Can a Free Asset Management System Work for Me?

Can a Free Asset Management System Work for Me?

Asset management is one of the more complicated parts of tracking business. A free asset management system may not be equipped to handle the intricacies involved in making sure your investments are properly managed. Because the asset management industry is so specific and complicated and free tools have limited function, it’s highly unlikely you’ll get what you need from such a system.

What Kinds of Assets Need to Be Tracked?

Depending on the kind of company you run, the answer to this question varies. Those in the construction industry need to track fleets of bulldozers, scrapers, excavators, and other forms of transportation. Retail organizations need to track warehouse equipment, point-of-sale software, and inventory tools, while IT companies need to track all sorts of hardware and software systems.

Along with the variety of types of assets that need to be tracked, there are a variety of regulations and compliance requirements that these assets need to meet. In order to meet these requirements, your company needs to track them for each asset, along with renewal dates and how to keep them up to spec.

What Does a Free Asset Management System Need to Do?

Whatever system you decide to go with, you need it to perform specific tasks. Your system should be able to track asset life cycle, including information like when the asset was purchased and how long it needs to last. You’ll also need to keep records of asset maintenance, when it was last sent in, and when it needs to go in again.

Good systems will also track which employees have used specific kinds of assets. This will help you see patterns in usage and identify potential necessary asset purchases in the future. You’ll also need to be able to figure out where an asset is at any given time. Many free systems do not offer real-time tracking, increasing the amount of time spent trying to locate the tools you or your team need at any given moment.

Asking all this from a free asset management system could be a tall order. Most free software programs come with limited functionality, due to the developers not making any money off of the program. It’s highly unlikely that you’ll be able to get all these features from a free system. Excel spreadsheets are not set up in a way that makes tracking this information easy or even possible. Most spreadsheets get too complicated if more than one person works on it, and since you have a team of employees working with your assets, that isn’t an option.

Asset Panda was created to address the concerns of cost-conscious managers and executive level officers. We understand that you’re concerned about running your business in the most efficient way possible. You might be trying to save money by looking for a free system to manage your assets. However, you’re most likely to increase the costs of asset management because of all the problems that could come from a rigid free option.

Texas International Wine Competition uses Asset Panda to track all their wines and make wine location more efficient. When the judges go to judge the wine, they can input the criteria into a central database and have that information tracked in the same location.

Want to see what Asset Panda can help you track? Sign up for a free guided tour today!

 

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