4 Important Features to Look for in Asset Management Applications

There is a variety of software programs available now that can help your business make workflow more efficient and save company time and money. But trying to identify the most effective asset management applications can be tricky. If you haven't used any of them before, how will you know which one will suit your needs best?

Here are some key features you'll want in whatever application you decide to use for your company.

The Software Should Track Complete Asset Life Cycle

From when you first purchase an asset to when you need to retire it, being able to track complete asset lifecycle will ensure you're making the most of your investment. Whatever software program you decide to go with should have ways to record how much you invested in the asset, the expected lifespan and duration and even depreciation, how and where the asset is used, as well as which employees are most likely to use it.

Asset Management Applications Need to be Available to All Employees

Your company utilizes a variety of assets, and that means all of your team members will be interacting with at least one asset in their work. When they have access to asset records, they'll be able to identify and use any protocol necessary in asset care. This will also make it easier for you to locate your assets, and track team productivity when using company equipment and tools.

A Good Solution Will Facilitate Industry Compliance

Depending on what industry your company works in, you likely have regulations and licenses you have to abide by. Trying to keep track of which regulations apply to different assets can be difficult. However, some asset management applications can record that information for you, and even send you notifications when you need to take action to stay compliant.

Asset Systems Should Make it Easy to Track Repairs

In order to make the most of your assets, it's smart to schedule your equipment, machinery, and tools for regular maintenance. However, it can be hard to make this a priority when you have dozens of other things to worry about. Asset management systems are designed to automate much of the asset tracking process, so you don't have to personally keep track of everything that's going on.

Asset Panda can help you attain all of the benefits mentioned above and more. Our cloud-based software makes it easy for all of your employees to access asset records in real time, so they'll know exactly what's going on with each piece of equipment. Our interface is set up to track all details relevant to asset lifecycle. You can easily tell when an asset was acquired, what maintenance has been performed on it, and what rules and regulations apply. This will help your team ensure that your work practices are safe and within the requirements set by your industry.

If there are any additional features your company will need, our platform is flexible enough to add modules and protocols. Our support staff can help you set up the software in a way that best suits your business, so you can get back to work in a flash.

One of our clients uses Asset Panda for better business accountability in making sure clients would return company assets. Our platform makes it easy for them to keep their clients accountable, and avoid losing the keys they use when borrowing specific vehicles.

Want to see how Asset Panda can benefit your asset tracking process? Sign up for a free guided tour today!