The simplest way to select fixed asset software for your business

Finance Managers, Operational Managers and Site/Maintenance Managers all have different requirements from fixed asset software. For finance managers – managing accounting and depreciation metrics are typically the key requirements, whereas Operational Managers focus on uptime and productivity of assets, and Maintenance Managers need to know that the assets are safe and fully maintained. As you may notice, fixed asset software needs to tick different boxes for different teams. Sometimes, fixed asset software is also referred as Asset Management Software. There are 26 suppliers in the UK who provide fixed asset software capabilities. With multiple suppliers and varied requirements, asset management software comparison is a preferred way to select the right tool for your business.

The first step is to set parameters for comparing the softwares, typically they are;

1. Your Requirements
2. Fixed Asset Software Features
3. Implementation Time Frames
4. Cost
5. Flexibility and Scalability of your fixed asset software.

Your fixed asset software requirements depend on the type of assets you have. For example; Properties and Facilities require facilities management features whereas Industrial Plants and Machineries require complex configuration capabilities. It maybe worth noting that sometimes assets are made-up of multiple assets, in which case your asset tracking and asset servicing requirements may be complex.

When you are looking at asset management software comparison, workflow of your assets also plays a vital role. For example; Assets based in one location with simple and defined workflow will require less flexible system then assets based in 15 locations with complex and dynamic workflow.

When it comes to features, most fixed asset software almost offer same features, but it is worth investigating if the software has the right depth to its feature. For example; all software's offer asset tracking, however there is a difference in tracking assets with barcode scanner and RFID (Radio Frequency Identification). Similarly, most software will include maintenance modules but do they have the complexity to incorporate hierarchical asset structure and produce reports needs to be evaluated. In effect, features mean different things to different people; it is always worth checking that there is good fit between the features provided and your requirements.

Asset Management Software Comparison often excludes Implementation timeframes. Implementation timescales are directly proportional to the complexities of your requirements. However, even with complex requirements, a well-structured and flexible fixed asset software should be implemented swiftly. Asset intensive sectors such as Aviation and Energy have longer implementation cycles. With implementation, the key factor is experience of the technical team. It is one of the key areas that is typically either overlooked or not analysed at granular level.

How can we forget cost when it comes to Asset Management Software Comparison. It is like every other purchase - quality comes at a price, a well-developed product cannot come from low paid programmers, a software cannot be fully implemented as per your expectations with graduates only. And software support cannot be awesome at low pay. Typically asset management software is a business enabler and can add 5-10% to your profits over time. Also typically asset management software stays for 5-6 years in a business before it is replaced. It is a strategic investment and cost-quality-benefit analysis needs to be thoroughly done before making a decision solely on price.

Asset Management Software comparison is the simplest way to select your fixed asset software.

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