What is Asset Management Software?

What is asset management software? Techopedia.com offers a clear definition: “a dedicated application which is used to record and track an asset throughout its life cycle, from procurement to disposal. It provides an organization with information like where certain assets are located, who is using them, how they are being utilized, and details about the asset.” Almost every industry in existence relies on technology to conduct at least a portion – if not the majority – of their business. As technology becomes an increasingly pervasive part of our lives, organizations must consider the tracking, upkeep, and general management of these fixed assets. The failure to do so will slow down the business, increase frustration, and have a direct and negative effect on bottom-line profits. Agriculture is just one example of an industry in which technology is playing an increasingly larger role, particularly given the migration to the Internet of Things (IoT). When business depends upon the efficient management of technology, asset management software can play a vital role in an organization’s success.

State of the Agricultural Industry

The agriculture industry contributed $1.053 trillion to the U.S. gross domestic product in 2017. That massive figure would make agriculture the 16th largest economy in the world if it were its own country. While the industry has endured serious challenges including extreme weather, the loss of one-third of the world’s arable land over the last 40 years, and tariff wars, agriculture also is reaping the benefits of smart technology. Agricultural technology is a fast-growing segment of the industry and is aimed at helping farmers become more efficient while minimizing their environmental impact.

“From digital sensors monitoring soil conditions to weather observation systems, some of the most powerful advancements in farming today come directly from innovative technology placed around the farmland, inside tools, and in the farmer’s hands. With the Internet of Things (IoT) devices, modern sensors, chips, and monitoring equipment are helping farmers improve efficiency and increase their crop yields,” said Patrick van Eijk, Director of IoT Solutions at Semtek, in an article for IIoT World. “The farm of the future will be instrumented from top to bottom.”

A Jump Start on the Future 

Given this forthcoming reality, agriculture companies would be wise to get a jump start on the future by investing in asset management software. The software provides a centralized location for all fixed asset data – a comprehensive directory where employees can access any item’s location, condition, maintenance history, scheduling, insurance and warranty information, lease/purchase information, depreciation, and much more. This directory enables managers to conduct fixed asset audits and determine, if and when, it’s time to order additional equipment instead of relying on guesswork and hearsay.

Equipment maintenance is especially key. Without an automated system, employees find it hard to stay on top of routine service and updates on their vital assets. Subsequently, those items begin to run slower, may break down and require expensive repairs. Asset management software allows agricultural organizations to create custom notifications and alerts so they never miss critical maintenance. Routine maintenance also reduces the risk of a security breach – an issue that will continue to be a top priority for the agriculture industry and all other industries as IoT becomes the new normal. 

Asset Panda prepares the agriculture industry for the Internet of Things with a powerful and configurable platform that tracks, manages and stores information, and closes the loop and keeps everyone – equipment owners, equipment support and end-users – in constant contact. Asset Panda helps agricultural organizations take the first critical step toward the Internet of Things by giving them the capacity to track their equipment using a flexible tool designed to incorporate new technologies as they become prevalent.