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Asset Audits: How Asset Management Software can Help

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Asset management refers to managing assets across their entire lifecycle to achieve better productivity, better resourcing and better quality for an organisation, and the most impactful asset management strategies focus on short-, medium-, and long-term considerations.

Asset management is about allowing organisations to get the most out of their assets, and effective asset management can include the design, construction, commission, operation, maintenance, repair, modification, replacement, and disposal of assets.

Organisations small and large often rely on asset management software and asset management information systems for their asset functions, and auditing is a core process when it comes to tracking and managing your assets. With this in mind, it’s useful to explore how the two are related, and in particular how asset management software can support an asset audit.

What is asset management software?

Asset management software, also known as an asset management information systems, is a dedicated platform enabling organisations to track and manage assets throughout their life cycles, from procurement to disposal. While most if not all organisations across sectors conduct asset management in some way, this type of software can open up new possibilities in the level of detail, scope of data, and the amount of data you can capture. Details like asset location, users, maintenance history, and condition can be tracked in almost real time.

As with other types of software solutions, asset management software can be based in the cloud and could be accessible through mobile devices and browsers. Depending on the specific platform, it could be integrated with third-party platforms for easy data migration and other purposes.

Asset management programs can offer core asset tracking features like entering descriptive data, warranty information, risk ratings, and availability for maintenance activities. It could provide maintenance functions like maintenance job management and assignment, cost estimates, specifying spare parts, and trigger codes. Full-featured asset management software could incorporate cataloging, purchasing, and inventory features, along with contract management, risk management, and even strategic planning features.

Beyond tracking assets, asset management software can support other outcomes, including effective vendor auditing and enhancing procurement and supplier portfolios. It can help reduce costs thanks to preventative maintenance, eliminating ghost licenses, identifying underutilisation, and lowering theft and loss.

If you’d like to find out more about how asset management software works, contact Smart Asset now to request a demo.

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Benefits of asset management software

Asset management software offers benefits like automating certain processes like recording detailed histories. It allows data to be easily categorised and organised in hierarchies. Asset management platforms could provide near-real-time details on location, movement, working condition, and availability, and this information can help with assigning assets, scheduling preventive maintenance, minimising repair costs, and optimising shared use. For organisations with thousands of assets, manual asset tracking, without a dedicated software can be impractical, labour intensive, and even disruptive to operations, so a software solution could help you scale up successfully.

When it comes to asset audits, one of the biggest advantages asset management software gives you is how it enables easy capturing of high-volumes of relevant data. From asset location and history to condition, users, and maintenance, these data sets are essential for the auditing process. The software serves as a centralised database, allowing real-time updates and real-time access to data. At the same time, minimising repeated and/or manual inputting of data could boost accuracy, which also supports the auditing process and in turn any financial management goals.

With the right asset management software platform, your organisation could carry out more frequent audits, and these audits could be more streamlined, faster, and easier to conduct than before.

Ultimately, an effective asset management strategy as supported by a powerful asset management software platform could generate outcomes like cash flow predictability, preservation of asset values, and higher profit margins.

How to prepare for an asset audit

An asset audit might be conducted to verify your assets, prevent theft and loss, and assist you in costing and valuing them. Additionally, an audit could help with accurate depreciation for accounting and tax purposes, checking for asset underutilisation, and better planning for procurement. Hence asset audits are an important component in any asset management strategy, and the first step is to check the asset exists. If your system is integrated with options like barcodes and RFID tags, this verification could be a matter of simply scanning the relevant assets.

When conducting an asset audit, ensure you keep detailed records, which might include updating information like description, classification or category, original cost, and details of revaluation. So before you start, clarify exactly what types of information and data you need to log with the audit, and consider any accounting, reporting, and compliance requirements as you do.

For the audit process, it’s important to note that using a web-based, mobile-enabled platform allows multiple users to assist with the updates, and the right software can make customised reporting easier too. Moreover, if you’ve kept your asset data up to date throughout the year with a dedicated asset management platform, you’ll likely have the clean, accurate data you need for a successful audit - without having to conduct catch-up data capture and inputting.

Conduct a successful audit using asset management software

Making the most of your assets is fundamental to your organisation’s success. As such, establishing a comprehensive asset management strategy, supported by the right asset management software, could form the basis for not only efficient asset audits but also asset optimisation. Understanding the numerous advantages of asset management solutions can give you insights into how to best leverage your software platform for your business. Finally, you could maximise your chances of a stress-free audit by preparing with a detailed audit plan and keeping your asset management software up to date at all times.

Still need help? Visit Smart Asset for the best asset management solution, check out our blog for more information on asset management, or book a free trial now.

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