets or applications that aren’t required.
- Create a plan to calculate depreciation, renewal, reuse, or discarding of assets to predict your future purchases and avoid discrepancies.
The Benefits
- Easy, real-time cloud-based asset monitoring
- Faster collection and analysis of data
- Better customer services
- Ensures compliance with regulations
- Automatic equipment alerts
- Streamlined processes
- Lower upfront costs
- Higher data security
- Faster communications
Want to be future-ready? Manage heterogeneous assets in different environments with Infraon to optimize spending and meet your goals. Connect with us to discuss effective Fixed Asset Management & IT Asset Discovery, and find the best SaaS solutions for your business.
